Document:

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                                                                     Exhibit 4.4

                          REGISTRATION RIGHTS AGREEMENT

                             Dated December 19, 2001

                                      among

                         COMPANHIA BRASILEIRA DE BEBIDAS

                                   as Issuer,

                    COMPANHIA DE BEBIDAS DAS AMERICAS - AMBEV

                                  as Guarantor,

                                       and

                                UBS WARBURG LLC,
                         BANC OF AMERICA SECURITIES LLC
                          J.P. MORGAN SECURITIES INC.,
                           MORGAN STANLEY & CO., INC.,
                         SALOMON SMITH BARNEY, INC., and
                         BANC OF AMERICA SECURITIES LLC

                              as Initial Purchasers

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

          On this 19th day of December, 2001 before me, a notary public within
     and for said county, personally appeared Robert Osterwalder and Nadine
     Cavusoglu, to me personally known who being duly sworn, did say that they
     are each a Director of UBS Warburg LLC, one of the persons described in and
     which executed the foregoing instrument, and acknowledge said instrument to
     be the free act and deed of said corporation.

          On this 19th day of December, 2001, before me personally came
     _________________ and ________________ to me personally known, who being by
     me sworn, did depose and say that they signed their names to the foregoing
     instrument as witnesses.

                                        -------------------------------
                                        Notary Public
                                        COMMISSION EXPIRES
[Notarial Seal]

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                          REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") dated as of
December 19, 2001, among (i) Companhia Brasileira de Bebidas ("CBB"), a
SOCIEDADE ANONIMA organized under the laws of the Federative Republic of Brazil
("Brazil") and a majority-owned subsidiary of Companhia de Bebidas das Americas
- AMBEV, a SOCIEDADE ANONIMA organized and existing under the laws of Brazil
("AMBEV" and, collectively with CBB, the "Companies"), (ii) AMBEV and (iii) UBS
Warburg LLC, J.P. Morgan Securities Inc., Morgan Stanley & Co., Inc., Salomon
Smith Barney, Inc. and Banc of America Securities LLC, as initial purchasers
(the "Initial Purchasers") of U.S.$500,000,000 of CBB's 10 1/2% Notes due
December, 2011 (the "Notes"). Terms not otherwise defined herein are used as
defined in the Indenture (as defined below).

                                   WITNESSETH

          WHEREAS, CBB is today entering into an Indenture dated as of December
19, 2001 with The Bank of New York as Trustee (the "Indenture"), pursuant to
which it is today issuing $500,000,000 aggregate principal amount of its Notes;

          WHEREAS, to guarantee CBB's obligations under the Notes, AMBEV is
today entering into the Guaranty dated as of December 19, 2001 (the "Guaranty");

          WHEREAS, in order to provide additional liquidity to the holders of
the Notes (the "Holders"), CBB and AMBEV are willing to enter into this
Registration Rights Agreement providing for the registration of the Notes under
the Securities Act of 1933, as amended;

          NOW, THEREFORE, the parties hereto agree as follows:

          SECTION 1. DEFINITIONS.

          As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

          "CLOSING DATE" shall mean the Closing Date as defined in the Purchase
     Agreement.

          "COMPANIES" shall have the meaning set forth in the preamble and shall
     also include their successors and assigns.

          "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
     amended from time to time.

          "EXCHANGE OFFER" shall mean the exchange offer by the Companies of
     Exchange Securities for Registrable Securities pursuant to Section 2(a)
     hereof.

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          "EXCHANGE OFFER REGISTRATION" shall mean a registration under the
     Securities Act effected pursuant to Section 2(a) hereof.

          "EXCHANGE OFFER REGISTRATION STATEMENT" shall mean an exchange offer
     registration statement on Form F-1, F-2, F-3 or F-4, as applicable, and all
     amendments and supplements to such registration statement, in each case
     including the Prospectus contained therein, all exhibits thereto and all
     material incorporated by reference therein.

          "EXCHANGE SECURITIES" shall mean securities issued by CBB, which are
     unconditionally subject to an effective guaranty on a senior unsecured
     basis by AMBEV under the Guaranty, containing terms identical in all
     material respects to the Notes (except that the Exchange Securities will
     not bear legends restricting their transfer) and to be offered to Holders
     of Notes in exchange for Notes pursuant to the Exchange Offer.

          "HOLDER" shall mean each person or entity that holds the Notes of the
     Registrable Securities, and each of their successors, assigns and direct
     and indirect transferees who become registered owners of Registrable
     Securities under the Indenture; PROVIDED that, for purposes of Sections 4
     and 5 of this Agreement, the term "Holder" shall include Participating
     Broker-Dealers (as defined in Section 4(a)).

          "INDENTURE" shall mean the Indenture relating to the Notes dated the
     Closing Date, among CBB, The Bank of New York, as Trustee, and Deutsche
     Bank Luxembourg S.A., as Luxembourg paying agent and Luxembourg transfer
     agent, as the same may be amended from time to time in accordance with the
     terms thereof.

          "INITIAL PURCHASERS" shall mean UBS Warburg LLC, Banc of America
     Securities LLC, JP Morgan Securities Inc., Morgan Stanley & Co., Inc. and
     Salomon Smith Barney, Inc.

          "MAJORITY HOLDERS" shall mean the Holders of a majority of the
     aggregate principal amount of outstanding Registrable Securities; PROVIDED
     that, whenever the consent or approval of Holders of a specified percentage
     of Registrable Securities is required hereunder, Registrable Securities
     held by the Companies or any of their affiliates (as such term is defined
     in Rule 405 under the Securities Act) (other than the Initial Purchasers or
     subsequent Holders of Registrable Securities if such subsequent holders are
     deemed to be such affiliates solely by reason of their holding of such
     Registrable Securities) shall not be counted in determining whether such
     consent or approval was given by the Holders of such required percentage or
     amount.

          "PERSON" means an individual, partnership, corporation, limited
     liability company, business trust, joint stock company, trust,
     unincorporated association, joint venture or any nation or government, any
     state, province or other political subdivision thereof, any central bank
     (or similar monetary or regulatory authority) thereof, and any entity
     exercising executive, legislative, judicial, regulatory or administrative
     functions of or pertaining to government.

          "PROSPECTUS" shall mean the prospectus included in a Registration
     Statement, including any preliminary prospectus, and any such prospectus as
     amended or

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     supplemented by any prospectus supplement and by all other amendments and
     supplements to such prospectus, and in each case including all material
     incorporated by reference therein.

          "PURCHASE AGREEMENT" shall mean the Purchase Agreement dated as of
     December 12, 2001 among the Companies and the Initial Purchasers relating
     to the purchase of the Notes by the Initial Purchasers.

          "REGISTRABLE SECURITIES" shall mean the Notes and the agreements in
     respect of the obligations of AMBEV under the Guaranty (and the Guaranty
     itself to the extent necessary or appropriate); PROVIDED, HOWEVER, that the
     Notes and the agreements in respect of obligations of AMBEV under the
     Guaranty (and the Guaranty itself to the extent necessary or appropriate)
     shall cease to be Registrable Securities (i) when a Registration Statement
     with respect to such Notes and the agreements in respect of obligations of
     AMBEV under the Guaranty (and the Guaranty itself to the extent necessary
     or appropriate) shall have been declared effective under the Securities Act
     and such Notes and the agreements in respect of obligations of AMBEV under
     the Guaranty (and the Guaranty itself to the extent necessary or
     appropriate) shall have been disposed of pursuant to such Registration
     Statement, (ii) when such Notes and the agreements in respect of
     obligations of AMBEV under the Guaranty (and the Guaranty itself to the
     extent necessary or appropriate) have been sold to the public pursuant to
     Rule 144(k) (or any similar provision then in force, but not Rule 144A)
     under the Securities Act or (iii) when the Notes and the agreements in
     respect of obligations of AMBEV under the Guaranty (and the Guaranty itself
     to the extent necessary or appropriate) shall have ceased to be
     outstanding; PROVIDED FURTHER, that the securities with respect to which
     CBB and AMBEV have caused to be filed and declared effective an Exchange
     Offer Registration Statement and have commenced an Exchange Offer, in each
     case pursuant to and in accordance with Section 2(a) hereof, and which have
     not been tendered by the last Exchange Date (as defined in Section 2(a)(ii)
     hereof) by the Holder thereof shall be deemed not be to Registrable
     Securities.

          "REGISTRATION EXPENSES" shall mean any and all expenses incident to
     performance of or compliance by CBB and AMBEV with this Agreement,
     including without limitation: (i) all SEC, stock exchange or National
     Association of Securities Dealers, Inc. registration and filing fees, (ii)
     all fees and expenses incurred in connection with compliance with state
     securities or blue sky laws (including reasonable fees and disbursements of
     counsel for any underwriters or Holders in connection with blue sky
     qualification of any of the Exchange Securities or Registrable Securities),
     (iii) all expenses of any Persons in preparing or assisting in preparing,
     word processing, printing and distributing any Registration Statement, any
     Prospectus, any amendments or supplements thereto, any underwriting
     agreements, securities sales agreements and other documents relating to the
     performance of and compliance with this Agreement, (iv) all rating agency
     fees, (v) all fees and disbursements relating to the qualification of the
     Indenture under applicable securities laws, (vi) the reasonable fees and
     disbursements of the Trustee and its counsel, (vii) the reasonable fees and
     disbursements of counsel for CBB and AMBEV and (viii) the reasonable fees
     and disbursements of the independent public accountants of CBB and AMBEV,
     including the expenses of any special audits or

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     "cold comfort" letters required by or incident to such performance and
     compliance, but excluding fees and expenses of counsel to the underwriters
     (other than reasonable fees and expenses set forth in clause (ii) above) or
     the Holders and underwriting discounts and commissions and transfer taxes,
     if any, relating to the sale or disposition of Registrable Securities by a
     Holder.

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

          "SEC" shall mean the United States Securities and Exchange Commission.

          "SECURITIES ACT" shall mean the Securities Act of 1933, as amended
     from time to time.

          "TRUSTEE" shall mean the trustee with respect to the Notes under the
     Indenture.

          SECTION 2. REGISTRATION UNDER THE SECURITIES ACT.

