Document:

<PAGE>
                                                                     EXHIBIT 4.3

                                                                  EXECUTION COPY

                         DIAMOND OFFSHORE DRILLING, INC.

                           5.15% SENIOR NOTES DUE 2014

                         ------------------------------

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                                                 August 27, 2004

Goldman, Sachs & Co.,
85 Broad Street
New York, New York 10004

Ladies and Gentlemen:

         Diamond Offshore Drilling, Inc., a Delaware corporation (the
"Company"), proposes to issue and sell to Goldman, Sachs & Co. (the "Purchaser")
upon the terms set forth in the Purchase Agreement (as defined herein) its 5.15%
Senior Notes due 2014. As an inducement to the Purchaser to enter into the
Purchase Agreement and in satisfaction of a condition to the obligations of the
Purchaser thereunder, the Company agrees with the Purchaser for the benefit of
holders (as defined herein) from time to time of the Registrable Securities (as
defined herein) as follows:

         1. Certain Definitions. For purposes of this Exchange and Registration
Rights Agreement, the following terms shall have the following respective
meanings:

         "Base Interest" shall mean the interest that would otherwise accrue on
     the Securities under the terms thereof and the Indenture, without giving
     effect to the provisions of this Agreement.

         The term "broker-dealer" shall mean any broker or dealer registered
     with the Commission under the Exchange Act.

         "Closing Date" shall mean the date on which the Securities are
     initially issued.

         "Commission" shall mean the United States Securities and Exchange
     Commission, or any other federal agency at the time administering the
     Exchange Act or the Securities Act, whichever is the relevant statute for
     the particular purpose.

         "Effective Time," in the case of (i) an Exchange Registration, shall
     mean the time and date as of which the Commission declares the Exchange
     Registration Statement effective or as of which the Exchange Registration
     Statement otherwise becomes effective and (ii) a Shelf Registration, shall
     mean the time and date as of which the Commission declares the Shelf
     Registration Statement effective or as of which the Shelf Registration
     Statement otherwise becomes effective.

         "Electing Holder" shall mean any holder of Registrable Securities that
     has returned a completed and signed Notice and Questionnaire to the Company
     in accordance with Section 3(d)(ii) or 3(d)(iii) hereof.

                                       1
<PAGE>
                                                                  EXECUTION COPY

         "Exchange Act" shall mean the Securities Exchange Act of 1934, or any
     successor thereto, as the same shall be amended from time to time.

         "Exchange Offer" shall have the meaning assigned thereto in Section
     2(a) hereof.

         "Exchange Registration" shall have the meaning assigned thereto in
     Section 3(c) hereof.

         "Exchange Registration Statement" shall have the meaning assigned
     thereto in Section 2(a) hereof.

         "Exchange Securities" shall have the meaning assigned thereto in
     Section 2(a) hereof.

         The term "holder" shall mean the Purchaser and other persons who
     acquire Registrable Securities from time to time (including any successors
     or assigns), in each case for so long as such person owns any Registrable
     Securities.

         "Indenture" shall mean the Indenture, dated as of February 4, 1997,
     between the Company and The Chase Manhattan Bank (now known as JPMorgan
     Chase Bank), as Trustee, as supplemented by a fourth supplemental indenture
     dated as of August 27, 2004, as the same shall be amended from time to
     time.

         "Notice and Questionnaire" means a Notice of Registration Statement and
     Selling Securityholder Questionnaire substantially in the form of Exhibit A
     hereto.

         The term "person" shall mean a corporation, association, partnership,
     organization, business, individual, government or political subdivision
     thereof or governmental agency.

         "Purchase Agreement" shall mean the Purchase Agreement, dated as of
     August 24, 2004, between the Purchaser and the Company relating to the
     Securities.

         "Purchaser" shall mean Goldman, Sachs & Co.

         "Registrable Securities" shall mean the Securities; provided, however,
     that a Security shall cease to be a Registrable Security when (i) in the
     circumstances contemplated by Section 2(a) hereof, the Security has been
     exchanged for an Exchange Security in an Exchange Offer as contemplated in
     Section 2(a) hereof (provided that any Exchange Security that, pursuant to
     the last two sentences of Section 2(a), is included in a prospectus for use
     in connection with resales by broker-dealers shall be deemed to be a
     Registrable Security with respect to Sections 5, 6 and 9 until resale of
     such Registrable Security has been effected within the 180-day period
     referred to in Section 2(a)); (ii) in the circumstances contemplated by
     Section 2(b) hereof, a Shelf Registration Statement registering such
     Security under the Securities Act has been declared or becomes effective
     and such Security has been sold or otherwise transferred by the holder
     thereof pursuant to and in a manner contemplated by such effective Shelf
     Registration Statement; (iii) such Security is sold pursuant to Rule 144
     under circumstances in which any legend borne by such Security relating to
     restrictions on transferability thereof, under the Securities Act or
     otherwise, is removed by the Company or pursuant to the Indenture; (iv)
     such Security is eligible to be sold pursuant to paragraph (k) of Rule 144;
     or (v) such Security shall cease to be outstanding.

         "Registration Default" shall have the meaning assigned thereto in
     Section 2(c) hereof.

         "Registration Expenses" shall have the meaning assigned thereto in
     Section 4 hereof.

                                       2
<PAGE>
                                                                  EXECUTION COPY

         "Resale Period" shall have the meaning assigned thereto in Section 2(a)
     hereof.

         "Restricted Holder" shall mean (i) a holder that is an affiliate of the
     Company within the meaning of Rule 405, (ii) a holder who acquires Exchange
     Securities outside the ordinary course of such holder's business, (iii) a
     holder who has arrangements or understandings with any person to
     participate in the Exchange Offer for the purpose of distributing Exchange
     Securities and (iv) a holder that is a broker-dealer, but only with respect
     to Exchange Securities received by such broker-dealer pursuant to an
     Exchange Offer in exchange for Registrable Securities acquired by the
     broker-dealer directly from the Company.

         "Rule 144," "Rule 405" and "Rule 415" shall mean, in each case, such
     rule promulgated under the Securities Act (or any successor provision), as
     the same shall be amended from time to time.

         "Securities" shall mean, collectively, the 5.15% Senior Notes due 2014
     of the Company to be issued and sold to the Purchaser, and securities
     issued in exchange therefor or in lieu thereof pursuant to the Indenture.

         "Securities Act" shall mean the Securities Act of 1933, or any
     successor thereto, as the same shall be amended from time to time.

         "Shelf Registration" shall have the meaning assigned thereto in Section
     2(b) hereof.

         "Shelf Registration Statement" shall have the meaning assigned thereto
     in Section 2(b) hereof.

         "Special Interest" shall have the meaning assigned thereto in Section
     2(c) hereof.

         "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, or
     any successor thereto, and the rules, regulations and forms promulgated
     thereunder, all as the same shall be amended from time to time.

         Unless the context otherwise requires, any reference herein to a
"Section" or "clause" refers to a Section or clause, as the case may be, of this
Exchange and Registration Rights Agreement, and the words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Exchange and
Registration Rights Agreement as a whole and not to any particular Section or
other subdivision.

         2. Registration Under the Securities Act.

         (a) Except as set forth in Section 2(b) below, the Company agrees to
     file under the Securities Act, as soon as reasonably practicable, but no
     later than 120 days after the Closing Date, a registration statement
     relating to an offer to exchange (such registration statement, the
     "Exchange Registration Statement", and such offer, the "Exchange Offer")
     any and all of the Securities for a like aggregate principal amount of debt
     securities issued by the Company, which debt securities are substantially
     identical in all material respects to the Securities (and are entitled to
     the benefits of a trust indenture which is substantially identical in all
     material respects to the Indenture or is the Indenture and which has been
     qualified under the Trust Indenture Act), except that they have been
     registered pursuant to an effective registration statement under the
     Securities Act and do not contain provisions for the additional interest
     contemplated in Section 2(c) below (such new debt securities hereinafter
     called "Exchange Securities"). The Company agrees to use its reasonable
     best efforts to cause the Exchange Registration Statement to become
     effective under the Securities Act as soon as reasonably practicable, but
     no later than 180 days after the

                                       3

<PAGE>
                                                                  EXECUTION COPY

     Closing Date. The Exchange Offer will be registered under the Securities
     Act on the appropriate form and will comply with all applicable tender
     offer rules and regulations under the Exchange Act. The Company further
     agrees to use its best efforts to commence and complete the Exchange Offer
     promptly, but no later than 45 days after such registration statement has
     become effective, hold the Exchange Offer open for at least 30 days and
     exchange Exchange Securities for all Registrable Securities that have been
     properly tendered and not withdrawn on or prior to the expiration of the
     Exchange Offer. The Exchange Offer will be deemed to have been "completed"
     only if the debt securities received by holders other than Restricted
     Holders in the Exchange Offer for Registrable Securities are, upon receipt,
     transferable by each such holder without restriction under the Securities
     Act and the Exchange Act and without material restrictions under the blue
     sky or securities laws of a substantial majority of the States of the
     United States of America. The Exchange Offer shall be deemed to have been
     completed upon the earlier to occur of (i) the Company having exchanged the
     Exchange Securities for all outstanding Registrable Securities pursuant to
     the Exchange Offer and (ii) the Company having exchanged, pursuant to the
     Exchange Offer, Exchange Securities for all Registrable Securities that
     have been properly tendered and not withdrawn before the expiration of the
     Exchange Offer, which shall be on a date that is at least 30 days following
     the commencement of the Exchange Offer. The Company agrees (x) to include
     in the Exchange Registration Statement a prospectus for use in any resales
     by any holder of Exchange Securities that is a broker-dealer and (y) to
     keep such Exchange Registration Statement effective for a period (the
     "Resale Period") beginning when Exchange Securities are first issued in the
     Exchange Offer and ending upon the earlier of the expiration of the 180th
     day after the Exchange Offer has been completed or such time as such
     broker-dealers no longer own any Registrable Securities. With respect to
     such Exchange Registration Statement, such holders shall have the benefit
     of the rights of indemnification and contribution set forth in Sections
     6(a), (c), (d) and (e) hereof.

         (b) If (i) on or prior to the time the Exchange Offer is completed
     existing Commission interpretations are changed such that the debt
     securities received by holders other than Restricted Holders in the
     Exchange Offer for Registrable Securities are not or would not be, upon
     receipt, transferable by each such holder without restriction under the
     Securities Act, (ii) the Exchange Offer has not been completed within 225
     days following the Closing Date or (iii) a holder of the Securities
     notifies the Company in writing, prior to the 20th day following the time
     the Exchange Offer is completed, that the Exchange Offer is not available
     to such holder of the Securities, the Company shall, in lieu of (or, in the
     case of clause (iii), in addition to) conducting the Exchange Offer
     contemplated by Section 2(a), file under the Securities Act as soon as
     reasonably practicable, but no later than 60 days after the time such
     obligation to file arises, a "shelf" registration statement providing for
     the registration of, and the sale on a continuous or delayed basis by the
     holders of, all of the Registrable Securities, pursuant to Rule 415 or any
     similar rule that may be adopted by the Commission (such filing, the "Shelf
     Registration" and such registration statement, the "Shelf Registration
     Statement"). The Company agrees to use its reasonable efforts (x) to cause
     the Shelf Registration Statement to become or be declared effective no
     later than 120 days after such Shelf Registration Statement is filed and to
     keep such Shelf Registration Statement continuously effective for a period
     ending on the earlier of the second anniversary of the Effective Time or
     such time as there are no longer any Registrable Securities outstanding,
     provided, however, that no holder shall be entitled to be named as a
     selling securityholder in the Shelf Registration Statement or to use the
     prospectus forming a part thereof for resales of Registrable Securities
     unless such holder is an Electing Holder and has provided the Company the
     information required by applicable law to be included in the Shelf
     Registration Statement with respect to such Electing Holder, and (y) after
     the Effective Time of the Shelf

                                       4
<PAGE>
                                                                  EXECUTION COPY

     Registration Statement, promptly upon the request of any holder of
     Registrable Securities that is not then an Electing Holder, to take any
     action reasonably necessary to enable such holder to use the prospectus
     forming a part thereof for resales of Registrable Securities, including,
     without limitation, any action necessary to identify such holder as a
     selling securityholder in the Shelf Registration Statement, provided,
     however, that nothing in this Clause (y) shall relieve any such holder of
     the obligation to return a completed and signed Notice and Questionnaire to
     the Company in accordance with Section 3(d) (ii) or 3(d)(iii) hereof, as
     applicable, and to provide the Company with all information required by
     applicable law to be included in the Shelf Registration Statement with
     respect to such holder. The Company further agrees to supplement or make
     amendments to the Shelf Registration Statement, as and when required by the
     rules, regulations or instructions applicable to the registration form used
     by the Company for such Shelf Registration Statement or by the Securities
     Act or rules and regulations thereunder for shelf registration, and the
     Company agrees to furnish to each Electing Holder copies of any such
     supplement or amendment prior to its being used or promptly following its
     filing with the Commission.