          (a) To the extent not prohibited by any applicable law or applicable
interpretation of the staff of the SEC (the "Staff"), CBB and AMBEV shall use
their reasonable best efforts to cause to be filed an Exchange Offer
Registration Statement covering the offer by CBB and AMBEV to the Holders to
exchange all of the Registrable Securities for Exchange Securities and to have
such Registration Statement remain effective until the closing of the Exchange
Offer. CBB and AMBEV shall commence the Exchange Offer promptly after the
Exchange Offer Registration Statement has been declared effective by the SEC and
use their reasonable best efforts to have the Exchange Offer consummated not
later than 60 days after such effective date. CBB and AMBEV shall commence the
Exchange Offer by mailing the related exchange offer Prospectus and accompanying
documents to each Holder stating, in addition to such other disclosures as are
required by applicable law:

          (i)    that the Exchange Offer is being made pursuant to this
     Agreement and that all Registrable Securities validly tendered will be
     accepted for exchange;

          (ii)   the dates of acceptance for exchange (which shall be a period
     of at least 20 business days from the date such notice is mailed) (the
     "Exchange Dates");

          (iii)  that any Registrable Security not tendered will remain
     outstanding and continue to accrue interest, but will not retain any rights
     under this Agreement;

          (iv)   that Holders electing to have a Registrable Security exchanged
     pursuant to the Exchange Offer will be required to surrender such
     Registrable Security, together with the enclosed letters of transmittal, to
     the institutions and at the addresses (located in the Borough of Manhattan,
     the City of New York) specified in the notice prior to the close of
     business on the last Exchange Date; and

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          (v)    that Holders will be entitled to withdraw their election, not
     later than the close of business (New York time) on the last Exchange Date,
     by sending to the institutions and at the addresses (located in the Borough
     of Manhattan, the City of New York) specified in the notice a telegram,
     telex, facsimile transmission or letter setting forth the name of such
     Holder, the principal amount of Registrable Securities delivered for
     exchange and a statement that such Holder is withdrawing his election to
     have such Notes exchanged.

          (b) As soon as practicable after the last Exchange Date, CBB and AMBEV
shall:

          (i)    accept for exchange Registrable Securities or portions thereof
     tendered and not validly withdrawn pursuant to the Exchange Offer; and

          (ii)   deliver, or cause to be delivered, to the Trustee for
     cancellation all Registrable Securities or portions thereof so accepted for
     exchange by CBB and AMBEV and issue, and cause the Trustee to promptly
     authenticate and mail to each Holder, an Exchange Security equal in
     principal amount to the principal amount of the Registrable Securities
     surrendered by such Holder.

          (c) CBB and AMBEV shall use their reasonable best efforts to complete
the Exchange Offer as provided above and shall comply with the applicable
requirements of the Securities Act, the Exchange Act and other applicable laws
and regulations in connection with the Exchange Offer. The Exchange Offer shall
not be subject to any conditions, other than that the Exchange Offer does not
violate applicable law or any applicable interpretation of the Staff of the SEC.
CBB and AMBEV shall inform the Initial Purchasers of the names and addresses of
the Holders to whom the Exchange Offer is made, and the Initial Purchasers shall
have the right, subject to applicable law, to contact such Holders and otherwise
facilitate the tender of Registrable Securities in the Exchange Offer.

          (d) In the event that CBB and AMBEV determine that the Exchange Offer
Registration provided for in Section 2(a) above is not available or may not be
consummated as soon as practicable after the last Exchange Date because it would
violate applicable law or the applicable interpretations of the Staff, or the
Exchange Offer is not for any reason consummated by the date that is six months
after the Closing Date, then CBB and AMBEV may file any Registration Statement
with the SEC that would result in the Holders of the Notes being able to resell
their Notes in such a manner that they cease to be Registerable Securities, and
upon effectiveness of any such Registration Statement, CBB and AMBEV shall be
deemed to have satisfied their obligations hereunder.

          (e) CBB and AMBEV shall pay all Registration Expenses in connection
with the registration pursuant to Section 2(a).

          (f) An Exchange Offer Registration Statement pursuant to Section 2(a)
hereof will not be deemed to have become effective unless it has been declared
effective by the SEC. As provided for in the Indenture, in the event the
Exchange Offer is not consummated or the Registration Statement referred to in
Section 2(d) above has not been declared effective on or prior to the date that
is twelve (12) months after the Closing Date, the annual interest rate on the

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Notes will be increased to 11% per annum (0.5% in excess of the note rate) until
the Exchange Offer is consummated or the Exchange Offer Registration Statement
is declared effective by the SEC, whereupon the interest rate will decrease
permanently to the original interest rate on the Notes.

          SECTION 3. REGISTRATION PROCEDURES.

          (a) In connection with the obligations of CBB and AMBEV with respect
to the Registration Statements pursuant to Section 2(a) and Section 2(b) hereof,
CBB and AMBEV shall as expeditiously as possible:

          (i)    prepare and file with the SEC a Registration Statement on the
     appropriate form under the Securities Act, which form (x) shall be selected
     by CBB and AMBEV and (y) shall comply as to form in all material respects
     with the requirements of the applicable form and include all financial
     statements required by the SEC to be filed therewith, and use their
     reasonable best efforts to cause such Registration Statement to become
     effective and remain effective in accordance with Section 2 hereof;

          (ii)   prepare and file with the SEC such amendments and
     post-effective amendments to each Registration Statement as may be
     necessary to keep such Registration Statement effective for the applicable
     period and cause each Prospectus to be supplemented by any required
     prospectus supplement and, as so supplemented, to be filed pursuant to Rule
     424 under the Securities Act; to keep each Prospectus current during the
     period described under Section 4(3) and Rule 174 under the Securities Act
     that is applicable to transactions by brokers or dealers with respect to
     the Registrable Securities or Exchange Securities;

          (iii)  to the extent necessary or applicable, use their reasonable
     best efforts to register or qualify the Registrable Securities under all
     applicable state securities or "blue sky" laws of such jurisdictions as any
     Holder of Registrable Securities covered by a Registration Statement shall
     reasonably request in writing by the time the applicable Registration
     Statement is declared effective by the SEC, to cooperate with such Holders
     in connection with any filings required to be made with the National
     Association of Securities Dealers, Inc. and do any and all other acts and
     things which may be reasonably necessary or advisable to enable such Holder
     to consummate the disposition in each such jurisdiction of such Registrable
     Securities owned by such Holder; provided, however, that neither CBB nor
     AMBEV shall be required to (A) qualify as a foreign corporation or as a
     dealer in securities in any jurisdiction where it would not otherwise be
     required to qualify but for this Section 3(a)(iii), (B) file any general
     consent to service of process or (C) subject itself to taxation in any such
     jurisdiction if it is not so subject;

          (iv)   make every reasonable effort to obtain the withdrawal of any
     order suspending the effectiveness of a Registration Statement at the
     earliest possible moment;

          (v)    a reasonable time prior to the filing of any Registration
     Statement, any Prospectus, any amendment to a Registration Statement or
     amendment or supplement to a Prospectus or any document which is to be
     incorporated by reference into a Registration

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     Statement or a Prospectus after the initial filing of a Registration
     Statement, provide copies of such document to the Initial Purchasers and
     their counsel and make such of the representatives of CBB and AMBEV as
     shall be reasonably requested by the Initial Purchasers or their counsel
     available for discussion of such document, and shall not at any time file
     or make any amendment to the Registration Statement, any Prospectus or any
     amendment of or supplement to a Registration Statement or a Prospectus or
     any document which is to be incorporated by reference into a Registration
     Statement or a Prospectus, of which the Initial Purchasers and its counsel
     shall not have previously been advised and furnished a copy or to which the
     Initial Purchasers or their counsel shall reasonably object;

          (vi)   obtain a CUSIP number for all Exchange Securities or
     Registrable Securities, as the case may be, not later than the effective
     date of a Registration Statement;

          (vii)  use their reasonable best efforts to cause the Indenture to be
     qualified under the Trust Indenture Act of 1939, as amended (the "TIA"), in
     connection with the registration of the Exchange Securities or Registrable
     Securities, as the case may be, cooperate with the Trustee and the Holders
     to effect such changes to the Indenture as may be required for the
     Indenture to be so qualified in accordance with the terms of the TIA and
     execute, and use their best efforts to cause the Trustee to execute, all
     documents as may be required to effect such changes and all other forms and
     documents required to be filed with the SEC to enable the Indenture to be
     so qualified in a timely manner; and

          (viii) use their reasonable best efforts to cause the Exchange
     Securities to continue to be rated by one nationally recognized statistical
     rating organization (as such term is defined in Rule 436(g)(2) under the
     Securities Act), if the Registrable Securities have been rated.

          SECTION 4. PARTICIPATION OF BROKER-DEALERS IN EXCHANGE OFFER.

          (a) The parties hereto acknowledge that the Staff has taken the
position that any broker-dealer that receives Exchange Securities for its own
account in the Exchange Offer in exchange for Notes that were acquired by such
broker-dealer as a result of market-making or other trading activities (a
"Participating Broker-Dealer"), may be deemed to be an "underwriter" within the
meaning of the Securities Act and must deliver a prospectus meeting the
requirements of the Securities Act in connection with any resale of such
Exchange Securities. CBB and AMBEV understand that it is the Staff's position
that if the Prospectus contained in the Exchange Offer Registration Statement
includes a plan of distribution containing a statement to the above effect and
the means by which Participating Broker-Dealers may resell the Exchange
Securities, without naming the Participating Broker-Dealers or specifying the
amount of Exchange Securities owned by them, such Prospectus may be delivered by
Participating Broker-Dealers to satisfy their prospectus delivery obligation
under the Securities Act in connection with resales of Exchange Securities for
their own accounts, so long as the Prospectus otherwise meets the requirements
of the Securities Act.

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          (b) In light of the above, notwithstanding the other provisions of
this Agreement, CBB and AMBEV agree to take all actions necessary to ensure the
effectiveness of the Registration Statement referred to in Section 2 as may be
reasonably requested by the Initial Purchasers or by one or more Participating
Broker-Dealers, in each case as provided in clause (ii) below, in order to
expedite or facilitate the disposition of any Exchange Securities by
Participating Broker-Dealers consistent with the positions of the Staff recited
in Section 4(a) above PROVIDED that:

          (i)    neither CBB nor AMBEV shall be required to amend or supplement
     the Prospectus contained in the Exchange Offer Registration Statement for a
     period exceeding 180 days after the last Exchange Date (as such period may
     be extended pursuant to the penultimate paragraph of Section 3 of this
     Agreement) and Participating Broker-Dealers shall not be authorized by CBB
     or AMBEV to deliver and shall not deliver such Prospectus after such period
     in connection with the resales contemplated by this Section 4; and

          (ii)   any application of the procedures to an Exchange Offer
     Registration, to the extent not required by the positions of the Staff or
     the Securities Act and the rules and regulations thereunder, will be in
     conformity with the reasonable request to CBB and AMBEV by the Initial
     Purchasers or with the reasonable request in writing to CBB and AMBEV by
     one or more broker-dealers who certify to the Initial Purchasers and CBB
     and AMBEV in writing that they anticipate that they will be Participating
     Broker-Dealers; and PROVIDED FURTHER that, in connection with such
     application of any procedures to an Exchange Offer Registration, CBB and
     AMBEV shall be obligated (x) to deal only with one entity representing the
     Participating Broker-Dealers, which shall be UBS Warburg LLC unless it
     elects not to act as such representative, (y) to pay the reasonable fees
     and expenses of only one counsel representing the Participating
     Broker-Dealers, which shall be counsel to the Initial Purchasers unless
     such counsel elects not to so act and (z) to cause to be delivered only
     one, if any, "cold comfort" letter with respect to the Prospectus in the
     form existing on the last Exchange Date and with respect to each subsequent
     amendment or supplement, if any, effected in connection therewith.