         (c) In the event that (i) the Company has not filed the Exchange
     Registration Statement or Shelf Registration Statement on or before the
     date on which such registration statement is required to be filed pursuant
     to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration
     Statement or Shelf Registration Statement has not become effective or been
     declared effective by the Commission on or before the date on which such
     registration statement is required to become or be declared effective
     pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer
     has not been completed within 45 days after the initial effective date of
     the Exchange Registration Statement relating to the Exchange Offer (if the
     Exchange Offer is then required to be made), or (iv) any Exchange
     Registration Statement or Shelf Registration Statement required by Section
     2(a) or 2(b) hereof is filed and declared effective but shall thereafter
     either be withdrawn by the Company or shall become subject to an effective
     stop order issued pursuant to Section 8(d) of the Securities Act suspending
     the effectiveness of such registration statement (except as specifically
     permitted herein) without being succeeded promptly by an additional
     registration statement filed and declared effective, or (v) any Shelf
     Registration Statement required by Section 2(b) hereof is filed and
     declared effective but shall thereafter be suspended by the Company
     pursuant to Section 3(h) hereof (each such event referred to in clauses (i)
     through (v), a "Registration Default" and each period during which a
     Registration Default has occurred and is continuing, a "Registration
     Default Period"), then, as liquidated damages for such Registration
     Default, subject to the provisions of Section 9(b), special interest
     ("Special Interest"), in addition to the Base Interest, shall accrue at a
     per annum rate of 0.25% for the first 90 days of the Registration Default
     Period, at a per annum rate 0.50% thereafter for the remaining portion of
     the Registration Default Period. In no event shall Special Interest in
     respect of a Registration Default exceed a per annum rate of 0.50%.

         (d) The Company shall use its reasonable best efforts to take all
     actions necessary or advisable to be taken by it to ensure that the
     transactions contemplated herein are effected as so contemplated.

         (e) Any reference herein to a registration statement as of any time
     shall be deemed to include any document incorporated, or deemed to be
     incorporated, therein by reference as of such time and any reference herein
     to any post-effective amendment to a registration statement as of any time
     shall be deemed to include any document incorporated, or deemed to be
     incorporated, therein by reference as of such time.

                                       5
<PAGE>
                                                                  EXECUTION COPY

         3. Registration Procedures.

         If the Company files a registration statement pursuant to Section 2(a)
or Section 2(b), the following provisions shall apply:

         (a) At or before the Effective Time of the Exchange Offer or the Shelf
     Registration, as the case may be, the Company shall qualify the Indenture
     under the Trust Indenture Act of 1939.

         (b) In the event that such qualification would require the appointment
     of a new trustee under the Indenture, the Company shall appoint a new
     trustee thereunder pursuant to the applicable provisions of the Indenture.

         (c) In connection with the Company's obligations with respect to the
     registration of Exchange Securities as contemplated by Section 2(a) (the
     "Exchange Registration"), if applicable, the Company shall, as soon as
     reasonably practicable (or as otherwise specified):

                 (i) prepare and file with the Commission, as soon as reasonably
             practicable but no later than 120 days after the Closing Date, an
             Exchange Registration Statement on any form which may be utilized
             by the Company and which shall permit the Exchange Offer and
             resales of Exchange Securities by broker-dealers during the Resale
             Period to be effected as contemplated by Section 2(a), and use its
             reasonable best efforts to cause such Exchange Registration
             Statement to become effective as soon as reasonably practicable
             thereafter, but no later than 180 days after the Closing Date;

                 (ii) as soon as reasonably practicable prepare and file with
             the Commission such amendments and supplements to such Exchange
             Registration Statement and the prospectus included therein as may
             be necessary to effect and maintain the effectiveness of such
             Exchange Registration Statement for the periods and purposes
             contemplated in Section 2(a) hereof and as may be required by the
             applicable rules and regulations of the Commission and the
             instructions applicable to the form of such Exchange Registration
             Statement, and promptly provide each broker-dealer holding Exchange
             Securities with such number of copies of the prospectus included
             therein (as then amended or supplemented), in conformity in all
             material respects with the requirements of the Securities Act and
             the Trust Indenture Act and the rules and regulations of the
             Commission thereunder, as such broker-dealer reasonably may request
             prior to the expiration of the Resale Period, for use in connection
             with resales of Exchange Securities;

                 (iii) promptly notify each broker-dealer that has requested or
             received copies of the prospectus included in such registration
             statement, and confirm such advice in writing, (A) when such
             Exchange Registration Statement or the prospectus included therein
             or any prospectus amendment or supplement or post-effective
             amendment has been filed, and, with respect to such Exchange
             Registration Statement or any post-effective amendment, when the
             same has become effective, (B) of any comments by the Commission
             and by the blue sky or securities commissioner or regulator of any
             state with respect thereto or any request by the Commission for
             amendments or supplements to such Exchange Registration Statement
             or prospectus or for additional information, (C) of the issuance by
             the Commission of any stop order suspending the effectiveness of
             such Exchange Registration Statement or the initiation or
             threatening of any proceedings for that purpose, (D) if at any time
             the representations and warranties of the Company contemplated by
             Section 5 cease to be true and correct in all material respects,
             (E) of the receipt by the Company of any notification with respect
             to the suspension of the qualification of

                                       6
<PAGE>
                                                                  EXECUTION COPY

             the Exchange Securities for sale in any jurisdiction or the
             initiation or threatening of any proceeding for such purpose, or
             (F) at any time during the Resale Period when a prospectus is
             required to be delivered under the Securities Act, that such
             Exchange Registration Statement, prospectus, prospectus amendment
             or supplement or post-effective amendment does not conform in all
             material respects to the applicable requirements of the Securities
             Act and the Trust Indenture Act and the rules and regulations of
             the Commission thereunder or contains an untrue statement of a
             material fact or omits to state any material fact required to be
             stated therein or necessary to make the statements therein not
             misleading in light of the circumstances then existing;

                 (iv) in the event that the Company would be required, pursuant
             to Section 3(c)(iii)(F) above, to notify any broker-dealers holding
             Exchange Securities, without delay prepare and furnish to each such
             holder a reasonable number of copies of a prospectus supplemented
             or amended so that, as thereafter delivered to purchasers of such
             Exchange Securities during the Resale Period, such prospectus shall
             conform in all material respects to the applicable requirements of
             the Securities Act and the Trust Indenture Act and the rules and
             regulations of the Commission thereunder and shall not contain an
             untrue statement of a material fact or omit to state a material
             fact required to be stated therein or necessary to make the
             statements therein not misleading in light of the circumstances
             then existing;

                 (v) use its reasonable best efforts to obtain the withdrawal of
             any order suspending the effectiveness of such Exchange
             Registration Statement or any post-effective amendment thereto at
             the earliest practicable date;

                 (vi) use its reasonable best efforts to (A) register or qualify
             the Exchange Securities under the securities laws or blue sky laws
             of such jurisdictions as are contemplated by Section 2(a) no later
             than the commencement of the Exchange Offer, (B) keep such
             registrations or qualifications in effect and comply with such laws
             so as to permit the continuance of offers, sales and dealings
             therein in such jurisdictions until the expiration of the Resale
             Period and (C) take any and all other actions as may be reasonably
             necessary or advisable to enable each broker-dealer holding
             Exchange Securities to consummate the disposition thereof in such
             jurisdictions; provided, however, that the Company shall not be
             required for any such purpose to (1) qualify as a foreign
             corporation in any jurisdiction wherein it would not otherwise be
             required to qualify but for the requirements of this Section
             3(c)(vi), (2) consent to general service of process or subject
             itself to material taxation in any such jurisdiction or (3) make
             any changes to its certificate of incorporation or by-laws or any
             agreement between it and its stockholders;

                 (vii) use its reasonable best efforts to obtain the consent or
             approval of each governmental agency or authority, whether federal,
             state or local, which may be required to effect the Exchange
             Registration, the Exchange Offer and the offering and sale of
             Exchange Securities by broker-dealers during the Resale Period;

                 (viii) provide a CUSIP number for all Exchange Securities, not
             later than the applicable Effective Time;

                 (ix) comply with all applicable rules and regulations of the
             Commission, and make generally available to its securityholders as
             soon as reasonably practicable but no later than eighteen months
             after the effective date of such Exchange Registration Statement,
             an earning statement of the Company and its subsidiaries complying
             with

                                       7
<PAGE>
                                                                  EXECUTION COPY

             Section 11(a) of the Securities Act (including, at the option of
             the Company, Rule 158 thereunder).

         (d) In connection with the Company's obligations with respect to the
     Shelf Registration, if applicable, the Company shall, as soon as reasonably
     practicable (or as otherwise specified):

                 (i) prepare and file with the Commission, as soon as reasonably
             practicable but in any case within the time periods specified in
             Section 2(b), a Shelf Registration Statement on any form which may
             be utilized by the Company and which shall register all of the
             Registrable Securities for resale by the holders thereof in
             accordance with such method or methods of disposition as may be
             specified by such of the holders as, from time to time, may be
             Electing Holders and use its reasonable best efforts to cause such
             Shelf Registration Statement to become effective as soon as
             reasonably practicable but in any case within the time periods
             specified in Section 2(b);

                 (ii) not less than 30 calendar days prior to the Effective Time
             of the Shelf Registration Statement, mail the Notice and
             Questionnaire to the holders of Registrable Securities; no holder
             shall be entitled to be named as a selling securityholder in the
             Shelf Registration Statement as of the Effective Time, and no
             holder shall be entitled to use the prospectus forming a part
             thereof for resales of Registrable Securities at any time, unless
             such holder has returned a completed and signed Notice and
             Questionnaire to the Company by the deadline for response set forth
             therein; provided, however, holders of Registrable Securities shall
             have at least 28 calendar days from the date on which the Notice
             and Questionnaire is first mailed to such holders to return a
             completed and signed Notice and Questionnaire to the Company;

                 (iii) after the Effective Time of the Shelf Registration
             Statement, upon the request of any holder of Registrable Securities
             that is not then an Electing Holder, promptly send a Notice and
             Questionnaire to such holder; provided that the Company shall not
             be required to take any action to name such holder as a selling
             securityholder in the Shelf Registration Statement or to enable
             such holder to use the prospectus forming a part thereof for
             resales of Registrable Securities until such holder has returned a
             completed and signed Notice and Questionnaire to the Company;