          (c) The Initial Purchasers shall have no liability to the Companies or
any Holder with respect to any request that they may make pursuant to Section
4(b) above.

          SECTION 5. INDEMNIFICATION AND CONTRIBUTION.

          (a) Each of CBB and AMBEV, jointly and severally agrees to indemnify
and hold harmless the Initial Purchasers, each Holder and each Person, if any,
who controls the Initial Purchasers or any Holder within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, or is under
common control with, or is controlled by, the Initial Purchasers or any Holder,
from and against all losses, claims, damages and liabilities (including, without
limitation, any legal or other expenses reasonably incurred by the Initial
Purchasers, any Holder or any such controlling or affiliated Person in
connection with defending or investigating any such action or claim) caused by
any untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement (or any amendment thereto) pursuant to which Exchange
Securities or Registrable Securities were registered under the Securities Act,

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including all documents incorporated therein by reference, or caused by any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, or
caused by any untrue statement or alleged untrue statement of a material fact
contained in any Prospectus (as amended or supplemented if CBB or AMBEV shall
have furnished any amendments or supplements thereto), or caused by 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, except insofar as such losses, claims, damages or liabilities are
caused by any such untrue statement or omission or alleged untrue statement or
omission based upon information relating to the Initial Purchasers or any Holder
furnished to the Companies in writing through UBS Warburg LLC or any selling
Holder expressly for use therein; provided that the foregoing indemnity
agreement shall not inure to the benefit of any Holder or any person controlling
such Holder with respect to any sale or disposition of Registrable Securities by
such Holder in violation of Section 4 above; provided further that the foregoing
indemnity agreement shall not inure to the benefit of any Holder from whom the
person asserting any such losses, claims, damages or liabilities purchased
Notes, or any person controlling such Holder, if a copy of the final Prospectus
(as then amended or supplemented if CBB and AMBEV shall have furnished any
amendments or supplements thereto) was not sent or given by or on behalf of such
Holder to such person, if required by law so to have been delivered, at or prior
to the written confirmation of the sale of the Notes to such person, and if the
final Prospectus (as so amended or supplemented) would have cured the defect
giving rise to such loss, claim, damage or liability.

          (b) To the extent relevant with respect to a Registration Statement
pursuant to Section 2(d), each Holder agrees, severally and not jointly, to
indemnify and hold harmless the Companies, the Initial Purchasers and the other
selling Holders, and each of their respective directors, officers who sign the
Registration Statement and each Person, if any, who controls CBB or AMBEV, the
Initial Purchasers and any other selling Holder within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same
extent as the foregoing indemnity from CBB and AMBEV to the Initial Purchasers
and the Holders, but only with reference to information relating to such Holder
furnished to the Companies, CBB or AMBEV in writing by or on behalf of such
Holder expressly for use in any Registration Statement (or any amendment
thereto) or any Prospectus (or any amendment or supplement thereto).

          (c) In case any proceeding (including any governmental investigation)
shall be instituted involving any Person in respect of which indemnity may be
sought pursuant to either paragraph (a) or paragraph (b) above, such Person (the
"indemnified party") shall promptly notify the Person against whom such
indemnity may be sought (the "indemnifying party") in writing (but the failure
to so notify an indemnifying party shall not relieve it from any liability which
it may have under this Section 5, except to the extent that such indemnifying
party has been prejudiced in any material respect by such failure, or from any
liability it may otherwise have) and the indemnifying party, upon request of the
indemnified party, shall retain counsel reasonably satisfactory to the
indemnified party to represent the indemnified party and any others the
indemnifying party may designate in such proceeding and shall pay the fees and
disbursements of such counsel related to such proceeding. In any such
proceeding, any indemnified party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such indemnified party unless (i) the indemnifying party and

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the indemnified party shall have mutually agreed to the retention of such
counsel or (ii) the named parties to any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified party
and representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them. It is understood
that the indemnifying party shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for (A) the reasonable
fees and expenses of more than one separate firm (in addition to any local
counsel) for the Initial Purchasers and all Persons, if any, who control any
Initial Purchasers within the meaning of either Section 15 of the Securities Act
or Section 20 of the Exchange Act, (B) the reasonable fees and expenses of more
than one separate firm (in addition to any local counsel) for CBB, AMBEV, their
respective directors and officers who sign the Registration Statement and each
Person, if any, who controls CBB and AMBEV within the meaning of either such
Section and (C) the reasonable fees and expenses of more than one separate firm
(in addition to any local counsel) for all Holders and all Persons, if any, who
control any Holders within the meaning of either such Section, and that all such
fees and expenses shall be reimbursed as they are incurred. In such case
involving the Initial Purchasers and any Person who controls any of the Initial
Purchasers, such firm shall be designated in writing by UBS Warburg LLC. In such
case involving the Holders and such Persons who control Holders, such firm shall
be designated in writing by the Majority Holders. In all other cases, such firm
shall be designated by the Companies. The indemnifying party shall not be liable
for any settlement of any proceeding effected without its written consent but,
if settled with such consent or if there be a final judgment for the plaintiff,
the indemnifying party agrees to indemnify the indemnified party from and
against any loss or liability by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party
for fees and expenses of counsel as contemplated by the second and third
sentences of this paragraph, the indemnifying party agrees that it shall be
liable for any settlement of any proceeding effected without its written consent
if (x) such settlement is entered into more than 30 days after receipt by such
indemnifying party of the aforesaid request and (y) such indemnifying party
shall not have reimbursed the indemnified party for such fees and expenses of
counsel in accordance with such request prior to the date of such settlement. No
indemnifying party shall, without the prior written consent of the indemnified
party (which consent shall not be unreasonably withheld), effect any settlement
of any pending or threatened proceeding in respect of which such indemnified
party is or could have been a party and indemnity could have been sought
hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding.

          (d) To the extent the indemnification provided for in paragraph (a) or
paragraph (b) of this Section 5 is unavailable to an indemnified party or
insufficient in respect of any losses, claims, damages or liabilities referred
to therein, then each indemnifying party under such paragraph, in lieu of
indemnifying such indemnified party thereunder, shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities in such proportion as is appropriate to reflect the
relative fault of the indemnifying party or parties on the one hand and of the
indemnified party or parties on the other hand in connection with the statements
or omissions that resulted in such losses, claims, damages or liabilities, as
well as any other relevant equitable considerations. The relative fault of CBB,
AMBEV and the Holders shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state

<Page>

                                       11

a material fact relates to information supplied by CBB or AMBEV or by the
Holders and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Holders'
respective obligations to contribute pursuant to this Section 5(d) are several
in proportion to the respective principal amount of Registrable Securities of
such Holder that were registered pursuant to a Registration Statement.

          (e) CBB, AMBEV and each Holder agree that it would not be just or
equitable if contribution pursuant to this Section 5 were determined by PRO RATA
allocation or by any other method of allocation that does not take account of
the equitable considerations referred to in paragraph (d) above. The amount paid
or payable by an indemnifying party as a result of the losses, claims, damages
and liabilities referred to in paragraph (d) above shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this
Section 5, no Holder shall be required to indemnify or contribute any amount in
excess of the amount by which the total price at which Registrable Securities
were sold by such Holder exceeds the amount of any damages that such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. The remedies provided for in this Section 5 are
not exclusive and shall not limit any rights or remedies which may otherwise be
available to any indemnified party at law or in equity.

          (f) The indemnity and contribution provisions contained in this
Section 5 shall remain operative and in full force and effect regardless of (i)
any termination of this Agreement, (ii) any investigation made by or on behalf
of the Initial Purchasers, any Holder or any Person controlling any Initial
Purchasers or any Holder, or by or on behalf of CBB or AMBEV, their respective
officers or directors, or any Person controlling CBB or AMBEV, (iii) acceptance
of any of the Exchange Securities and (iv) any sale of Registrable Securities
pursuant to any shelf or other Registration Statement.

          SECTION 6. MISCELLANEOUS.

          (a) NO INCONSISTENT AGREEMENTS. Neither CBB nor AMBEV has entered
into, and on or after the date of this Agreement will not enter into, any
agreement which is inconsistent with the rights granted to the Holders of
Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to the holders of
CBB's or any of AMBEV' other issued and outstanding securities under any such
agreements.

          (b) AMENDMENTS AND WAIVERS. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given unless CBB and AMBEV have obtained the written consent of
Holders of at least a majority in aggregate principal amount of the outstanding
Registrable Securities affected by such amendment, modification, supplement,
waiver or consent; PROVIDED, HOWEVER, that no amendment, modification,
supplement, waiver or

<Page>

                                       12

consent to any departure from the provisions of Section 5 hereof shall be
effective as against any Holder of Registrable Securities unless consented to in
writing by such Holder.

          (c) NOTICES. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery (i) if to a Holder, at the most current address given by such Holder to
the Companies by means of a notice given in accordance with the provisions of
this Section 6(c), which address initially is, with respect to the Initial
Purchasers, the address set forth in the Purchase Agreement; (ii) if to CBB,
initially at CBB's address set forth in the Purchase Agreement and thereafter at
such other address, notice of which is given in accordance with the provisions
of this Section 6(c); and (iii) if to AMBEV, initially at the AMBEV' address set
forth in the Purchase Agreement and thereafter at such other address, notice of
which is given in accordance with the provisions of this Section 6(c). All such
notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five business days after being
deposited in the mail, postage prepaid, if mailed; when answered back, if
telexed; when receipt is acknowledged, if telecopied; and on the next business
day if timely delivered to an air courier guaranteeing overnight delivery.
Copies of all such notices, demands, or other communications shall be
concurrently delivered by the Person giving the same to the Trustee, at the
address specified in the Indenture.

          (d) SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit
of and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent Holders; PROVIDED that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Registrable Securities
in violation of the terms of the Purchase Agreement. If any transferee of any
Holder shall acquire Registrable Securities, in any manner, whether by operation
of law or otherwise, such Registrable Securities shall be held subject to all of
the terms of this Agreement, and by taking and holding such Registrable
Securities such Person shall be conclusively deemed to have agreed to be bound
by and to perform all of the terms and provisions of this Agreement and such
Person shall be entitled to receive the benefits hereof. The Initial Purchasers
(in their capacity as Initial Purchasers) shall have no liability or obligation
to CBB or AMBEV with respect to any failure by a Holder to comply with, or any
breach by any Holder of, any of the obligations of such Holder under this
Agreement.

          (e) PURCHASES AND SALES OF SECURITIES. CBB and AMBEV shall have the
right to purchase Registrable Securities only as contemplated in the Indenture;
PROVIDED, HOWEVER, that, notwithstanding the forgoing, neither CBB nor AMBEV
shall, and each of CBB and AMBEV shall use their best efforts to cause their
respective affiliates (as defined in Rule 405 under the Securities Act) not to,
purchase and then resell or otherwise transfer any Registrable Securities, if
doing so adversely affects the rights of the Holders hereunder.

          (f) THIRD PARTY BENEFICIARY. The Holders shall be third party
beneficiaries to the agreements made hereunder between CBB and AMBEV, on the one
hand, and the Initial Purchasers, on the other hand, and shall have the right to
enforce such agreements directly to the extent it deems such enforcement
necessary or advisable to protect its rights or the rights of Holders hereunder.

<Page>

                                       13

          (g) COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

          (h) HEADINGS. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

          (i) GOVERNING LAW. This Agreement shall be governed by the laws of the
State of New York.

          (j) SEVERABILITY. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

          (k) JURISDICTION.

          (a)    Each of CBB and AMBEV agrees that any legal suit, action or
          proceeding arising out of or relating to this Agreement or the
          transactions contemplated herein may be instituted in any U.S. federal
          or New York State court in the Borough of Manhattan in the City of New
          York (each a "New York court") and each of CBB and AMBEV hereby waives
          any objection which it may now or hereafter have to the laying of
          venue of any such proceeding, and irrevocably submits to the
          jurisdiction of such courts, with respect to actions brought against
          it as defendant, in any suit, action or proceeding.

          (b)    Each of CBB and AMBEV (A) irrevocably appoints CT Corporation
          System, at its offices located at 111 Eighth Avenue, New York, New
          York 10011 (together with any successor, the "Process Agent"), as its
          authorized agent in the Borough of Manhattan in the City of New York
          upon which process may be served in any such suit, action or
          proceeding, acknowledges that the Process Agent has accepted such
          designation and agrees that service of process upon the Process Agent,
          and written notice of such service to the Companies, by the person
          serving the same to the address set forth in the Purchase Agreement,
          shall be deemed in every respect effective service of process upon the
          Companies in any such suit, action or proceeding and (B) agrees to
          take any and all action, including the execution and filing of any and
          all such documents and instruments as may be necessary to continue
          such designation and appointment of the Process Agent in full force
          and effect so long as any of the Notes shall be outstanding.

          (l) WAIVER OF IMMUNITY. To the extent that either of the Companies has
or hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether through service of notice, attachment prior to judgment,
attachment in aid of execution, execution or otherwise) with respect to itself
or its property, it hereby irrevocably waives such immunity in respect of its
obligations under this Agreement to the fullest extent permitted by law.

<Page>

                                       14

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                      COMPANHIA BRASILEIRA DE BEBIDAS

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

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

                                      COMPANHIA DE BEBIDAS DAS AMERICAS - AMBEV

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

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

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

UBS WARBURG LLC, as Representative on
behalf of the Initial Purchasers

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

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

WITNESSES:

   1.
      -----------------------------
      Name:

   2.
      -----------------------------
      Name:<Page>

                                                                     Exhibit 4.5

                                                                   [ZURICH LOGO]

                           STEADFAST INSURANCE COMPANY
   Administrative Office: 1400 American Lane, Schaumburg, Illinois 60196-1056
             Underwritten through: Zurich Emerging Markets Solutions

                              INSURANCE POLICY FOR
                                  EXPROPRIATION
                                       AND
                            CURRENCY INCONVERTIBILITY

                                  DECLARATIONS

<Table>
<S>         <C>                                         <C>
                                                        Policy No. 37-48-604

Item 1.     Insured:                                    The Bank of New York, not in its individual
                                                        capacity, but solely as the indenture trustee for
                                                        holders of the Insured Notes, or any successor
                                                        indenture trustee for the holders of the Insured
                                                        Notes (as such term is defined below).
            Address:                                    101 Barclay Street, 21W
                                                        New York, New York  10286

Item 2.     Guarantor:                                  Companhia de Bebidas das Americas ("AMBEV")
            Address:                                    Centro Empresarial de Sao Paulo
                                                        Avenida Maria Coelho Aguiar, 215 Bloco F 6 andar
                                                        05804-900 Sao Paulo, S.P.

Item 3.     Issuer:                                     Companhia Brasileira de Bebidas CBB ("CBB")
            Address:                                    Centro Empresarial de Sao Paulo
                                                        Avenida Maria Coelho Aguiar, 215 Bloco F 6 andar
                                                        05804-900 Sao Paulo, S.P.

Item 4.     Host Country:                               Federative Republic of  Brazil

Item 5.     Project:                                    The issuance and sale of the Insured Notes. CBB
                                                        will use proceeds from the sale of the Insured
                                                        Notes for general corporate purposes, capital
                                                        expenditures, to repay short term debt, and the
                                                        current portion of long-term debt.  AMBEV has
                                                        provided an unconditional and irrevocable
                                                        guaranty of CBB's payment obligations in respect
                                                        of the Insured Notes

Item 6.     Principal Amount of Insured Notes:          $500,000,000
</Table>

                                                                         1 of 23
<Page>

<Table>
<S>         <C>                                         <C>
Item 7.     Insured Notes:                              $500,000,000 in senior notes issued by CBB under
                                                        the Indenture dated as of December 19, 2001,
                                                        between CBB, as issuer, and the Insured, as
                                                        trustee, and held by the Noteholders or any notes
                                                        exchanged therefor in connection with CBB and
                                                        AMBEV satisfying their obligations under the
                                                        Registration Rights Agreement (as such term is
                                                        defined herein).

Item 8.     Maximum Aggregate Limit of Liability:       $52,500,000

Item 9.     Limit of Liability per coverage:            See Exhibit A

Item 10.    Insured Percentage of the Insured Notes:    100%

Item 11.    Policy Period:                              From:      December 19, 2001
                                                        To:        July 17, 2012
            (12:01 a.m. Standard Time at the Address    of the Insured above in Item 1.)

Item 12.    Policy Currency:                            United States Dollars

Item 13.    Waiting Period:                             180 days

Item 14.    Total premium and fees for the
            Policy Period (See Exhibit A):              $8,857,098.19
</Table>

The premium shall be payable in a single installment due upon or prior to the
inception of the Policy Period. The net premium and fees due will be paid in
accordance with the amounts specified in Exhibit A.

By acceptance of this Insurance Policy, the Insured represents to the
Underwriter that the statements made by the Insured contained in the
Declarations and the Insured's Application for Insurance are the Insured's
agreements and representations and that this Insurance Policy and the Agreement
Regarding the Policy for Expropriation and Currency Inconvertibility comprise
the entire agreement between the Insured and the Underwriter or any of its
agents relating to this insurance. At issuance, this Insurance Policy includes
no Endorsements.

                                                                         2 of 23
<Page>

IN WITNESS WHEREOF, the Underwriter has caused this Insurance Policy to be
signed by its authorized officers, but this Insurance Policy shall not be valid
unless countersigned by a duly authorized representative of the Insured.

Broker:     Aon Risk Services
Address:    2000 Bering Drive, Suite 900
            Houston, TX 77057-3790

Underwriter:            Daniel W. Riordan
                          Vice President
                   STEADFAST INSURANCE COMPANY           Date: December 19, 2001

              ------------------------------------
                           (signature)

                            President                           Secretary

Insured:                                                 Date: December 19, 2001
              ------------------------------------
                     (print name and title)

              ------------------------------------
                           (signature)

                                                                         3 of 23
<Page>

                                  ENDORSEMENTS

           At issuance this Insurance Policy includes no Endorsements.

                                                                         4 of 23
<Page>

[ZURICH LOGO]

                           STEADFAST INSURANCE COMPANY

                                  CONTRACT FOR
                                EXPROPRIATION AND
                            CURRENCY INCONVERTIBILITY

In consideration of the payment of premiums and in reliance upon information
provided and statements made by the Insured to Steadfast Insurance Company (the
"Underwriter"), and subject to the Declarations and Endorsements made a part
hereof, and the terms, conditions and limitations set forth in this Contract
(together the Declarations, Endorsements and Contract constitute the "Insurance
Policy"), the Insured and the Underwriter agree as follows:

                          ARTICLE I. INSURING AGREEMENT

1.1     The Underwriter shall be liable and shall pay Compensation to the
Insured, subject to the exclusions and limitations expressly set forth in this
Insurance Policy, for the Insured Percentage of the Insured's Loss caused solely
and directly by a Political Risk Event and for which the Date of Loss occurs
during the Policy Period.

1.2     Compensation shall be determined pursuant to Article IV herein.

                             ARTICLE II. DEFINITIONS

2.1     "AGREEMENT REGARDING THE INSURANCE POLICY FOR EXPROPRIATION AND CURRENCY
INCONVERTIBILITY" means the Agreement Regarding the Insurance Policy for
Expropriation and Currency Inconvertibility dated as of December 19, 2001, among
the Underwriter, the Insured, the Issuer and the Guarantor.

2.2     "APPLICATION FOR INSURANCE" means the Insured's "Application for
Political Risk Insurance", along with all supporting documentation submitted by
the Insured regarding the Project, the Issuer, the Guarantor and the Insured
Notes.

2.3     "CLAIM" means the Insured's written claim for Compensation submitted in
accordance with the procedures and requirements of Article VII herein.

2.4     "COMPENSATION" means the amount payable to the Insured for a Loss as
defined in this Insurance Policy. The amount to be paid by the Underwriter shall
be determined pursuant to Article IV herein.

2.5     "CURRENCY INCONVERTIBILITY" is defined in Section 3.2 herein.

2.6     "DATE OF LOSS" means a date occurring during the Policy Period, and
shall be the later of (i) ) the original due date of the Scheduled Payment which
corresponds to the Insured Payment that is the

                                                                         5 of 23
<Page>

subject of a Claim, and (ii) the date on or before the end of the 30-day
interest payment grace period on which the Insured, the Issuer or the Guarantor
first attempts to convert Local Currency or transfer Policy Currency in order to
make an Insured Payment.

2.7     "EXPROPRIATION" is defined in Section 3.1 herein.

2.8     "GUARANTOR" is the entity listed in Item 2 of the Declarations, and has
guarantied the payment obligations of the Issuer in respect of the Insured Notes
pursuant to the terms of the Guaranty.

2.9     "GUARANTY" means the Guaranty issued by the Guarantor in support of the
Issuer, dated as of December 19, 2001, as amended or modified from time to time
in accordance with the terms thereof. Under the terms of the Guaranty, the
Guarantor has guarantied the timely payment by the Issuer of all sums from time
to time payable by the Issuer under the Indenture and the Insured Notes.