                 (iv) as soon as reasonably practicable prepare and file with
             the Commission such amendments and supplements to such Shelf
             Registration Statement and the prospectus included therein as may
             be necessary to effect and maintain the effectiveness of such Shelf
             Registration Statement for the period specified in Section 2(b)
             hereof and as may be required by the applicable rules and
             regulations of the Commission and the instructions applicable to
             the form of such Shelf Registration Statement, and furnish to the
             Electing Holders copies of any such supplement or amendment
             simultaneously with or prior to its being used or filed with the
             Commission;

                 (v) comply with the provisions of the Securities Act with
             respect to the disposition of all of the Registrable Securities
             covered by such Shelf Registration Statement in accordance with the
             intended methods of disposition by the Electing Holders provided
             for in such Shelf Registration Statement;

                                       8
<PAGE>
                                                                  EXECUTION COPY

                 (vi) provide (A) the Electing Holders, (B) the underwriters
             (which term, for purposes of this Exchange and Registration Rights
             Agreement, shall include a person deemed to be an underwriter
             within the meaning of Section 2(a)(11) of the Securities Act), if
             any, thereof, (C) any sales or placement agent therefor, (D)
             counsel for any such underwriter or agent and (E) not more than one
             counsel for all the Electing Holders the opportunity to participate
             in the preparation of such Shelf Registration Statement, each
             prospectus included therein or filed with the Commission and each
             amendment or supplement thereto;

                 (vii) for a reasonable period prior to the filing of such Shelf
             Registration Statement, and throughout the period specified in
             Section 2(b), make available at reasonable times at the Company's
             principal place of business or such other reasonable place for
             inspection by the persons referred to in Section 3(d)(vi) who shall
             certify to the Company in writing that they have a current
             intention to sell the Registrable Securities pursuant to the Shelf
             Registration such financial and other information and books and
             records of the Company, and cause the officers, employees, counsel
             and independent certified public accountants of the Company to
             respond to such inquiries, as shall be reasonably necessary, in the
             judgment of the respective counsel referred to in such Section, to
             conduct a reasonable investigation within the meaning of Section 11
             of the Securities Act; provided, however, that each such party
             shall be required to maintain in confidence and not to disclose to
             any other person any information or records reasonably designated
             by the Company as being confidential, until such time as (A) such
             information becomes a matter of public record (whether by virtue of
             its inclusion in such registration statement or otherwise), or (B)
             such person shall be required so to disclose such information
             pursuant to a subpoena or order of any court or other governmental
             agency or body having jurisdiction over the matter (subject to the
             requirements of such order, and only after such person shall have
             given the Company prompt prior written notice of such requirement),
             or (C) such information is required to be set forth in such Shelf
             Registration Statement or the prospectus included therein or in an
             amendment to such Shelf Registration Statement or an amendment or
             supplement to such prospectus in order that such Shelf Registration
             Statement, prospectus, amendment or supplement, as the case may be,
             complies with applicable requirements of the federal securities
             laws and the rules and regulations of the Commission and does not
             contain an untrue statement of a material fact or omit to state
             therein a material fact required to be stated therein or necessary
             to make the statements therein not misleading in light of the
             circumstances then existing;

                 (viii) promptly notify each of the Electing Holders, any sales
             or placement agent therefor and any underwriter thereof (which
             notification may be made through any managing underwriter that is a
             representative of such underwriter for such purpose) and confirm
             such advice in writing, (A) when such Shelf Registration Statement
             or the prospectus included therein or any prospectus amendment or
             supplement or post-effective amendment has been filed, and, with
             respect to such Shelf Registration Statement or any post-effective
             amendment, when the same has become effective, (B) of any comments
             by the Commission and by the blue sky or securities commissioner or
             regulator of any state with respect thereto or any request by the
             Commission for amendments or supplements to such Shelf Registration
             Statement or prospectus or for additional information, (C) of the
             issuance by the Commission of any stop order suspending the
             effectiveness of such Shelf Registration Statement or the
             initiation or threatening of any proceedings for that purpose, (D)
             if at any time the representations and warranties of the Company

                                       9
<PAGE>
                                                                  EXECUTION COPY

             contemplated by Section 3(d)(xvii) or Section 5 cease to be true
             and correct in all material respects, (E) of the receipt by the
             Company of any notification with respect to the suspension of the
             qualification of the Registrable Securities for sale in any
             jurisdiction or the initiation or threatening of any proceeding for
             such purpose, or (F) if at any time when a prospectus is required
             to be delivered under the Securities Act, that such Shelf
             Registration Statement, prospectus, prospectus amendment or
             supplement or post-effective amendment does not conform in all
             material respects to the applicable requirements of the Securities
             Act and the Trust Indenture Act and the rules and regulations of
             the Commission thereunder or contains an untrue statement of a
             material fact or omits to state any material fact required to be
             stated therein or necessary to make the statements therein not
             misleading in light of the circumstances then existing;

                 (ix) use its reasonable best efforts to obtain the withdrawal
             of any order suspending the effectiveness of such registration
             statement or any post-effective amendment thereto at the earliest
             practicable date;

                 (x) if requested by any managing underwriter or underwriters,
             any placement or sales agent or any Electing Holder, promptly
             incorporate in a prospectus supplement or post-effective amendment
             such information as is required by the applicable rules and
             regulations of the Commission and as such managing underwriter or
             underwriters, such agent or such Electing Holder reasonably
             specifies should be included therein relating to the terms of the
             sale of such Registrable Securities, including information with
             respect to the principal amount of Registrable Securities being
             sold by such Electing Holder or agent or to any underwriters, the
             name and description of such Electing Holder, agent or underwriter,
             the offering price of such Registrable Securities and any discount,
             commission or other compensation payable in respect thereof, the
             purchase price being paid therefor by such underwriters and with
             respect to any other terms of the offering of the Registrable
             Securities to be sold by such Electing Holder or agent or to such
             underwriters; and make all required filings of such prospectus
             supplement or post-effective amendment promptly after notification
             of the matters to be incorporated in such prospectus supplement or
             post-effective amendment;

                 (xi) furnish to each Electing Holder, each placement or sales
             agent, if any, therefor, each underwriter, if any, thereof and the
             respective counsel referred to in Section 3(d)(vi): (A) upon
             request therefor, an executed copy (or, in the case of an Electing
             Holder, a conformed copy) of such Shelf Registration Statement,
             each such amendment and supplement thereto (in each case including
             all exhibits thereto (in the case of an Electing Holder of
             Registrable Securities, upon request) and documents incorporated by
             reference therein) and (B) such number of copies of such Shelf
             Registration Statement (excluding exhibits thereto and documents
             incorporated by reference therein unless specifically so requested
             by such Electing Holder, agent or underwriter, as the case may be)
             and of the prospectus included in such Shelf Registration Statement
             (including each preliminary prospectus and any summary prospectus),
             in conformity in all material respects with the applicable
             requirements of the Securities Act and the Trust Indenture Act and
             the rules and regulations of the Commission thereunder, and such
             other documents, as such Electing Holder, agent, if any, and
             underwriter, if any, may reasonably request in order to facilitate
             the offering and disposition of the Registrable Securities owned by
             such Electing Holder, offered or sold by such agent or underwritten
             by such underwriter and to permit such Electing Holder, agent and
             underwriter to satisfy the prospectus delivery requirements of the
             Securities Act; and the Company hereby consents to the use of

                                       10
<PAGE>
                                                                  EXECUTION COPY

             such prospectus (including such preliminary and summary prospectus)
             and any amendment or supplement thereto by each such Electing
             Holder and by any such agent and underwriter, in each case in the
             form most recently provided to such person by the Company, in
             connection with the offering and sale of the Registrable Securities
             covered by the prospectus (including such preliminary and summary
             prospectus) or any supplement or amendment thereto;

                 (xii) use reasonable best efforts to (A) register or qualify
             the Registrable Securities to be included in such Shelf
             Registration Statement under such securities laws or blue sky laws
             of such jurisdictions as any Electing Holder and each placement or
             sales agent, if any, therefor and underwriter, if any, thereof
             shall reasonably request, (B) keep such registrations or
             qualifications in effect and comply with such laws so as to permit
             the continuance of offers, sales and dealings therein in such
             jurisdictions during the period the Shelf Registration is required
             to remain effective under Section 2(b) above and for so long as may
             be necessary to enable any such Electing Holder, agent or
             underwriter to complete its distribution of Securities pursuant to
             such Shelf Registration Statement and (C) take any and all other
             actions as may be reasonably necessary or advisable to enable each
             such Electing Holder, agent, if any, and underwriter, if any, to
             consummate the disposition in such jurisdictions of such
             Registrable Securities; provided, however, that the Company shall
             not be required for any such purpose to (1) qualify as a foreign
             corporation in any jurisdiction wherein it would not otherwise be
             required to qualify but for the requirements of this Section
             3(d)(xii), (2) consent to general service of process or subject
             itself to material taxation in any such jurisdiction or (3) make
             any changes to its certificate of incorporation or by-laws or any
             agreement between it and its stockholders;

                 (xiii) use its reasonable best efforts to obtain the consent or
             approval of each governmental agency or authority, whether federal,
             state or local, which may be required to effect the Shelf
             Registration or the offering or sale in connection therewith or to
             enable the selling holder or holders to offer, or to consummate the
             disposition of, their Registrable Securities;

                 (xiv) unless any Registrable Securities shall be in book-entry
             only form, subject to the terms of the Indenture, cooperate with
             the Electing Holders and the managing underwriters, if any, to
             facilitate the timely preparation and delivery of certificates
             representing Registrable Securities to be sold, which certificates,
             if so required by any securities exchange upon which any
             Registrable Securities are listed, shall be penned, lithographed or
             engraved, or produced by any combination of such methods, on steel
             engraved borders, and which certificates shall not bear any
             restrictive legends; and, in the case of an underwritten offering,
             enable such Registrable Securities to be in such denominations and
             registered in such names as the managing underwriters may request
             at least two business days prior to any sale of the Registrable
             Securities;

                 (xv) provide a CUSIP number for all Registrable Securities, not
             later than the applicable Effective Time;

                 (xvi) enter into one or more underwriting agreements,
             engagement letters, agency agreements, "best efforts" underwriting
             agreements or similar agreements, as appropriate, including
             customary provisions relating to indemnification and contribution,
             and take such other actions in connection therewith as any Electing
             Holders aggregating at least 30% in aggregate principal amount of
             the Registrable Securities

                                       11
<PAGE>
                                                                  EXECUTION COPY

             at the time outstanding shall reasonably request in order to
             expedite or facilitate the disposition of such Registrable
             Securities;