2.10    "HOST COUNTRY" is identified in Item 4 of the Declarations.

2.11    "HOST GOVERNMENT" means:

        (a)   the present or any succeeding governing authority (without regard
              to the method of its succession or as to whether it is
              internationally recognized) in effective control of all or any
              part of the territory of the Host Country or any political or
              territorial subdivision thereof (including any dependent
              territory); and/or

        (b)   any other public authority in or of the Host Country on which
              regulatory powers are conferred by the laws of the Host Country.

2.12    "INDENTURE" means the indenture providing for the issuance of the
Insured Notes between the Issuer and the Insured, dated as of December 19, 2001,
as amended or modified from time to time in accordance with the terms thereof,
or any other indenture executed in connection with any exchange offer made for
the Insured Notes under the terms of the Registration Rights Agreement.

2.13    "INSURED" is the entity identified in Item 1 of the Declarations, acting
solely as Trustee (as defined in the Indenture) on behalf of the Noteholders and
not in its individual capacity in accordance with the Indenture and any
successor Trustee under the Indenture.

2.14    "INSURED PAYMENT" means a payment by the Issuer, in accordance with
Section 2.15 of the Indenture, or the Guarantor, in accordance with Section 2 of
the Guaranty, to the Insured in respect of a corresponding Scheduled Payment.

2.15    "INSURED PERCENTAGE" means the percentage of the interest due and
payable in respect of the Insured Notes insured under this Insurance Policy as
set forth in Item 10 of the Declarations.

2.16    "INSURED NOTES" means the notes described in Item 7 of the Declarations
which are insured under this Insurance Policy and are the obligations issued by
the Issuer pursuant to the Indenture. The Insured Notes are required to be paid
by the Issuer in accordance with the terms of the Indenture and the Issuer's
payment obligations under the Insured Notes are guaranteed by the Guarantor
pursuant to the Guaranty.

2.17    "ISSUER" is the entity listed in Item 3 of the Declarations, and is the
issuer of the Insured Notes pursuant to the Indenture.

                                                                         6 of 23
<Page>

2.18    "LIMIT OF LIABILITY" means at any time the maximum amount of
Compensation that the Underwriter will pay for any Loss, subject to the Maximum
Aggregate Limit of Liability. The Limit of Liability and the corresponding
coverage period is set forth in Exhibit A. The Limit of Liability in effect on
the Date of Loss shall be reduced automatically by the amount of any
Compensation paid by the Underwriter to the Insured under this Insurance Policy.

2.19    "LOCAL CURRENCY" means the currency of the Host Country.

2.20    "LOSS" means an Unfunded Insured Payment caused by a Political Risk
Event, and for which the Insured seeks Compensation under this Insurance Policy.

2.21    "MAXIMUM AGGREGATE LIMIT OF LIABILITY" means the amount set forth in
Item 8 of the Declarations.

2.22    "NOTEHOLDER(S)" means the person(s) or entity(-ies) from time to time
holding the Insured Notes (including beneficial interests therein).

2.23    "POLICY CURRENCY" means the currency identified in Item 12 of the
Declarations.

2.24    "POLICY PERIOD" means the period set forth in Item 11 of the
Declarations.

2.25    "POLITICAL RISK EVENT" means an Expropriation or Currency
Inconvertibility, as defined in Sections 3.1 and 3.2, respectively, either or
both of which (or any combination thereof) continues and is in effect during
each day of the Waiting Period.

2.26    "PROJECT" means the project described in Item 5 of the Declarations and
as further described in the Insured's Application for Insurance.

2.27    "REFERENCE RATE OF EXCHANGE" means (i) the official exchange rate
applied by the central bank or equivalent entity of the Host Country for the
category of remittance that is the subject of a Claim; or, (ii) if the central
bank or equivalent entity does not freely execute conversions of Local Currency
into Policy Currency for such category of remittance, then the Reference Rate of
Exchange shall be the effective exchange rate obtained through the most active
legal and normal channel in the Host Country for conversion of Local Currency
into Policy Currency for the category of remittance that is the subject of a
Claim. The most active legal and normal channel shall be agreed by the
Underwriter and the Insured. If no exchange rate can be determined pursuant to
(i) or (ii) above, the Reference Rate of Exchange shall mean the last available
official exchange rate applied by the central bank or equivalent entity of the
Host Country prior to the Date of Loss.

2.28    "REGISTRATION RIGHTS AGREEMENT" means the registration rights agreement,
dated as of December 19, 2001, among the Issuer and UBS Warburg LLC (as
representative for the initial purchasers of the Insured Notes), as amended or
modified from time to time in accordance with the terms thereof.

2.29    "RESERVE ACCOUNT" means the account held by the Insured for the benefit
of the Noteholders, pursuant to the Indenture.

2.30    "SCHEDULED PAYMENT" means all amounts of interest and principal due and
payable on the Insured Notes pursuant to the terms of the Indenture and the
Insured Notes (as the payment of such amounts are guaranteed pursuant to the
Guaranty) on (i) the original payment dates set forth in the Indenture (as such
payment dates are set forth in Exhibit B hereto), and (ii) payment dates for the
Insured Notes which are established pursuant to either (A) the provisions set
forth in the Indenture allowing for

                                                                         7 of 23
<Page>

the extension of the maturity date of the Insured Notes or (B) the provisions
set forth in the Guaranty allowing for the suspension of the obligations of the
Guarantor, and, in the case of both (i) and (ii), without regard to any
acceleration of the Insured Notes pursuant to the terms of the Indenture and
Insured Notes.

2.31    "TRANSACTION DOCUMENTS" means the Insured Notes, as described in Item 7
of the Declarations, the Indenture, the Agreement Regarding the Insurance Policy
for Expropriation and Currency Inconvertibility, the Guaranty, and the
Registration Rights Agreement, each including all exhibits and attachments
thereto, copies of which have been provided to the Underwriter.

2.32    "UNFUNDED INSURED PAYMENT" means, with respect to any Scheduled Payment,
the failure of the Issuer or the Guarantor to make an Insured Payment, in
accordance with the Indenture or the Guaranty, as the case may be, due to a
Political Risk Event or an event that with the passage of the Waiting Period
could become a Political Risk Event.

2.33    "UNINSURED NOTES" means notes denominated in a currency other than the
Local Currency issued by the Issuer or the Guarantor, or their respective
subsidiaries, to investors outside of the Host Country which are of similar term
and nature to the Insured Notes and are not insured by the Underwriter.

2.34    "WAITING PERIOD" means the period set forth in Item 13 of the
Declarations, which period shall commence on the Date of Loss; provided that,
for the avoidance of doubt, if the Date of Loss occurs during the Policy Period,
the Waiting Period for a Political Risk Event for which the Underwriter may be
liable to pay Compensation may expire after the expiration of the Policy Period.

        All other terms that appear in this Contract, the Declarations and the
Endorsements have the definitions assigned to them as they appear in those
documents.

                                                                         8 of 23
<Page>

                       ARTICLE III. POLITICAL RISK EVENTS

3.1     EXPROPRIATION

        An Expropriation means an act or series of acts taken by the Host
Government that effectively deprives the Insured, the Issuer or the Guarantor of
the use and control of funds deposited (either in Local Currency or Policy
Currency) by the Insured, or by the Issuer or the Guarantor for the account of
the Insured, with a financial institution in the Host Country, for the purpose
of making an Insured Payment, causing an Unfunded Insured Payment; provided that
such act or acts continue for the duration of the Waiting Period.

3.2     CURRENCY INCONVERTIBILITY

        Currency Inconvertibility means:

        (a)   an act or series of acts by the Host Government that prevents the
              Insured, the Issuer or the Guarantor, for the duration of the
              Waiting Period, from directly or indirectly:

              (i)    converting Local Currency into Policy Currency in order to
                     make an Insured Payment or a portion thereof, including the
                     denial of such conversion in an exchange rate category as
                     favorable as the category applicable to determine the
                     Reference Rate of Exchange; or

              (ii)   transferring outside of the Host Country the funds as
                     described in (i) above already converted from Local
                     Currency into Policy Currency constituting all or any
                     portion of an Insured Payment; or

        (b)   failure by the Host Government (or by entities authorized under
              the laws of the Host Country to operate in the foreign exchange
              markets) to effect a conversion or transfer under (a) above on
              behalf of the Insured, the Issuer or the Guarantor.

               ARTICLE IV. COMPENSATION FOR POLITICAL RISK EVENTS

4.1     EXPROPRIATION

        In the event of Expropriation, the Compensation for a Loss shall be the
Insured Percentage of the lesser of (i) the Policy Currency, or the Policy
Currency equivalent of the Local Currency calculated at the Reference Rate of
Exchange in effect on the Date of Loss, of which the Insured, the Issuer or the
Guarantor is deprived, or (ii) the amount of the Scheduled Payment corresponding
to the Unfunded Insured Payment. The Policy Currency is the currency of any
Compensation payable by the Underwriter to the Insured.

4.2     CURRENCY INCONVERTIBILITY

        In the event of Currency Inconvertibility, the Compensation for a Loss
shall be the Insured Percentage of the Policy Currency equivalent of Local
Currency constituting an Insured Payment that could not be converted; or the
Insured Percentage of the amount in Policy Currency constituting a Insured
Payment that could not be transferred. The Policy Currency equivalent shall be
determined using the Reference Rate of Exchange in effect on the Date of Loss.
The Policy Currency is the currency of any Compensation payable by the
Underwriter to the Insured.

4.3     ADJUSTMENTS

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        (a)   Compensation for any Loss shall be adjusted for any compensation
              received by the Insured, the Issuer or the Guarantor from the Host
              Government or any other source on account of the Loss, excluding
              (i) compensation received by the Issuer or the Guarantor in any
              currency that is not freely convertible into Policy Currency; (ii)
              compensation received by the Issuer or the Guarantor in Policy
              Currency which is not transferable outside the Host Country; and
              (iii) any amounts withdrawn from the Reserve Account and paid to
              the Noteholders by the Insured in accordance with the provisions
              of the Indenture. Compensation for any Loss shall not exceed the
              Limit of Liability for the respective coverage on the applicable
              Date of Loss. In no event shall the total amount of Compensation
              paid by the Underwriter under this Insurance Policy exceed the
              Maximum Aggregate Limit of Liability.

        (b)   No Compensation shall be paid for penalty interest or penalty fees
              for late payment.

        (c)   In the event of a Claim under this Insurance Policy, if (i) the
              Guarantor or the Issuer has issued Uninsured Notes, and (ii)
              subsequent to the Date of Loss for the Unfunded Insured Payment
              that is the subject of the Claim, the Guarantor or the Issuer
              makes a payment in respect of the Uninsured Notes, then in
              determining the amount of Compensation, the Underwriter may reduce
              the amount of Compensation by an amount which bears the same
              proportion to the Compensation as the payment to the Uninsured
              Notes bears to the sum of the outstanding amount of the Insured
              Notes and the Uninsured Notes. Should the Guarantor or the Issuer
              have made a payment on such Uninsured Notes before its original
              due date and after the occurrence of a Political Risk Event, the
              total amount of such payment shall be deducted from any
              Compensation payable by the Underwriter. For the purposes of this
              Section 4.3(c), a payment made by the Guarantor or the Issuer in
              respect of any Uninsured Notes, which payment derives from the
              cash proceeds of any collateral or other security that was
              provided by the Guarantor or the Issuer and is directly related to
              such Uninsured Notes, or which payment derives from any
              preferential status provided such payment by the Host Government
              including but not limited to registration of the Uninsured Notes
              with the applicable governmental authorities of the Host
              Government, shall not be subject to the above allocation and
              deduction.

4.4     ACCELERATION, REDEMPTION AND PREPAYMENT

        (a)   The Underwriter shall pay Compensation for an Unfunded Insured
              Payment in accordance with either (i) the respective due dates for
              such Unfunded Insured Payments corresponding to such Scheduled
              Payments (as set forth in Exhibit B hereto) or (ii) such other due
              dates for such Unfunded Insured Payments as may be provided for
              pursuant to the terms of the Guaranty or the Indenture, as
              applicable. An acceleration, redemption or prepayment of a
              Scheduled Payment, if permitted under the Indenture, shall not
              give rise to a corresponding acceleration, redemption or
              prepayment of the Underwriter's obligation to pay Compensation
              hereunder. However, if a Scheduled Payment is accelerated,
              redeemed or prepaid in accordance with the Indenture or the
              Guaranty, and the Insured files a Claim for such accelerated or
              attempted redeemed or prepaid amount, the Underwriter, at its sole
              discretion, shall have the option, subject to the provisions of
              Section 7.1(a)(ii) of this Insurance Policy, to accelerate or
              prepay any Compensation for the Claim. For the avoidance of doubt,
              the Underwriter has no ability to require the acceleration,
              prepayment, or redemption of the Insured Notes.

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        (b)   Notwithstanding Section 4.4(a) herein, for Scheduled Payments that
              are accelerated or which are attempted to be prepaid or redeemed:

              (i)    the Date of Loss shall be the date of such acceleration, or
                     the date of such attempted redemption or prepayment;

              (ii)   the Waiting Period for Currency Inconvertibility shall
                     commence on the later of (A) the date of such acceleration
                     or redemption or the date such prepayment is to be made, or
                     (B) the date on which the Insured, the Issuer, or the
                     Guarantor first attempts to convert or transfer the
                     currency pursuant to Section 3.1 herein; and

              (iii)  the amount of Compensation shall include (A) accrued and
                     unpaid interest through the date of acceleration or the
                     date of the attempted redemption or prepayment, and (B)
                     subject to the limitations on the total amount of
                     Compensation payable under this Insurance Policy, as such
                     limitations are set forth in Section 4.5 hereof, all
                     remaining amounts of principal and other amounts due on the
                     Insured Notes as a result of such acceleration.

4.5     MAXIMUM AGGREGATE LIMIT OF LIABILITY

        The amount of Compensation paid by the Underwriter under this Insurance
Policy shall not exceed the Maximum Aggregate Limit of Liability, regardless of
the number of Losses incurred or the Policy Period.

                              ARTICLE V. EXCLUSIONS

5.1     The Underwriter shall not pay Compensation for any Loss to the extent
that the Political Risk Event giving rise to such Loss was directly or
indirectly caused by:

        (a)   the Insured's, the Issuer's or the Guarantor's failure to comply
              with the laws of the Host Country applicable to any of them, or
              from any failure of the Issuer or the Guarantor to comply with
              applicable environmental, public health and worker safety
              standards of the World Bank. Failure of the Issuer or the
              Guarantor to comply with the unreasonable requirements of national
              or local authorities in the Host Country, the stringency of which
              exceeds that of the comparable environmental, public health or
              worker safety standards of the World Bank, shall not be deemed a
              failure within the meaning of this exclusion;

        (b)   the Insured's material breach of the terms of this Insurance
              Policy or a material misrepresentation by the Insured under this
              Insurance Policy or in its Application for Insurance;

        (c)   the Insured, the Issuer, the Guarantor or their representatives
              engaging in any wrongful or criminal activities, or unreasonable
              actions which provoke the Host Government in some manner;

        (d)   nuclear reaction, nuclear radiation or radioactive contamination
              under any circumstance, including, but not limited to:

              (i)    ionizing radiations from or contamination by radioactivity
                     from any nuclear fuel or from any nuclear waste or from the
                     combustion of nuclear fuel;

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              (ii)   the radioactive, toxic, explosive or other hazardous or
                     contaminating properties of any nuclear installation,
                     reactor or other nuclear assembly or nuclear component
                     thereof; or

              (iii)  any weapon of war employing atomic or nuclear fission or
                     fusion or other like reaction or radioactive force or
                     matter;

        (e)   the insolvency, bankruptcy or financial default of the Insured,
              the Issuer or the Guarantor; or

        (f)   the material breach by the Insured, the Issuer or the Guarantor of
              any contractual agreements with the Host Government; the material
              breach by the Host Government of any contractual agreements with
              the Insured, the Issuer or the Guarantor; or the Host Government
              acting in a commercial capacity such as a supplier, creditor,
              shareholder, director or manager of, or purchaser from, the Issuer
              or the Guarantor.

5.2     An act or series of acts taken by the Host Government which constitutes
a bona fide non-discriminatory measure of general application of a kind that
governments normally take in the public interest (other than Expropriation and
Currency Inconvertibility) shall not be the basis for a Claim of Expropriation.

5.3     No Claim of Currency Inconvertibility shall be accepted or recognized by
the Underwriter, and the Underwriter shall accordingly have no liability under
Currency Inconvertibility:

        (a)   if the Guarantor, the Issuer or the Insured would have been unable
              legally to convert Local Currency or transfer Policy Currency at
              the inception of the Policy Period;

        (b)   if the Guarantor, the Issuer or the Insured (to the extent that
              the Issuer, the Guarantor or the Insured (in its role as trustee
              for the Insured Notes) is itself attempting to convert or transfer
              funds recovered from or in respect of the Issuer's obligations
              under the Indenture and the Insured Notes or the Guarantor's
              obligations under the Guaranty and is prevented by a Political
              Risk Event from converting Local Currency or transferring Policy
              Currency), as applicable, fails to exercise all reasonable efforts
              to convert Local Currency, at a rate no less favorable than the
              Reference Rate of Exchange, or transfer Policy Currency during the
              Waiting Period through all lawful mechanisms in Brazil that such
              party could reasonably have used in the absence of this coverage.
              In order to satisfy the requirements of this Section 5.3(c) in the
              event that a Political Risk Event prevents the Guarantor, the
              Issuer or the Insured from initiating the conversion or transfer
              of currency, the Insured must submit to the Underwriter, within
              thirty (30) days following the Date of Loss, a notice documenting
              the facts and circumstances relating to such inability to attempt
              to initiate the conversion or transfer;

        (c)   if the Guarantor, the Issuer or the Insured (to the extent that
              the Issuer, the Guarantor or the Insured (in its role as trustee
              for the Insured Notes) is itself attempting to convert or transfer
              funds recovered from or in respect of the Issuer's obligations
              under the Indenture and the Insured Notes or the Guarantor's
              obligations under the Guaranty and is prevented by a Political
              Risk Event from converting Local Currency or transferring Policy
              Currency), as applicable, fails to attempt to initiate the
              conversion or transfer of currency pursuant to Section 3.2 herein
              within thirty (30) days following the due date of the Insured
              Payment; or

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        (d)   if the currency which cannot be converted or transferred has been
              the subject of an expropriatory action under Section 3.1 herein
              (in which case a Claim of Expropriation may be submitted); or

        (e)   solely for devaluation or fluctuation of the Local Currency.

              ARTICLE VI. REPRESENTATIONS, WARRANTIES AND COVENANTS
                                 BY THE INSURED

6.1     The Insured represents, warrants and/or covenants that:

        (a)   as of the date of its execution of this Insurance Policy, and
              without independent investigation, it had no knowledge of any
              circumstance, other than circumstances that are of general public
              knowledge, which would reasonably be expected to give rise to a
              Loss under this Insurance Policy;

        (b)   all the information that the Insured has provided regarding
              itself, as the Insured, in the Application for Insurance, and that
              the Insured will provide to the Underwriter in written form, is
              true and correct and that no material information has been or will
              be withheld;

        (c)   it will notify the Underwriter within thirty (30) days of the date
              in which an authorized officer of the Insured, as a result of any
              notification received from the Issuer or the Guarantor under the
              Indenture or the Guaranty, respectively, becomes aware of the
              occurrence of any event (including, without limitation, an
              Unfunded Insured Payment) that could reasonably be expected to
              give rise to a Claim; and

        (d)   it will, and will use its reasonable efforts, within its rights
              and authority under the Indenture, the Guaranty and each other
              Transaction Document, to demand that the Issuer and the Guarantor
              (i) take all reasonable steps to avoid or minimize any Loss; (ii)
              cooperate fully with the Underwriter in the investigation of any
              Claim, the resolution of any potential Claim situation and the
              pursuit of any Claim salvage; and (iii) not enter into any
              agreement concerning a Loss or potential Loss without the
              Underwriter's prior written consent. Prior to any Compensation
              payment, subject to its rights and authority under the Indenture,
              the Guaranty and each other Transaction Document, and in
              consultation with the Underwriter the Insured will, and will use
              its reasonable efforts to demand that the Issuer and the Guarantor
              (i) pursue all reasonable diplomatic, legal, administrative,
              judicial and other legal means which may be reasonably available
              to minimize or recover any Loss, and (ii) preserve any legal,
              judicial and administrative remedies applicable to any Claim and
              furnish reasonable assistance in maintaining any rights or
              property transferred to the Underwriter. The Insured's rights and
              authority under the Indenture and the Guaranty (as referred to in
              this subsection (d)) shall include, without limitation, those
              under Section 6.2 of the Indenture and those under Section 10(s)
              of the Guaranty.

6.2     If there are any material breaches or misrepresentations (i) of the
above by the Insured, or (ii) under the Agreement Regarding the Insurance Policy
for Expropriation and Currency Inconvertibility by the Guarantor or the Issuer,
the Underwriter may void this Insurance Policy, retain the premium paid and
refuse to compensate the Insured for any Loss.