                 (xvii) whether or not an agreement of the type referred to in
             Section 3(d)(xvi) hereof is entered into and whether or not any
             portion of the offering contemplated by the Shelf Registration is
             an underwritten offering or is made through a placement or sales
             agent or any other entity, (A) make such representations and
             warranties to the Electing Holders and the placement or sales
             agent, if any, therefor and the underwriters, if any, thereof in
             form, substance and scope as are customarily made in connection
             with an offering of debt securities pursuant to any appropriate
             agreement or to a registration statement filed on the form
             applicable to the Shelf Registration; (B) obtain opinions of
             outside and in-house counsel to the Company in customary form and
             covering such matters, of the type customarily covered by such
             opinions, as the managing underwriters, if any, or as any Electing
             Holders of at least 30% in aggregate principal amount of the
             Registrable Securities at the time outstanding may reasonably
             request, addressed to such Electing Holder or Electing Holders and
             the placement or sales agent, if any, therefor and the
             underwriters, if any, thereof and dated the effective date of such
             Shelf Registration Statement (and if such Shelf Registration
             Statement contemplates an underwritten offering of a part or all of
             the Registrable Securities, dated the date of the closing under the
             underwriting agreement relating thereto) (it being agreed that the
             matters to be covered by such opinions shall include the due
             incorporation and good standing of the Company and its material
             subsidiaries; the qualification of the Company and its material
             subsidiaries to transact business as foreign corporations; the due
             authorization, execution and delivery of the relevant agreement of
             the type referred to in Section 3(d)(xvi) hereof; the due
             authorization, execution, authentication and issuance, and the
             validity and enforceability, of the Securities; the absence of
             material legal or governmental proceedings involving the Company;
             the absence of a breach by the Company or any of its material
             subsidiaries of, or a default under, material agreements binding
             upon the Company or any material subsidiary of the Company; the
             absence of governmental approvals required to be obtained in
             connection with the Shelf Registration, the offering and sale of
             the Registrable Securities, this Exchange and Registration Rights
             Agreement or any agreement of the type referred to in Section
             3(d)(xvi) hereof, except such approvals as may be required under
             state securities or blue sky laws; the material compliance as to
             form of such Shelf Registration Statement and any documents
             incorporated by reference therein and of the Indenture with the
             requirements of the Securities Act and the Trust Indenture Act and
             the rules and regulations of the Commission thereunder,
             respectively; and, as of the date of the opinion and of the Shelf
             Registration Statement or most recent posteffective amendment
             thereto, as the case may be, negative assurance regarding the
             absence from such Shelf Registration Statement and the prospectus
             included therein, as then amended or supplemented, and from the
             documents incorporated by reference therein (in each case other
             than the financial statements and other financial information
             contained therein) of an untrue statement of a material fact or the
             omission to state therein a material fact necessary to make the
             statements therein not misleading (in the case of such documents,
             in the light of the circumstances existing at the time that such
             documents were filed with the Commission under the Exchange Act));
             (C) obtain a "cold comfort" letter or letters from the independent
             certified public accountants of the Company addressed to the
             selling Electing Holders, the placement or sales agent, if any,
             therefor or the underwriters, if any, thereof, dated (i) the
             effective date of such Shelf Registration Statement and (ii) the
             effective date of any prospectus supplement to the prospectus

                                       12
<PAGE>
                                                                  EXECUTION COPY

             included in such Shelf Registration Statement or post-effective
             amendment to such Shelf Registration Statement which includes
             unaudited or audited financial statements as of a date or for a
             period subsequent to that of the latest such statements included in
             such prospectus (and, if such Shelf Registration Statement
             contemplates an underwritten offering pursuant to any prospectus
             supplement to the prospectus included in such Shelf Registration
             Statement or post-effective amendment to such Shelf Registration
             Statement which includes unaudited or audited financial statements
             as of a date or for a period subsequent to that of the latest such
             statements included in such prospectus, dated the date of the
             closing under the underwriting agreement relating thereto), such
             letter or letters to be in customary form and covering such matters
             of the type customarily covered by letters of such type; (D)
             deliver such documents and certificates, including officers'
             certificates, as may be reasonably requested by any Electing
             Holders of at least 30% in aggregate principal amount of the
             Registrable Securities at the time outstanding or the placement or
             sales agent, if any, therefor and the managing underwriters, if
             any, thereof to evidence the accuracy of the representations and
             warranties made pursuant to clause (A) above or those contained in
             Section 5(a) hereof and the compliance with or satisfaction of any
             agreements or conditions contained in the underwriting agreement or
             other agreement entered into by the Company; and (E) undertake such
             obligations relating to expense reimbursement, indemnification and
             contribution as are provided in Section 6 hereof;

                 (xviii) notify in writing each holder of Registrable Securities
             of any proposal by the Company to amend or waive any provision of
             this Exchange and Registration Rights Agreement pursuant to Section
             9(h) hereof and of any amendment or waiver effected pursuant
             thereto, each of which notices shall contain the text of the
             amendment or waiver proposed or effected, as the case may be;

                 (xix) in the event that any broker-dealer registered under the
             Exchange Act shall underwrite any Registrable Securities or
             participate as a member of an underwriting syndicate or selling
             group or "assist in the distribution" (within the meaning of the
             Conduct Rules (the "Conduct Rules) of the National Association of
             Securities Dealers, Inc. ("NASD") or any successor thereto, as
             amended from time to time) thereof, whether as a holder of such
             Registrable Securities or as an underwriter, a placement or sales
             agent or a broker or dealer in respect thereof, or otherwise,
             assist such broker-dealer in complying with the requirements of
             such Conduct Rules, including by (A) if such Conduct Rules shall so
             require, engaging a "qualified independent underwriter" (as defined
             in such Conduct Rules) to participate in the preparation of the
             Shelf Registration Statement relating to such Registrable
             Securities, to exercise usual standards of due diligence in respect
             thereto and, if any portion of the offering contemplated by such
             Shelf Registration Statement is an underwritten offering or is made
             through a placement or sales agent, to recommend the yield of such
             Registrable Securities, (B) indemnifying any such qualified
             independent underwriter to the extent of the indemnification of
             underwriters provided in Section 6 hereof (or to such other
             customary extent as may be requested by such underwriter), and (C)
             providing such information to such broker-dealer as may be required
             in order for such broker-dealer to comply with the requirements of
             the Conduct Rules; and

                 (xx) comply with all applicable rules and regulations of the
             Commission, and make generally available to its securityholders as
             soon as reasonably practicable but in any event not later than
             eighteen months after the effective date of such Shelf Registration
             Statement, an earning statement of the Company and its subsidiaries

                                       13
<PAGE>
                                                                  EXECUTION COPY

             complying with Section 11(a) of the Securities Act (including, at
             the option of the Company, Rule 158 thereunder).

         (e) In the event that the Company would be required, pursuant to
     Section 3(d)(viii)(F) above, to notify the Electing Holders, the placement
     or sales agent, if any, therefor and the managing underwriters, if any,
     thereof, the Company shall without delay prepare and furnish to each of the
     Electing Holders, to each placement or sales agent, if any, and to each
     such underwriter, if any, a reasonable number of copies of a prospectus
     supplemented or amended so that, as thereafter delivered to purchasers of
     Registrable Securities, such prospectus shall conform in all material
     respects to the applicable requirements of the Securities Act and the Trust
     Indenture Act and the rules and regulations of the Commission thereunder
     and shall not contain an untrue statement of a material fact or omit to
     state a material fact required to be stated therein or necessary to make
     the statements therein not misleading in light of the circumstances then
     existing. Each Electing Holder agrees that upon receipt of any notice from
     the Company pursuant to Section 3(d)(viii)(F) hereof, such Electing Holder
     shall forthwith discontinue the disposition of Registrable Securities
     pursuant to the Shelf Registration Statement applicable to such Registrable
     Securities until such Electing Holder shall have received copies of such
     amended or supplemented prospectus, and if so directed by the Company, such
     Electing Holder shall deliver to the Company (at the Company's expense) all
     copies, other than permanent file copies, then in such Electing Holder's
     possession of the prospectus covering such Registrable Securities at the
     time of receipt of such notice.

         (f) In the event of a Shelf Registration, in addition to the
     information required to be provided by each Electing Holder in its Notice
     Questionnaire, the Company may require such Electing Holder to furnish to
     the Company such additional information regarding such Electing Holder and
     such Electing Holder's intended method of distribution of Registrable
     Securities as may be required in order to comply with the Securities Act.
     Each such Electing Holder agrees to notify the Company as promptly as
     practicable of any inaccuracy or change in information previously furnished
     by such Electing Holder to the Company or of the occurrence of any event in
     either case as a result of which any prospectus relating to such Shelf
     Registration contains or would contain an untrue statement of a material
     fact regarding such Electing Holder or such Electing Holder's intended
     method of disposition of such Registrable Securities or omits to state any
     material fact regarding such Electing Holder or such Electing Holder's
     intended method of disposition of such Registrable Securities required to
     be stated therein or necessary to make the statements therein not
     misleading in light of the circumstances then existing, and promptly to
     furnish to the Company any additional information required to correct and
     update any previously furnished information or required so that such
     prospectus shall not contain, with respect to such Electing Holder or the
     disposition of such Registrable Securities, an untrue statement of a
     material fact or omit to state a material fact required to be stated
     therein or necessary to make the statements therein not misleading in light
     of the circumstances then existing.

         (g) Until the expiration of two years after the Closing Date, the
     Company will not, and will not permit any of its "affiliates" (as defined
     in Rule 144) to, resell any of the Securities that have been reacquired by
     any of them except pursuant to an effective registration statement under
     the Securities Act.

         (h) Upon the occurrence or existence of any pending corporate
     development that, in the reasonable discretion of the Company, makes it
     appropriate to suspend the availability of the Shelf Registration Statement
     and the related prospectus, the Company shall give written notice to the
     Electing Holders that the availability of the Shelf Registration Statement
     is suspended (a "Deferral Notice") and, upon receipt of any Deferral
     Notice, each Electing

                                       14
<PAGE>
                                                                  EXECUTION COPY

     Holder agrees to immediately suspend the use of any prospectus and not to
     sell any Registrable Securities pursuant to the Registration Statement
     until it is advised in writing by the Company that the prospectus may be
     used, and has received copies of any additional or supplemental filings
     that are incorporated or deemed incorporated by reference in such
     prospectus. The Company will use reasonable best efforts to ensure that the
     use of the prospectus may be resumed as soon as, in the sole discretion of
     the Company, such suspension is no longer appropriate.

         4. Registration Expenses.

         The Company agrees to bear and to pay or cause to be paid promptly all
expenses incident to the Company's performance of or compliance with this
Exchange and Registration Rights Agreement, including (a) all Commission and any
NASD registration, filing and review fees and expenses including reasonable fees
and disbursements of counsel for the placement or sales agent or underwriters in
connection with such registration, filing and review, (b) all fees and expenses
in connection with the qualification of the Securities for offering and sale
under the State securities and blue sky laws referred to in Section 3(d)(xii)
hereof and determination of their eligibility for investment under the laws of
such jurisdictions as any managing underwriters or the Electing Holders may
designate, including any reasonable fees and disbursements of counsel for the
Electing Holders or underwriters in connection with such qualification and
determination, (c) all expenses relating to the preparation, printing,
production, distribution and reproduction of each registration statement
required to be filed hereunder, each prospectus included therein or prepared for
distribution pursuant hereto, each amendment or supplement to the foregoing, the
expenses of preparing the Securities for delivery and the expenses of printing
or producing any underwriting agreements, agreements among underwriters, selling
agreements and blue sky or legal investment memoranda and all other documents in
connection with the offering, sale or delivery of Securities to be disposed of
(including certificates representing the Securities), (d) messenger, telephone
and delivery expenses relating to the offering, sale or delivery of Securities
and the preparation of documents referred in clause (c) above, (e) fees and
expenses of the Trustee under the Indenture, any agent of the Trustee and
reasonable fees and expenses of counsel for the Trustee and of any collateral
agent or custodian, (f) internal expenses (including all salaries and expenses
of the Company's officers and employees performing legal or accounting duties),
(g) reasonable fees, disbursements and expenses of counsel and independent
certified public accountants of the Company (including the expenses of any
opinions or "cold comfort" letters required by or incident to such performance
and compliance), (h) fees, disbursements and expenses of any "qualified
independent underwriter" engaged pursuant to Section 3(d)(xix) hereof, and
reasonable fees and expenses of counsel thereto permitted by the terms of this
Exchange and Registration Rights Agreement, (i) reasonable fees, disbursements
and expenses of one counsel for the Electing Holders retained in connection with
a Shelf Registration, as selected by the Electing Holders of at least a majority
in aggregate principal amount of the Registrable Securities held by Electing
Holders (which counsel shall be reasonably satisfactory to the Company), (j) any
fees charged by securities rating services for rating the Securities, and (k)
fees, expenses and disbursements of any other persons, including special
experts, retained by the Company in connection with such registration
(collectively, the "Registration Expenses"). To the extent that the foregoing
Registration Expenses are incurred, assumed or paid by any holder of Registrable
Securities or any placement or sales agent therefor or underwriter thereof, the
Company shall reimburse such person for the full amount of the Registration
Expenses so incurred, assumed or paid promptly after receipt of a request
therefor. Notwithstanding the foregoing, the holders of the Registrable
Securities being registered shall pay all agency fees and commissions and
underwriting discounts and commissions attributable to the sale of such
Registrable Securities and the fees and disbursements of any counsel or other
advisors or

                                       15
<PAGE>
                                                                  EXECUTION COPY

experts retained by such holders (severally or jointly), other than
the counsel and experts specifically referred to above.