                       ARTICLE VII. CLAIMS AND SUBROGATION

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7.1     SUBMISSION OF A CLAIM

        (a)   (i) The Insured must notify the Underwriter within thirty (30)
              days after an authorized officer of the Insured has, as a result
              of any notification received from the Issuer or the Guarantor
              under the Indenture or the Guaranty, knowledge of the occurrence
              of any event that could reasonably be expected to give rise to a
              Claim. The Insured must file a written Claim within 90 days after
              the Date of Loss, or if such day is not a Business Day (as defined
              in the Indenture), the next succeeding Business Day, which Claim
              must demonstrate to the Underwriter that the Loss was caused by a
              Political Risk Event as defined in this Insurance Policy.

              (ii) Notwithstanding any other provision of this Insurance Policy,
              if a Loss occurs, the Underwriter may notify the Insured that the
              Waiting Period requirement of Sections 3.1 and 3.2 has been waived
              and request that the Insured file its Claim under Section 7.4
              herein, within ten (10) Business Days, in exchange for
              contemporaneous Compensation; provided that any failure by the
              Insured to file its Claim within ten (10) Business Days shall not
              prevent the Insured from making a Claim hereunder, so long as such
              Claim otherwise complies with the terms of this Insurance Policy;

        (b)   The Insured must provide any additional evidence material to the
              Underwriter's determination regarding the Insured's Claim, as
              reasonably requested by the Underwriter, in order to prove the
              Claim. If the Insured does not provide the additional evidence, as
              requested by the Underwriter, within seventy-five (75) days of the
              date of the request, then the Underwriter may deem the Claim
              withdrawn and shall not pay Compensation and the Insured shall not
              submit another Claim based upon the same Political Risk Event. The
              responsibility for proving a Claim under this Insurance Policy
              shall at all times rest with the Insured; and

        (c)   The Insured may withdraw a Claim up to the day on which
              Compensation is paid by the Underwriter. After the Insured has
              withdrawn a Claim, the Insured may not submit another Claim based
              on the same Loss.

7.2     DETERMINATION OF THE VALIDITY OF A CLAIM

        The Underwriter shall make a determination regarding the Insured's
Claim, and shall pay Compensation, no later than the later of (i) the expiration
of the Waiting Period, including any extension of the expiration date thereof
pursuant to this Section 7.2, and (ii) the due date of the next Scheduled
Payment subsequent to the Date of Loss, provided the Insured has submitted a
Claim that meets the requirements of Section 7.1(a) and further provided that
the Insured has provided any additional evidence requested by the Underwriter
pursuant to Section 7.1(b) within thirty (30) days of such request, which
request will be made not later than 120 days after the Date of Loss. If the
Insured provides the additional evidence after a period greater than thirty (30)
days, then the Underwriter shall extend the date on which it pays Compensation
by the number of days more than thirty (30) that the Insured required to provide
such additional evidence. The Underwriter shall notify the Insured no less than
ten (10) days prior to the date on which it will pay Compensation.

7.3     INSURED'S CHALLENGE OF THE DETERMINATION

        Any action arising out of this Insurance Policy must be brought against
the Underwriter within twelve (12) months from the date of the Underwriter's
Claim determination or shall be deemed waived.

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7.4     ASSIGNMENT AND SUBROGATION

        (a)   Contemporaneous with any Compensation payment, the Insured shall
              assign to the Underwriter, and the Underwriter shall be subrogated
              to (i) all of the Insured's rights of recovery against any person
              or organization in respect of the Loss for which the Compensation
              is to be paid, (ii) all of the Insured's right, title and interest
              in, and its right to receive, all or part of the Unfunded Insured
              Payments(s) that is (are) the subject of the Claim, and (iii) all
              of the Insured's rights under the Indenture and the Guaranty in
              respect of the Loss for which the Compensation is to be paid. The
              above assignments and subrogation shall be made in proportion to
              the amount of Loss for which Compensation is to be paid. All such
              assignments shall be free and clear of all claims, defenses,
              counterclaims, rights of setoff and other encumbrances, except for
              those defenses relating to the Political Risk Event. The Insured
              shall not release the Guarantor or the Issuer from their
              obligations to make remittances for Insured Payments under the
              Guaranty or the Indenture, as the case may be, that are the
              subject of a Claim. The Insured shall execute and deliver all
              instruments and documents and do whatever is necessary to secure
              such rights for the Underwriter. The Insured shall do nothing to
              materially prejudice the Underwriter's rights.

        (b)   In connection with a Claim under Currency Inconvertibility, as a
              condition for any Compensation payment, and in addition to the
              assignments required in Section 7.4(a) above, but only to the
              extent that the Underwriter has not otherwise taken assignments of
              the right to receive funds in accordance with the terms of Section
              7.4(a) or has otherwise received funds in respect of any
              Compensation paid, the Insured shall, if required by the
              Underwriter, assign and deliver, or cause to be assigned and
              delivered, to the Underwriter, by draft, subject to collection,
              or, at the Underwriter's option, in cash, the inconvertible Local
              Currency (the amount of which shall be determined by reference to
              the Reference Rate of Exchange on the Date of Loss) or
              nontransferable Policy Currency that is the subject of the Claim.
              If the Insured is unable legally to deliver, or to cause the
              delivery of, such currency to the Underwriter, then, in addition
              to the assignment requirements of Section 7.4(a) above, the
              Insured shall assign, or cause to be assigned, to the Underwriter
              right, title and interest in such currency.

7.5     NOTICE OF REDUCTION IN THE LIMIT OF LIABILITY

        Following any reduction of the Limit of Liability pursuant to the terms
of this Insurance Policy, the Underwriter shall provide notice of such reduction
to the Insured within 30 days of such reduction. Such notice shall include: (i)
the effective date of such reduction, (ii) the Limit of Liability after giving
effect to such reduction, and (iii) the reason for such reduction.

                        ARTICLE VIII. GENERAL CONDITIONS

8.1     ACCOUNTING PRINCIPLES

        All financial statements and accounts of the Insured, as well as the
calculation of any Loss and the amount of any Compensation payable hereunder,
shall be in accordance with the principles of accounting generally accepted in
the Insured's country, consistently applied and as used by the Insured in its
certified financial statements. All financial statements and accounts of the
Issuer (to the extent such statements and accounts are produced), the Insured,
and the Guarantor shall be in accordance with the

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principles of accounting generally accepted in the Host Country or the United
States, consistently applied and as used by the Issuer, the Insured, and the
Guarantor in its certified financial statements.

8.2     ASSIGNMENT OF INSURANCE POLICY

        This Insurance Policy and any rights thereunder shall not be assigned
by the Insured without the prior written consent of the Underwriter; provided,
however, that nothing herein is intended to limit the transfer and sale of the
Insured Notes, the transfer or amendment of this Insurance Policy as a result of
the replacement of the Insured, as trustee for the holders of the Insured Notes,
under the terms of the Indenture, or the exchange of the Insured Notes for
similar notes in connection with the Issuer and the Guarantor satisfying their
obligations under the Registration Rights Agreement.

8.3     CANCELLATION OF THIS INSURANCE POLICY

        (a)   By the Insured:

              (i)    The Insured may cancel this Insurance Policy effective as
                     of the third anniversary date or each anniversary date
                     thereafter, but only in the event that, at the time that
                     the Insured gives notice to the Underwriter of its
                     cancellation of this Insurance Policy and on the applicable
                     anniversary date on which the cancellation of the Insurance
                     Policy is to be effective (the Cancellation Date"), the
                     Insured has received the following (A) confirmation from
                     Moody's Investors Services Inc. that the then current
                     rating of the Insured Notes is at least 'A3' and that such
                     rating will not be lowered or withdrawn as a result of the
                     cancellation of this Insurance Policy; (B) confirmation
                     from Standard & Poor's, a Division of The McGraw-Hill
                     Companies, Inc., that the then current rating of the
                     Insured Notes is at least 'A-' and that such rating will
                     not be lowered or withdrawn as a result of the cancellation
                     of this Insurance Policy; and (C) confirmation from Fitch
                     Inc. that the then current rating of the Insured Notes is
                     at least 'A-' and that such rating will not be lowered or
                     withdrawn as a result of the cancellation of this Insurance
                     Policy (each of the confirmation notices specified in
                     subsections A, B and C of this Section 8.3(a)(i) being a
                     "Confirmation Notice" and all such notices being
                     collectively, the "Confirmation Notices").

              (ii)   The Insured must provide written notice to the Underwriter
                     of its intent to cancel this Insurance Policy no less than
                     thirty (30) days prior the corresponding Cancellation Date;
                     provided, that any such written notice received by the
                     Underwriter prior to the 30th day prior to the third
                     anniversary date hereof shall be deemed to be a notice to
                     cancel this Insurance Policy effective on the third
                     anniversary hereof. Each such written notice shall contain
                     copies of the Confirmation Notices (dated the day of that
                     such Confirmation Notices is delivered) confirming that the
                     requirements of Section 8.3(a)(i) of this Insurance Policy
                     in respect of the Confirmation Notices have been fulfilled.

              (iii)  In the event that the Underwriter determines that the
                     Insured has satisfied the conditions to cancellation as set
                     forth in Section 8.3(a)(i) and 8.3(a)(ii) of this Insurance
                     Policy, the Underwriter shall notify the Insured in writing
                     (such notice, a "Preliminary Termination Confirmation")
                     promptly that such requirements have been satisfied, but in
                     any event prior to the 20th calendar day after the Insured
                     has submitted notice to cancel the Insurance Policy

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                     under this Section 8.3(a). Such Preliminary Termination
                     Confirmation shall specify the date on which the
                     cancellation of this Insurance Policy shall be effective
                     and the amount of unused premium to be refunded to, or at
                     the direction of, the Insured in accordance with the
                     schedule set forth in Exhibit C hereto.

              (iv)   On the Cancellation Date, the Insured shall also deliver to
                     the Underwriter Confirmation Notices dated as of the
                     Cancellation Date. No cancellation of this Insurance
                     Policy, pursuant to this Section 8.3(a), shall be effective
                     unless and until such Confirmation Notices, dated as of the
                     Cancellation Date, have been delivered to the Underwriter.
                     Upon the effectiveness of the cancellation of the Insurance
                     Policy on the Cancellation Date, the Underwriter shall
                     notify the Insured, in writing, of such cancellation.

              (v)    Within 20 (twenty) Business Days (as such term is defined
                     in the Transaction Documents) after the Cancellation Date,
                     subject to the provisions of Section 8.3(a)(iii) hereof,
                     the Underwriter shall pay to, or at the direction of, the
                     Insured the amount of unused premium specified in such
                     Preliminary Termination Confirmation. All amounts and dates
                     specified in the Preliminary Termination Confirmation shall
                     be determinative and binding on the Underwriter and the
                     Insured, absent manifest error.

        (b)   By the Underwriter: Except as provided for in Section 6.2, the
              Underwriter may cancel this Insurance Policy only for the
              nonpayment of premium.