         5. Representations and Warranties.

         The Company represents and warrants to, and agrees with, the Purchaser
and each of the holders from time to time of Registrable Securities that:

         (a) Each registration statement covering Registrable Securities and
     each prospectus (including any preliminary or summary prospectus) contained
     therein or furnished pursuant to Section 3(d) or Section 3(c) hereof and
     any further amendments or supplements to any such registration statement or
     prospectus, when it becomes effective or is filed with the Commission, as
     the case may be, and, in the case of an underwritten offering of
     Registrable Securities, at the time of the closing under the underwriting
     agreement relating thereto, will conform in all material respects to the
     requirements of the Securities Act and the Trust Indenture Act and the
     rules and regulations of the Commission thereunder and will not contain an
     untrue statement of a material fact or omit to state a material fact
     required to be stated therein or necessary to make the statements therein
     not misleading; and at all times subsequent to the Effective Time when a
     prospectus would be required to be delivered under the Securities Act,
     other than from (i) such time as a notice has been given to holders of
     Registrable Securities pursuant to Section 3(d)(viii)(F) or Section
     3(c)(iii)(F) hereof until (ii) such time as the Company furnishes an
     amended or supplemented prospectus pursuant to Section 3(e) or Section
     3(c)(iv) hereof, each such registration statement, and each prospectus
     (including any summary prospectus) contained therein or furnished pursuant
     to Section 3(d) or Section 3(c) hereof, as then amended or supplemented,
     will conform in all material respects to the requirements of the Securities
     Act and the Trust Indenture Act and the rules and regulations of the
     Commission thereunder and will not contain an untrue statement of a
     material fact or omit to state a material fact required to be stated
     therein or necessary to make the statements therein not misleading in the
     light of the circumstances then existing; provided, however, that this
     representation and warranty shall not apply to any statements or omissions
     made in reliance upon and in conformity with information furnished in
     writing to the Company by a holder of Registrable Securities expressly for
     use therein.

         (b) Any documents incorporated by reference in any prospectus referred
     to in Section 5(a) hereof, when they become or became effective or are or
     were filed with the Commission, as the case may be, will conform or
     conformed in all material respects to the requirements of the Securities
     Act or the Exchange Act, as applicable, and none of such documents will
     contain or contained an untrue statement of a material fact or will omit or
     omitted to state a material fact required to be stated therein or necessary
     to make the statements therein not misleading; provided, however, that this
     representation and warranty shall not apply to any statements or omissions
     made in reliance upon and in conformity with information furnished in
     writing to the Company by a holder of Registrable Securities expressly for
     use therein.

         (c) The compliance by the Company with all of the provisions of this
     Exchange and Registration Rights Agreement and the consummation of the
     transactions herein contemplated will not conflict with or result in a
     breach of any of the terms or provisions of, or constitute a default under,
     any indenture, mortgage, deed of trust, loan agreement or other agreement
     or instrument to which the Company or any subsidiary of the Company is a
     party or by which the Company or any subsidiary of the Company is bound or
     to which any of the property or assets of the Company or any subsidiary of
     the Company is subject (except for such events that, individually or in the
     aggregate, would not have a material adverse effect on the Company and its
     subsidiaries, taken as a whole), nor will such action

                                       16
<PAGE>
                                                                  EXECUTION COPY

     result in any violation of the provisions of the certificate of
     incorporation, as amended, or the by-laws of the Company or any statute or
     any order, rule or regulation of any court or governmental agency or body
     having jurisdiction over the Company or any subsidiary of the Company or
     any of their properties; and no consent, approval, authorization, order,
     registration or qualification of or with any such court or governmental
     agency or body is required for the consummation by the Company of the
     transactions contemplated by this Exchange and Registration Rights
     Agreement, except the registration under the Securities Act of the
     Securities, qualification of the Indenture under the Trust Indenture Act
     and such consents, approvals, authorizations, registrations or
     qualifications as may be required under State securities or blue sky laws
     in connection with the offering and distribution of the Securities.

         (d) This Exchange and Registration Rights Agreement has been duly
     authorized, executed and delivered by the Company.

         6. Indemnification.

         (a) Indemnification by the Company. The Company will indemnify and hold
     harmless each of the holders of Registrable Securities included in an
     Exchange Registration Statement, each of the Electing Holders of
     Registrable Securities included in a Shelf Registration Statement and each
     person who participates as a placement or sales agent or as an underwriter
     in any offering or sale of such Registrable Securities against any losses,
     claims, damages or liabilities, joint or several, to which such holder,
     agent or underwriter may become subject under the Securities Act or
     otherwise, insofar as such losses, claims, damages or liabilities (or
     actions in respect thereof) arise out of or are based upon an untrue
     statement or alleged untrue statement of a material fact contained in any
     Exchange Registration Statement or Shelf Registration Statement, as the
     case may be, under which such Registrable Securities were registered under
     the Securities Act, or any preliminary, final or summary prospectus
     contained therein or furnished by the Company to any such holder, Electing
     Holder, agent or underwriter, or any amendment or supplement thereto, or
     arise out of or are based upon the omission or alleged omission to state
     therein a material fact required to be stated therein or necessary to make
     the statements therein not misleading, and will reimburse such holder, such
     Electing Holder, such agent and such underwriter for any legal or other
     expenses reasonably incurred by them in connection with investigating or
     defending any such action or claim as such expenses are incurred; provided,
     however, that the Company shall not be liable to any such person in any
     such case to the extent that any such loss, claim, damage or liability
     arises out of or is based upon an untrue statement or alleged untrue
     statement or omission or alleged omission made in such registration
     statement, or preliminary, final or summary prospectus, or amendment or
     supplement thereto, in reliance upon and in conformity with written
     information furnished to the Company by such person expressly for use
     therein; provided further, however, that the Company shall not be liable to
     any person in any such case for or in respect of any loss, liability,
     claim, damage or expense arising from an offer or sale of Registrable
     Securities occurring during a period referred to in Section 3(d)(viii)(C)
     or (F) or Section 3(h), if all Electing Holders received the written notice
     pursuant to such provision.

         (b) Indemnification by the Holders and any Agents and Underwriters. As
     a condition to including any Registrable Securities in any registration
     statement filed pursuant to Section 2(b) hereof and to entering into any
     underwriting agreement with respect thereto, the Company shall have
     received an undertaking reasonably satisfactory to it from the Electing
     Holder of such Registrable Securities and from each underwriter named in
     any such underwriting agreement, severally and not jointly, to (i)
     indemnify and hold harmless the Company, and all other holders of
     Registrable Securities, against any losses, claims,

                                       17
<PAGE>
                                                                  EXECUTION COPY

     damages or liabilities to which the Company or such other holders of
     Registrable Securities may become subject, under the Securities Act or
     otherwise, insofar as such losses, claims, damages or liabilities (or
     actions in respect thereof) arise out of or are based upon an untrue
     statement or alleged untrue statement of a material fact contained in such
     registration statement, or any preliminary, final or summary prospectus
     contained therein or furnished by the Company to any such Electing Holder,
     agent or underwriter, or any amendment or supplement thereto, or arise out
     of or are based upon the omission or alleged omission to state therein a
     material fact required to be stated therein or necessary to make the
     statements therein not misleading, in each case to the extent, but only to
     the extent, that such untrue statement or alleged untrue statement or
     omission or alleged omission was made in reliance upon and in conformity
     with written information furnished to the Company by such Electing Holder
     or underwriter expressly for use therein, and (ii) reimburse the Company
     for any legal or other expenses reasonably incurred by the Company in
     connection with investigating or defending any such action or claim as such
     expenses are incurred; provided, however, that no such Electing Holder
     shall be required to undertake liability to any person under this Section
     6(b) for any amounts in excess of the dollar amount of the proceeds to be
     received by such Electing Holder from the sale of such Electing Holder's
     Registrable Securities pursuant to such registration.

         (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
     party under subsection (a) or (b) above of written notice of the
     commencement of any action, such indemnified party shall, if a claim in
     respect thereof is to be made against an indemnifying party pursuant to the
     indemnification provisions of or contemplated by this Section 6, notify
     such indemnifying party in writing of the commencement of such action; but
     the omission so to notify the indemnifying party shall not relieve it from
     any liability which it may have to any indemnified party otherwise than
     under the indemnification provisions of or contemplated by Section 6(a) or
     6(b) hereof. In case any such action shall be brought against any
     indemnified party and it shall notify an indemnifying party of the
     commencement thereof, such indemnifying party shall be entitled to
     participate therein and, to the extent that it shall wish, jointly with any
     other indemnifying party similarly notified, to assume the defense thereof,
     with counsel reasonably satisfactory to such indemnified party (who shall
     not, except with the consent of the indemnified party, be counsel to the
     indemnifying party), and, after notice from the indemnifying party to such
     indemnified party of its election so to assume the defense thereof, such
     indemnifying party shall not be liable to such indemnified party for any
     legal expenses of other counsel or any other expenses, in each case
     subsequently incurred by such indemnified party, in connection with the
     defense thereof other than reasonable costs of investigation. No
     indemnifying party shall, without the written consent of the indemnified
     party, effect the settlement or compromise of, or consent to the entry of
     any judgment with respect to, any pending or threatened action or claim in
     respect of which indemnification or contribution may be sought hereunder
     (whether or not the indemnified party is an actual or potential party to
     such action or claim) unless such settlement, compromise or judgment (i)
     includes an unconditional release of the indemnified party from all
     liability arising out of such action or claim and (ii) does not include a
     statement as to or an admission of fault, culpability or a failure to act
     by or on behalf of any indemnified party.

         (d) Contribution. If for any reason the indemnification provisions
     contemplated by Section 6(a) or Section 6(b) are unavailable to or
     insufficient to hold harmless an indemnified party in respect of any
     losses, claims, damages or liabilities (or actions in respect thereof)
     referred to therein, then each indemnifying party shall contribute to the
     amount paid or payable by such indemnified party as a result of such
     losses, claims, damages or liabilities (or actions in respect thereof) in
     such proportion as is appropriate to

                                       18
<PAGE>
                                                                  EXECUTION COPY

     reflect the relative fault of the indemnifying party and the indemnified
     party in connection with the statements or omissions which resulted in such
     losses, claims, damages or liabilities (or actions in respect thereof), as
     well as any other relevant equitable considerations. The relative fault of
     such indemnifying party and indemnified party shall be determined by
     reference to, among other things, whether the untrue or alleged untrue
     statement of a material fact or omission or alleged omission to state a
     material fact relates to information supplied by such indemnifying party or
     by such indemnified party, and the parties' relative intent, knowledge,
     access to information and opportunity to correct or prevent such statement
     or omission. The parties hereto agree that it would not be just and
     equitable if contributions pursuant to this Section 6(d) were determined by
     pro rata allocation (even if the holders or any agents or underwriters or
     all of them were treated as one entity for such purpose) or by any other
     method of allocation which does not take account of the equitable
     considerations referred to in this Section 6(d). The amount paid or payable
     by an indemnified party as a result of the losses, claims, damages, or
     liabilities (or actions in respect thereof) referred to above shall be
     deemed to include any legal or other fees or expenses reasonably incurred
     by such indemnified party in connection with investigating or defending any
     such action or claim. Notwithstanding the provisions of this Section 6(d),
     no holder shall be required to contribute any amount in excess of the
     amount by which the dollar amount of the proceeds received by such holder
     from the sale of any Registrable Securities (after deducting any fees,
     discounts and commissions applicable thereto) exceeds the amount of any
     damages which such holder has otherwise been required to pay by reason of
     such untrue or alleged untrue statement or omission or alleged omission,
     and no underwriter shall be required to contribute any amount in excess of
     the amount by which the total price at which the Registrable Securities
     underwritten by it and distributed to the public were offered to the public
     exceeds the amount of any damages which such underwriter 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 holders' and any underwriters'
     obligations in this Section 6(d) to contribute shall be several in
     proportion to the principal amount of Registrable Securities registered or
     underwritten, as the case may be, by them and not joint.