8.4     COMPLETE AGREEMENT OF THE PARTIES; AMENDMENT AND WAIVERS

        This Insurance Policy constitutes the complete agreement between the
parties, superseding any prior agreements or understandings. The forgoing
excludes the Agreement Regarding the Insurance Policy for Expropriation and
Currency Inconvertibility, between the Guarantor, the Issuer, the Insured and
the Underwriter, which, however, shall not supersede the terms of this Insurance
Policy. No provision of this Insurance Policy may be modified or supplemented
except by a written agreement executed by authorized representatives of the
parties. Neither party shall be deemed to have waived any of its rights under
this Insurance Policy, unless expressly so stated in a written notice by the
party waiving such right to the other party.

8.5     CHOICE OF LAW

        Any issue relating to the construction, validity or performance of this
Insurance Policy shall be governed by, read and construed in accordance with the
laws of the State of New York, in the United States of America.

8.6     DISPUTES AND ARBITRATION

        (a)   Any dispute, controversy or claim arising out of, relating to, or
              in connection with this Insurance Policy and between the
              Underwriter and the Insured, shall be finally settled by
              arbitration. The arbitration shall be conducted in accordance with
              the International Arbitration Rules of the American Arbitration
              Association in effect at the time of the

                                                                        17 of 23
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              arbitration. The seat of the arbitration shall be New York, New
              York, in the United States of America, and shall be conducted in
              English.

        (b)   The arbitration shall be conducted by three arbitrators. The
              claimant initiating the arbitration shall appoint an arbitrator in
              its written request for an arbitration. The respondent shall
              appoint an arbitrator and so notify the claimant in writing within
              45 days of its receipt of the request for arbitration. The first
              two arbitrators appointed in accordance with this provision shall
              appoint a third arbitrator within 45 days after the respondent has
              notified the claimant of the appointment of its arbitrator. The
              third arbitrator shall serve as chairperson of the arbitration.

        (c)   The arbitral award shall be in writing, state the reasons for the
              award, and be final and binding on the parties. Judgment upon the
              award may be entered by any court having jurisdiction thereof or
              having jurisdiction over the relevant party or asset. Both the
              Insured and the Underwriter agree that in no event shall the total
              amount of any award issued by the arbitration panel against the
              Underwriter exceed the Maximum Aggregate Limit of Liability in
              this Insurance Policy.

8.7     DISCLOSURE OF EXISTENCE OF INSURANCE POLICY

        The Insured shall not disclose the details of this Insurance Policy to
any third party, with the exception of the Insured's insurance broker, bankers,
rating agencies, the Luxembourg Stock Exchange, potential investors, the
Noteholders, the Issuer, the Guarantor and other professional advisors on a
confidential basis, and except as may be required by law, regulation, legal
process or bank examiners, without the prior written consent of the Underwriter,
which consent shall not be unreasonably withheld.

8.8     FALSE OR FRAUDULENT STATEMENT, REPORTS OR CLAIMS; CONCEALMENT

        This Insurance Policy shall become void, and all Claims hereunder shall
be forfeited, if the Insured makes any material statement, report, application
or Claim, where an authorized officer of the Insured knew, or could reasonably
be expected to know, that the statement, report, application or Claim was false
or fraudulent, or if the Insured knowingly conceals any material fact,
including, but not limited to, a material change in the Transaction Documents or
in the implementation of the Project.

8.9     INSURED'S RECORDS

        Upon reasonable notice to the Insured, the Underwriter may, at any
time, examine or copy any records in the possession or control of the Insured
relating to or connected with this Insurance Policy, the Guarantor and the
Project. The Insured shall maintain all records for a period of four (4) years
after the expiration of this Insurance Policy. The Insured shall, at the request
of the Underwriter, take all reasonable steps to obtain for the Underwriter any
and all of the aforesaid information in the possession of any third party
relating to or connected with this Insurance Policy.

8.10    MODIFICATIONS

        The Insured shall not materially modify the Transaction Documents
(including, but not limited to, modifying the repayment terms of the Insured
Notes), without the prior written consent of the Underwriter (which consent
shall not be withheld unreasonably), except such modifications and amendments
which i) do not change materially the Underwriter's rights and obligations, ii)
do not change materially any rights and obligations to which the Underwriter may
be subrogated to in the event of a Claim, or iii) do not change materially the
risk to which the Insured is exposed and that are covered under this Policy of
Insurance.

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8.11    NOTICES

        All notices under any provision of this Insurance Policy shall be in
writing and given by prepaid express courier, certified mail or fax, for the
Underwriter, to: Steadfast Insurance Company, c/o Zurich Emerging Markets
Solutions, 1201 F Street, N.W., Washington, DC 20004; fax number (202) 628-2216;
for the Insured, to the Insured at the place indicated in the Declarations and
at the fax number provided by the Insured to the Underwriter. Notice given as
described above shall be deemed to be received and effective upon actual receipt
thereof by the addressee or one day following the date such notice is sent,
whichever is earlier.

8.12    OTHER INSURANCE

        If the Insured has any bond, indemnity or insurance which would cover a
Loss in whole or in part in the absence of this Insurance Policy, then this
Insurance Policy shall be null and void to the extent of the amount that could
have been recovered or received under such other bond, indemnity, or insurance.
However, this Insurance Policy shall cover such Loss, subject to its exclusions,
conditions and other terms, only to the extent of the amount of such Loss in
excess of the amount recoverable or received under such other bond, indemnity or
insurance. For the avoidance of doubt, any funds held by the Insured in the
Reserve Account or a similar account shall not be considered a bond, indemnity
or insurance for the purposes of this Section 8.12.

8.13    PAYMENT OF PREMIUM

        The Insured shall pay or cause to be paid the premium to the Underwriter
in accordance with the terms of this Insurance Policy. The premium shall be paid
to the Underwriters in the Policy Currency.

8.14    RECOVERIES

        After any Compensation payment hereunder, any sums recovered from any
other source in respect of the Loss shall be paid to the Underwriter until it
has completely recovered the following amounts: (i) the amount of the
Compensation payment; (ii) the Underwriter's reasonable and documented expenses
associated with the Claim; and (iii) the Underwriter's reasonable and documented
expenses associated with recovery. Any excess amount remaining after the
Underwriter is made whole shall be paid to the Insured.

8.15    COUNTERPARTS

        This Insurance Policy may be executed in separate counterparts, each of
which when so executed shall be an original, and shall together constitute one
and the same Insurance Policy.

                                                                        19 of 23
<Page>

8.16    CONCERNING THE INSURED

        (a)   This Insurance Policy is entered into by the Insured, acting not
individually or personally, but solely as Trustee under the Indenture, in the
exercise of the powers and authority conferred on and vested in the Trustee
under the Indenture.

        (b)   The undertakings and agreements herein made on the part of the
Insured are made and intended not as personal undertakings and agreements by the
Insured, but are made and intended for the purpose of binding only the property
held in trust pursuant to the Indenture.

        (c)   Nothing herein contained shall be construed as creating any
liability on the Insured, individually or personally, to perform any covenant
either expressed or implied herein, all such liability, if any, being expressly
waived by the parties who are signatories to this Insurance Policy and by any
person claiming by, or through, or under such parties.

        (d)   Under no circumstances shall the Insured be personally liable to
the Underwriter for the payment of any indebtedness or expenses of the Issuer or
the Guarantor or be liable to the Underwriter for the breach or failure of any
obligation or covenant made or undertaken by the Insured hereunder.

                                                                        20 of 23
<Page>

                                    EXHIBIT A

<Table>
<Caption>
   COVERAGE PERIOD        COVERAGES                      LIMIT OF LIABILITY      PREMIUM AND FEES DUE
---------------------     --------------------------     ------------------      ------------------------------------------
<S>                       <C>                            <C>                     <C>
December 19, 2001 to      Expropriation and Currency     $52,500,000             Net Premium Due Underwriter: $7,528,533.46
 July 17, 2012              Inconvertibility                                     Total Fees Due Broker:       $1,328,564.73
                                                                                                              -------------
                                                                                 TOTAL PREMIUM AND FEES DUE:  $8,857,098.19
</Table>

                                                                        21 of 23
<Page>

                                    EXHIBIT B

CLOSING DATE:        December 19, 2001
INTEREST RATE:                   10.5%

<Table>
<Caption>
             PRINCIPAL                             PRINCIPAL        INTEREST
    YEAR      BALANCE            DUE DATE           PAYMENT         PAYMENT
    <S>    <C>              <C>                  <C>              <C>
    2001   $ 500,000,000    December 19, 2001    $           -    $          -
           $ 500,000,000        June 15, 2002    $           -    $ 26,250,000
    2002   $ 500,000,000    December 15, 2002    $           -    $ 26,250,000
           $ 500,000,000        June 15, 2003    $           -    $ 26,250,000
    2003   $ 500,000,000    December 15, 2003    $           -    $ 26,250,000
           $ 500,000,000        June 15, 2004    $           -    $ 26,250,000
    2004   $ 500,000,000    December 15, 2004    $           -    $ 26,250,000
           $ 500,000,000        June 15, 2005    $           -    $ 26,250,000
    2005   $ 500,000,000    December 15, 2005    $           -    $ 26,250,000
           $ 500,000,000        June 15, 2006    $           -    $ 26,250,000
    2006   $ 500,000,000    December 15, 2006    $           -    $ 26,250,000
           $ 500,000,000        June 15, 2007    $           -    $ 26,250,000
    2007   $ 500,000,000    December 15, 2007    $           -    $ 26,250,000
           $ 500,000,000        June 15, 2008    $           -    $ 26,250,000
    2008   $ 500,000,000    December 15, 2008    $           -    $ 26,250,000
           $ 500,000,000        June 15, 2009    $           -    $ 26,250,000
    2009   $ 500,000,000    December 15, 2009    $           -    $ 26,250,000
           $ 500,000,000        June 15, 2010    $           -    $ 26,250,000
    2010   $ 500,000,000    December 15, 2010    $           -    $ 26,250,000
           $ 500,000,000        June 15, 2011    $           -    $ 26,250,000
    2011   $ 500,000,000    December 15, 2011    $ 500,000,000    $ 26,250,000

                                       TOTAL:    $ 500,000,000
</Table>

                                                                        22 of 23
<Page>

                                    EXHIBIT C

                          CANCELLATION REFUND SCHEDULE

<Table>
<Caption>
                                              AMOUNT OF REFUND OF
              EFFECTIVE CANCELLATION            PREMIUM AND FEES
                      DATE                        DUE INSURED
              ----------------------          -------------------
                <S>                              <C>
                December 19, 2004                $   5,826,698.78
                December 19, 2005                $   4,893,252.61
                December 19, 2006                $   3,995,708.21
                December 19, 2007                $   3,132,684.74
                December 19, 2008                $   2,325,919.60
                December 19, 2009                $   1,504,940.79
                December 19, 2010                $     737,716.07
</Table>

                                                                        23 of 23

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