         (e) The obligations of the Company under this Section 6 shall be in
     addition to any liability which the Company may otherwise have and shall
     extend, upon the same terms and conditions, to each officer, director and
     partner of each holder, agent and underwriter and each person, if any, who
     controls any holder, agent or underwriter within the meaning of the
     Securities Act; and the obligations of the holders and any agents or
     underwriters contemplated by this Section 6 shall be in addition to any
     liability which the respective holder, agent or underwriter may otherwise
     have and shall extend, upon the same terms and conditions, to each officer
     and director of the Company (including any person who, with his consent, is
     named in any registration statement as about to become a director of the
     Company) and to each person, if any, who controls the Company within the
     meaning of the Securities Act.

         7. Underwritten Offerings.

         (a) Selection of Underwriters. If any of the Registrable Securities
     covered by the Shelf Registration are to be sold pursuant to an
     underwritten offering, the managing underwriter or underwriters thereof
     shall be designated by Electing Holders holding at least a majority in
     aggregate principal amount of the Registrable Securities to be included in
     such offering, provided that such designated managing underwriter or
     underwriters is or are reasonably acceptable to the Company.

                                       19
<PAGE>
                                                                  EXECUTION COPY

         (b) Participation by Holders. Each holder of Registrable Securities
     hereby agrees with each other such holder that no such holder may
     participate in any underwritten offering hereunder unless such holder (i)
     agrees to sell such holder's Registrable Securities on the basis provided
     in any underwriting arrangements approved by the persons entitled hereunder
     to approve such arrangements and (ii) completes and executes all
     questionnaires, powers of attorney, indemnities, underwriting agreements
     and other documents reasonably required under the terms of such
     underwriting arrangements.

         8. Rule 144.

         The Company covenants to the holders of Registrable Securities that to
the extent it shall be required to do so under the Exchange Act, the Company
shall timely file the reports required to be filed by it under the Exchange Act
or the Securities Act (including the reports under Section 13 and 15(d) of the
Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the
Commission under the Securities Act) and the rules and regulations adopted by
the Commission thereunder, and shall take such further action as any holder of
Registrable Securities may reasonably request, all to the extent required from
time to time to enable such holder to sell Registrable Securities without
registration under the Securities Act within the limitations of the exemption
provided by Rule 144 under the Securities Act, as such Rule may be amended from
time to time, or any similar or successor rule or regulation hereafter adopted
by the Commission. Upon the request of any holder of Registrable Securities in
connection with that holder's sale pursuant to Rule 144, the Company shall
deliver to such holder a written statement as to whether it has complied with
such requirements.

         9. Miscellaneous.

         (a) No Inconsistent Agreements. The Company represents, warrants,
     covenants and agrees that it has not granted, and shall not grant,
     registration rights with respect to Registrable Securities or any other
     securities which would be inconsistent with the terms contained in this
     Exchange and Registration Rights Agreement.

         (b) Specific Performance. The parties hereto acknowledge that there
     would be no adequate remedy at law if the Company fails to perform any of
     its obligations hereunder and that the Purchaser and the holders from time
     to time of the Registrable Securities may be irreparably harmed by any such
     failure, and accordingly agree that the Purchaser and such holders, in
     addition to any other remedy to which they may be entitled at law or in
     equity, shall be entitled to compel specific performance of the obligations
     of the Company under this Exchange and Registration Rights Agreement in
     accordance with the terms and conditions of this Exchange and Registration
     Rights Agreement, in any court of the United States or any State thereof
     having jurisdiction.

         (c) Notices. All notices, requests, claims, demands, waivers and other
     communications hereunder shall be in writing and shall be deemed to have
     been duly given when delivered by hand, if delivered personally or by
     courier, or three days after being deposited in the mail (registered or
     certified mail, postage prepaid, return receipt requested) as follows: If
     to the Company, to it at 15415 Katy Freeway, Suite 100, Houston, TX 77094,
     and if to a holder, to the address of such holder set forth in the security
     register or other records of the Company, or to such other address as the
     Company or any such holder may have furnished to the other in writing in
     accordance herewith, except that notices of change of address shall be
     effective only upon receipt.

         (d) Parties in Interest. All the terms and provisions of this Exchange
     and Registration Rights Agreement shall be binding upon, shall inure to the
     benefit of and shall be

                                       20
<PAGE>
                                                                  EXECUTION COPY

     enforceable by the parties hereto and the holders from time to time of the
     Registrable Securities and the respective successors and assigns of the
     parties hereto and such holders. In the event that any transferee of any
     holder of Registrable Securities shall acquire Registrable Securities, in
     any manner, whether by gift, bequest, purchase, operation of law or
     otherwise, such transferee shall, without any further writing or action of
     any kind, be deemed a beneficiary hereof for all purposes and such
     Registrable Securities shall be held subject to all of the terms of this
     Exchange and Registration Rights Agreement, and by taking and holding such
     Registrable Securities such transferee shall be entitled to receive the
     benefits of, and be conclusively deemed to have agreed to be bound by all
     of the applicable terms and provisions of this Exchange and Registration
     Rights Agreement. If the Company shall so request, any such successor,
     assign or transferee shall agree in writing to acquire and hold the
     Registrable Securities subject to all of the applicable terms hereof.

         (e) Survival. The respective indemnities, agreements, representations,
     warranties and each other provision set forth in this Exchange and
     Registration Rights Agreement or made pursuant hereto shall remain in full
     force and effect regardless of any investigation (or statement as to the
     results thereof) made by or on behalf of any holder of Registrable
     Securities, any director, officer or partner of such holder, any agent or
     underwriter or any director, officer or partner thereof, or any controlling
     person of any of the foregoing, and shall survive delivery of and payment
     for the Registrable Securities pursuant to the Purchase Agreement and the
     transfer and registration of Registrable Securities by such holder and the
     consummation of an Exchange Offer.

         (f) GOVERNING LAW. THIS EXCHANGE AND REGISTRATION RIGHTS AGREEMENT
     SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
     OF NEW YORK.

         (g) Headings. The descriptive headings of the several Sections and
     paragraphs of this Exchange and Registration Rights Agreement are inserted
     for convenience only, do not constitute a part of this Exchange and
     Registration Rights Agreement and shall not affect in any way the meaning
     or interpretation of this Exchange and Registration Rights Agreement.

         (h) Entire Agreement; Amendments. This Exchange and Registration Rights
     Agreement and the other writings referred to herein (including the
     Indenture and the form of Securities) or delivered pursuant hereto which
     form a part hereof contain the entire understanding of the parties with
     respect to its subject matter. This Exchange and Registration Rights
     Agreement supersedes all prior agreements and understandings between the
     parties with respect to its subject matter. This Exchange and Registration
     Rights Agreement may be amended and the observance of any term of this
     Exchange and Registration Rights Agreement may be waived (either generally
     or in a particular instance and either retroactively or prospectively) only
     by a written instrument duly executed by the Company and the holders of at
     least a majority in aggregate principal amount of the Registrable
     Securities at the time outstanding. Each holder of any Registrable
     Securities at the time or thereafter outstanding shall be bound by any
     amendment or waiver effected pursuant to this Section 9(h), whether or not
     any notice, writing or marking indicating such amendment or waiver appears
     on such Registrable Securities or is delivered to such holder.

         (i) Inspection. For so long as this Exchange and Registration Rights
     Agreement shall be in effect, this Exchange and Registration Rights
     Agreement and a complete list of the names and addresses of all the holders
     of Registrable Securities shall be made available for inspection, upon
     reasonable notice and during business hours, and copying on any business
     day by any holder of Registrable Securities for proper purposes only (which
     shall include any purpose related to the rights of the holders of
     Registrable Securities under the

                                       21
<PAGE>
                                                                  EXECUTION COPY

     Securities, the Indenture and this Agreement) at the offices of the Company
     at the address thereof set forth in Section 9(c) above and at the office of
     the Trustee under the Indenture.

         (j) Counterparts. This agreement may be executed by the parties in
     counterparts, each of which shall be deemed to be an original, but all such
     respective counterparts shall together constitute one and the same
     instrument.

                                       22
<PAGE>
                                                                  EXECUTION COPY

         If the foregoing is in accordance with your understanding, please sign
and return to us four counterparts hereof, and upon the acceptance hereof by you
this letter and such acceptance hereof shall constitute a binding agreement
between you and the Company.

                                       Very truly yours,

                                       Diamond Offshore Drilling, Inc.

                                       By:    /s/ William C. Long
                                          --------------------------------------
                                          Name: William C. Long
                                          Title: Vice President, General Counsel
                                                 & Secretary

Accepted as of the date hereof:

Goldman, Sachs & Co.

/s/ Goldman, Sachs & Co.
-----------------------------------------------
         (Goldman, Sachs & Co.)

                                       23
<PAGE>
                                                                       EXHIBIT A

                         DIAMOND OFFSHORE DRILLING, INC.

                         INSTRUCTION TO DTC PARTICIPANTS

                                (Date of Mailing)

                     URGENT - IMMEDIATE ATTENTION REQUESTED

                        DEADLINE FOR RESPONSE: [DATE] *

The Depository Trust Company ("DTC") has identified you as a DTC Participant
through which beneficial interests in the Diamond Offshore Drilling, Inc. (the
"Company") [__% Senior Notes due 2014] (the "Securities") are held.

The Company is in the process of registering the Securities under the Securities
Act of 1933 for resale by the beneficial owners thereof. In order to have their
Securities included in the registration statement, beneficial owners must
complete and return the enclosed Notice of Registration Statement and Selling
Securityholder Questionnaire.

It is important that beneficial owners of the Securities receive a copy of the
enclosed materials as soon as possible as their rights to have the Securities
included in the registration statement depend upon their returning the Notice
and Questionnaire by [DEADLINE FOR RESPONSE]. Please forward a copy of the
enclosed documents to each beneficial owner that holds interests in the
Securities through you. If you require more copies of the enclosed materials or
have any questions pertaining to this matter, please contact Diamond Offshore
Drilling, Inc., 15415 Katy Freeway, Suite 100, Houston, TX 77094; Telephone:
[___________].

-----------------
* Not less than 28 calendar days from date of mailing.

                                      A-1
<PAGE>
                                                                  EXECUTION COPY

                         DIAMOND OFFSHORE DRILLING, INC.

                        Notice of Registration Statement
                                       and
                      Selling Securityholder Questionnaire

                                     (Date)

Reference is hereby made to the Exchange and Registration Rights Agreement (the
"Exchange and Registration Rights Agreement") between Diamond Offshore Drilling,
Inc. (the "Company") and Goldman, Sachs & Co. Pursuant to the Exchange and
Registration Rights Agreement, the Company has filed with the United States
Securities and Exchange Commission (the "Commission") a registration statement
on Form S-[__] (the "Shelf Registration Statement") for the registration and
resale under Rule 415 of the Securities Act of 1933, as amended (the "Securities
Act"), of the Company's [__% Senior Notes Due 2014] (the "Securities"). A copy
of the Exchange and Registration Rights Agreement is attached hereto. All
capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Exchange and Registration Rights Agreement.

Each beneficial owner of Registrable Securities (as defined below) is entitled
to have the Registrable Securities beneficially owned by it included in the
Shelf Registration Statement. In order to have Registrable Securities included
in the Shelf Registration Statement, this Notice of Registration Statement and
Selling Securityholder Questionnaire ("Notice and Questionnaire") must be
completed, executed and delivered to the Company's counsel at the address set
forth herein for receipt ON OR BEFORE [DEADLINE FOR RESPONSE]. Beneficial owners
of Registrable Securities who do not complete, execute and return this Notice
and Questionnaire by such date (i) will not be named as selling securityholders
in the Shelf Registration Statement and (ii) may not use the Prospectus forming
a part thereof for resales of Registrable Securities.

Certain legal consequences arise from being named as a selling securityholder in
the Shelf Registration Statement and related Prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own
securities law counsel regarding the consequences of being named or not being
named as a selling securityholder in the Shelf Registration Statement and
related Prospectus.

The term "Registrable Securities" is defined in the Exchange and Registration
Rights Agreement.

                                      A-2

<PAGE>
                                                                  EXECUTION COPY

                                    ELECTION

The undersigned holder (the "Selling Securityholder") of Registrable Securities
hereby elects to include in the Shelf Registration Statement the Registrable
Securities beneficially owned by it and listed below in Item (3). The
undersigned, by signing and returning this Notice and Questionnaire, agrees to
be bound with respect to such Registrable Securities by the terms and conditions
of this Notice and Questionnaire and the Exchange and Registration Rights
Agreement, including, without limitation, Section 6 of the Exchange and
Registration Rights Agreement, as if the undersigned Selling Securityholder were
an original party thereto.

Upon any sale of Registrable Securities pursuant to the Shelf Registration
Statement, the Selling Securityholder will be required to deliver to the Company
and Trustee the Notice of Transfer set forth in Appendix A to the Prospectus and
as Exhibit B to the Exchange and Registration Rights Agreement.

The Selling Securityholder hereby provides the following information to the
Company and represents and warrants that such information is accurate and
complete:

                                      A-3
<PAGE>
                                                                  EXECUTION COPY

                                  QUESTIONNAIRE

(1)  (a) Full Legal Name of Selling Securityholder:

     (b) Full Legal Name of Registered Holder (if not the same as in (a) above)
            of Registrable Securities Listed in Item (3) below:

     (c) Full Legal Name of DTC Participant (if applicable and if not the
         same as (b) above) Through Which Registrable Securities Listed in
         Item (3) below are Held:

(2)      Address for Notices to Selling Securityholder:

         --------------------------------------

         --------------------------------------

         --------------------------------------

         Telephone:
                          ---------------------------------------
         Fax:
                          ---------------------------------------
         Contact Person:
                          ---------------------------------------

(3)      Beneficial Ownership of Securities:

         Except as set forth below in this Item (3), the undersigned does not
         beneficially own any Securities.

     (a) Principal amount of Registrable Securities beneficially owned:
                                                                       ---------

         CUSIP No(s). of such Registrable Securities:
                                                     ---------------------------

     (b) Principal amount of Securities other than Registrable Securities
         beneficially owned:

         CUSIP No(s). of such other Securities:
                                               ---------------------------------

     (c) Principal amount of Registrable Securities which the undersigned wishes
         to be included in the Shelf Registration Statement:
                                                            --------------------

         CUSIP No(s). of such Registrable Securities to be included in the Shelf
         Registration Statement:
                                ------------------------------------------------

(4)      Beneficial Ownership of Other Securities of the Company:

         Except as set forth below in this Item (4), the undersigned Selling
         Securityholder is not the beneficial or registered owner of any
         other securities of the Company, other than the Securities listed
         above in Item (3).

         State any exceptions here:

                                       A-4
<PAGE>
                                                                  EXECUTION COPY

(5)      Relationships with the Company:

         Except as set forth below, neither the Selling Securityholder nor any
         of its affiliates, officers, directors or principal equity holders (5%
         or more) has held any position or office or has had any other material
         relationship with the Company (or its predecessors or affiliates)
         during the past three years.

         State any exceptions here:

(6)      Plan of Distribution:

         Except as set forth below, the undersigned Selling Securityholder
         intends to distribute the Registrable Securities listed above in Item
         (3) only as follows (if at all): Such Registrable Securities may be
         sold from time to time directly by the undersigned Selling
         Securityholder or, alternatively, through underwriters, broker-dealers
         or agents. Such Registrable Securities may be sold in one or more
         transactions at fixed prices, at prevailing market prices at the time
         of sale, at varying prices determined at the time of sale, or at
         negotiated prices. Such sales may be effected in transactions (which
         may involve crosses or block transactions) (i) on any national
         securities exchange or quotation service on which the Registered
         Securities may be listed or quoted at the time of sale, (ii) in the
         over-the-counter market, (iii) in transactions otherwise than on such
         exchanges or services or in the over-the-counter market, or (iv)
         through the writing of options. In connection with sales of the
         Registrable Securities or otherwise, the Selling Securityholder may
         enter into hedging transactions with broker-dealers, which may in turn
         engage in short sales of the Registrable Securities in the course of
         hedging the positions they assume. The Selling Securityholder may also
         sell Registrable Securities short and deliver Registrable Securities to
         close out such short positions, or loan or pledge Registrable
         Securities to broker-dealers that in turn may sell such securities.

         State any exceptions here:

By signing below, the Selling Securityholder acknowledges that it understands
its obligation to comply, and agrees that it will comply, with the provisions of
the Exchange Act and the rules and regulations thereunder, particularly
Regulation M.

In the event that the Selling Securityholder transfers all or any portion of the
Registrable Securities listed in Item (3) above after the date on which such
information is provided to the Company, the Selling Securityholder agrees to
notify the transferee(s) at the time of the transfer of its rights and
obligations under this Notice and Questionnaire and the Exchange and
Registration Rights Agreement.

By signing below, the Selling Securityholder consents to the disclosure of the
information contained herein in its answers to Items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and
related Prospectus. The Selling Securityholder understands that such information
will be relied upon by the Company in connection with the preparation of the
Shelf Registration Statement and related Prospectus.

In accordance with the Selling Securityholder's obligation under Section 3(d) of
the Exchange and Registration Rights Agreement to provide such information as
may be required by law for inclusion in the Shelf Registration Statement, the
Selling Securityholder agrees to promptly notify the Company of any inaccuracies
or changes in the information provided herein which

                                       A-5
<PAGE>
                                                                  EXECUTION COPY

may occur subsequent to the date hereof at any time while the Shelf Registration
Statement remains in effect. All notices hereunder and pursuant to the Exchange
and Registration Rights Agreement shall be made in writing, by hand-delivery,
first-class mail, or air courier guaranteeing overnight delivery as follows:

           (i)  To the Company:

                                          Diamond Offshore Drilling, Inc.

                                          15415 Katy Freeway, Suite 100

                                          Houston, TX 77094

                                          Attn:
                                               ---------------------------------

           (ii) With a copy to:

                                          --------------------------------------

                                          --------------------------------------

                                          --------------------------------------

                                          --------------------------------------

                                          --------------------------------------

Once this Notice and Questionnaire is executed by the Selling Securityholder and
received by the Company's counsel, the terms of this Notice and Questionnaire,
and the representations and warranties contained herein, shall be binding on,
shall inure to the benefit of and shall be enforceable by the respective
successors, heirs, personal representatives, and assigns of the Company and the
Selling Securityholder (with respect to the Registrable Securities beneficially
owned by such Selling Securityholder and listed in Item (3) above. This
Agreement shall be governed in all respects by the laws of the State of New
York.

                                      A-6
<PAGE>
                                                                  EXECUTION COPY

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this
Notice and Questionnaire to be executed and delivered either in person or by its
duly authorized agent.

Dated:
      ----------------------------

      --------------------------------------------------------------------------
      Selling Securityholder
      (Print/type full legal name of beneficial owner of Registrable Securities)

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

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON
OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY'S COUNSEL AT:

                          -----------------------------

                          -----------------------------

                          -----------------------------

                          -----------------------------

                          -----------------------------

                                      A-7

<PAGE>
                                                                  EXECUTION COPY

                                                                       EXHIBIT B

           NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

[NAME OF TRUSTEE]
Diamond Offshore Drilling, Inc.
c/o [NAME OF TRUSTEE]
[ADDRESS OF TRUSTEE]

Attention:  Trust Officer

      Re:   Diamond Offshore Drilling, Inc. (the "Company")
            [__% Senior Notes Due 2014]

Dear Sirs:

Please be advised that ______________________________ has transferred $_________
aggregate principal amount of the above-referenced Notes pursuant to an
effective Registration Statement on Form S-[______] (File No. 333-_________)
filed by the Company.

We hereby certify that the prospectus delivery requirements, if any, of the
Securities Act of 1933, as amended, have been satisfied and that the above-named
beneficial owner of the Notes is named as a "Selling Holder" in the Prospectus
dated [DATE] or in supplements thereto, and that the aggregate principal amount
of the Notes transferred are the Notes listed in such Prospectus opposite such
owner's name.

Dated:

                                       Very truly yours,

                                            -----------------------------------
                                            (Name)

                                       By:
                                            -----------------------------------
                                            (Authorized Signature)

                                      B-1<PAGE>

                                                                     EXHIBIT 4.3

            REGISTRATION RIGHTS AGREEMENT, dated as of April 30, 2004, by and
between Hanmi Financial Corporation, a Delaware corporation (together with any
successor entity, herein referred to as the "ISSUER"), and the purchasers named
on the signature pages hereto (the "INVESTORS").

            Pursuant to the Securities Purchase Agreements, each dated as of
December 22, 2003, between the Issuer and the Investors (the "PURCHASE
AGREEMENTS"), (i) the Investors have agreed to purchase from the Issuer the
respective numbers of shares (the "SHARES") of common stock, $0.001 par value
per share, of the Issuer (the "COMMON STOCK") set forth on the signature pages
to the Purchase Agreements, and (ii) the Issuer has agreed to enter into a
registration rights agreement with the Investors on the terms set forth in the
Purchase Agreements.

            The parties hereby agree as follows:

            1. DEFINITIONS. As used in this Agreement, the following capitalized
terms shall have the following meanings:

            AGREEMENT: This Registration Rights Agreement, as amended, modified
      or otherwise supplemented from time to time in accordance with the terms
      hereof.

            BLUE SKY APPLICATION: As defined in Section 5(a) hereof.

            BUSINESS DAY: A day other than a Saturday or Sunday or any day on
      which banking institutions in The City of Los Angeles are authorized or
      obligated by law or executive order to close.

            COMMISSION: Securities and Exchange Commission.

            COMMON STOCK: As defined in the preamble hereto.

            EFFECTIVENESS PERIOD: As defined in Section 2(a)(iii) hereof.

            EXCHANGE ACT: Securities Exchange Act of 1934, as amended, and the
      rules and regulations of the Commission thereunder.

            HOLDER: A Person who owns, beneficially or otherwise, Transfer
      Restricted Securities.

            INDEMNIFIED HOLDER: As defined in Section 5(a) hereof.

            INVESTORS: As defined in the preamble hereto.

            ISSUER: As defined in the preamble hereto.

            MAJORITY OF HOLDERS: Holders holding more than 50% of the aggregate
      number of Transfer Restricted Securities outstanding at the applicable
      point in time.

            NASD: National Association of Securities Dealers, Inc.

<PAGE>
                                                                               2

            PERSON: An individual, partnership, corporation, unincorporated
      organization, limited liability company, trust, joint venture or a
      government or agency or political subdivision thereof.

            PRIVATE PLACEMENT: The private placement of 3,947,369 shares of
      Common Stock pursuant to the Purchase Agreements.

            PROSPECTUS: The prospectus included in the Shelf Registration
      Statement, as amended or supplemented by any prospectus supplement and by
      all other amendments thereto, including post-effective amendments, and all
      material incorporated by reference into such Prospectus.

            PURCHASE AGREEMENTS: As defined in the preamble hereto.

            QUESTIONNAIRE: As defined in Section 2(b) hereof.

            QUESTIONNAIRE DEADLINE: As defined in Section 2(b) hereof.

            SECURITIES ACT: Securities Act of 1933, as amended, and the rules
      and resolutions of the Commission thereunder.

            SHARES: As defined in the preamble hereto.

            SHELF FILING DEADLINE: As defined in Section 2(a)(i) hereof.

            SHELF REGISTRATION STATEMENT: As defined in Section 2(a)(i) hereof.

            SUSPENSION NOTICE. As defined in Section 3(c) hereof.

            SUSPENSION PERIOD. As defined in Section 3(b)(i) hereof.

            TRANSFER RESTRICTED SECURITIES: Each share of Common Stock issued in
      the Private Placement (including the Shares) until the earlier of:

                  (i) the date on which such share has been effectively
            registered under the Securities Act and disposed of in accordance
            with the Shelf Registration Statement;

                  (ii) the date on which such share is transferred in compliance
            with Rule 144 under the Securities Act or may be sold or transferred
            by a person who is not an affiliate of the Issuer pursuant to Rule
            144 under the Securities Act (or any other similar provision then in
            force) without any volume or manner of sale restrictions thereunder;
            or

                  (iii) the date on which such share ceases to be outstanding
            (whether as a result of repurchase by the Issuer or otherwise).

<PAGE>
                                                                               3

            UNDERWRITTEN REGISTRATION OR UNDERWRITTEN OFFERING: A registration
      in which Transfer Restricted Securities of the Issuer are sold to an
      underwriter for reoffering to the public.

            2. SHELF REGISTRATION.

            (a) The Issuer shall:

                  (i) not later than 90 days after the date hereof (the "SHELF
            FILING DEADLINE"), cause to be filed a registration statement
            pursuant to Rule 415 under the Securities Act (together with any
            amendments thereto, and including any documents incorporated by
            reference therein, the "SHELF REGISTRATION STATEMENT"), which Shelf
            Registration Statement shall provide for resales of all Transfer
            Restricted Securities held by Holders that have provided the
            information required pursuant to the terms of Section 2(b) hereof;

                  (ii) use its reasonable best efforts to cause the Shelf
            Registration Statement to be declared effective by the Commission as
            promptly as practicable but in any event not later than 60 days
            after the date of filing; and

                  (iii) use its reasonable best efforts to keep the Shelf
            Registration Statement continuously effective, supplemented and
            amended as required by the provisions of Section 3(b) hereof to the
            extent necessary to ensure that it (A) is available for resales by
            the Holders of Transfer Restricted Securities entitled to the
            benefit of this Agreement and (B) conforms with the requirements of
            this Agreement and the Securities Act for a period (the
            "EFFECTIVENESS PERIOD") of:

                        (1) one year following the date of effectiveness of the
                  Shelf Registration Statement; or

                        (2) such shorter period that will terminate when (x) all
                  of the Holders of Transfer Restricted Securities are able to
                  sell all Transfer Restricted Securities immediately without
                  restriction pursuant to Rule 144(k) under the Securities Act
                  or any successor rule thereto, (y) when all Transfer
                  Restricted Securities have ceased to be outstanding (whether
                  as a result of repurchase by the Issuer or otherwise) or (z)
                  all Transfer Restricted Securities registered under the Shelf
                  Registration Statement have been sold;

            provided, however, that the one year period in Section 2(a)(iii)(1)
      shall be extended by a period equal to the aggregate number of days in any
      and all "Suspension Periods" under Section 3(a)(i).

            (b) To have its Transfer Restricted Securities included in the Shelf
Registration Statement pursuant to this Agreement, each Holder shall complete
the Selling Securityholder Notice and Questionnaire, the form of which is
attached as Annex A hereto (the "QUESTIONNAIRE"). The Issuer shall mail the
Questionnaire to each Holder not less than 20 Business Days (but not more than
40 Business Days) prior to the time the Issuer intends in good

<PAGE>
                                                                               4

faith to have the Shelf Registration Statement declared effective by the
Commission. Holders are required to complete and deliver the Questionnaire to
the Issuer within 20 Business Days after the Issuer's date of mailing thereof
(the "QUESTIONNAIRE DEADLINE"). Upon receipt of a Questionnaire from a Holder on
or prior to the Questionnaire Deadline, the Issuer shall include such Holder's
Transfer Restricted Securities in the Shelf Registration Statement and the
Prospectus. Holders that do not complete the Questionnaire and deliver it to the
Issuer prior to the Questionnaire Deadline shall not be named as a selling
Holder in the Prospectus or any preliminary Prospectus included in the Shelf
Registration Statement and therefore shall not be permitted to sell any Transfer
Restricted Securities pursuant to the Shelf Registration Statement.

            (c) Upon receipt of written request for additional information from
the Issuer, each Holder who intends to be named as a selling securityholder in
the Shelf Registration Statement shall furnish to the Issuer in writing, within
20 Business Days after such Holder's receipt of such request, such additional
information regarding such Holder and the proposed distribution by such Holder
of its Transfer Restricted Securities, in connection with the Shelf Registration
Statement or Prospectus or Preliminary Prospectus included therein and in any
application to be filed with or under state securities law, as the Issuer may
reasonably request. In connection with all such requests for information from
Holders of Transfer Restricted Securities, the Issuer shall notify such Holders
of the requirements set forth in this paragraph regarding their obligation to
provide the information requested pursuant to this Section 2(c). Each Holder as
to which the Shelf Registration Statement is being filed agrees to furnish
promptly to the Issuer all information required to be disclosed in order to make
information previously furnished to the Issuer by such Holder not materially
misleading.

            3. REGISTRATION PROCEDURES.

            (a) In connection with the Shelf Registration Statement and any
Prospectus required by this Agreement to permit the sale of Transfer Restricted
Securities by the Holders thereof, the Issuer shall:

                  (i) Subject to any notice by the Issuer in accordance with
            this Section 3(a) of the existence of any fact or event of the kind
            described in Section 3(a)(iii)(D), use its reasonable best efforts
            to keep the Shelf Registration Statement continuously effective
            during the Effectiveness Period; upon the occurrence of any event
            that would cause the Shelf Registration Statement or the Prospectus
            contained therein (A) to contain a material misstatement or omission
            or (B) not be effective and usable for resale of Transfer Restricted
            Securities during the Effectiveness Period, the Issuer shall file
            promptly an appropriate amendment to the Shelf Registration
            Statement, a supplement to the Prospectus or a report with the
            Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the
            Exchange Act, in the case of clause (A), correcting any such
            misstatement or omission, and, in the case of either clause (A) or
            (B), use its reasonable best efforts to cause such amendment to be
            declared effective and the Shelf Registration Statement and the
            related Prospectus to become usable for their intended purposes as
            soon as practicable thereafter. Notwithstanding the foregoing, the
            Issuer may suspend the effectiveness of the Shelf Registration

<PAGE>
                                                                               5

            Statement by written notice to the Holders for a period not to
            exceed an aggregate of 45 days in any 90-day period (each such
            period, a "SUSPENSION PERIOD") if:

                        (x) an event occurs and is continuing as a result of
                  which the Shelf Registration Statement would, in the Issuer's
                  good faith judgment, contain an untrue statement of a material
                  fact or omit to state a material fact required to be stated
                  therein or necessary to make the statements therein not
                  misleading; and

                        (y) the Issuer reasonably determines that the disclosure
                  of such event at such time would have a material adverse
                  effect on the business of the Issuer and its subsidiaries,
                  taken as a whole;

            provided that in the event the disclosure relates to a previously
            undisclosed proposed or pending material business transaction, the
            disclosure of which would impede the Issuer's ability to consummate
            such transaction, the Issuer may extend a Suspension Period from 45
            days to 75 days; provided, however, that Suspension Periods shall
            not exceed an aggregate of 90 days in any 360-day period.

                  (ii) Prepare and file with the Commission such amendments and
            post-effective amendments to the Shelf Registration Statement as may
            be necessary to keep the Shelf Registration Statement effective
            during the Effectiveness Period; cause the Prospectus to be
            supplemented by any required Prospectus supplement, and as so
            supplemented to be filed pursuant to Rule 424 under the Securities
            Act, and to comply fully with the applicable provisions of Rules 424
            and 430A under the Securities Act in a timely manner; and comply
            with the provisions of the Securities Act with respect to the
            disposition of all securities covered by the Shelf Registration
            Statement during the applicable period in accordance with the
            intended method or methods of distribution by the sellers thereof
            set forth in the Shelf Registration Statement or supplement to the
            Prospectus; provided, however, that in no event will such method(s)
            of distribution take the form of an Underwritten Offering without
            the prior written agreement of the Issuer, which agreement shall not
            be unreasonably withheld.

                  (iii) Advise the underwriter(s), if any, and selling Holders
            promptly (but in any event within five Business Days) and, if
            requested by such Persons, to confirm such advice in writing:

                        (A) when the Prospectus or any Prospectus supplement or
                  post-effective amendment has been filed, and, with respect to
                  the Shelf Registration Statement or any post-effective
                  amendment thereto, when the same has become effective,

                        (B) of any request by the Commission for amendments to
                  the Shelf Registration Statement or amendments or supplements
                  to the Prospectus or for additional information relating
                  thereto,

<PAGE>
                                                                               6

                        (C) of the issuance by the Commission of any stop order
                  suspending the effectiveness of the Shelf Registration
                  Statement under the Securities Act or of the suspension by any
                  state securities commission of the qualification of the
                  Transfer Restricted Securities for offering or sale in any
                  jurisdiction, or the initiation of any proceeding for any of
                  the preceding purposes, or

                        (D) of the existence of any fact or the happening of any
                  event, during the Effectiveness Period, that makes any
                  statement of a material fact made in the Shelf Registration
                  Statement, the Prospectus, any amendment or supplement
                  thereto, or any document incorporated by reference therein
                  untrue, or that requires the making of any additions to or
                  changes in the Shelf Registration Statement or the Prospectus
                  in order to make the statements therein not misleading.

            If at any time the Commission shall issue any stop order suspending
            the effectiveness of the Shelf Registration Statement, or any state
            securities commission or other regulatory authority shall issue an
            order suspending the qualification or exemption from qualification
            of the Transfer Restricted Securities under state securities or Blue
            Sky laws, the Issuer shall use its reasonable best efforts to obtain
            the withdrawal or lifting of such order at the earliest possible
            time and will provide to each Holder who is named in the Shelf
            Registration Statement prompt notice of the withdrawal of any such
            order.

                  (iv) Make available at reasonable times for inspection by one
            or more representatives of the selling Holders, designated in
            writing by a Majority of Holders whose Transfer Restricted
            Securities are included in the Shelf Registration Statement, any
            underwriter participating in any distribution pursuant to the Shelf
            Registration Statement, and any attorney or accountant retained by
            such selling Holders or any of the underwriter(s), all financial and
            other records, pertinent corporate documents and properties of the
            Issuer as shall be reasonably necessary to enable them to fulfill
            any applicable due diligence responsibilities, and cause the
            Issuer's officers, directors, managers and employees to supply all
            information reasonably requested by any such representative or
            representatives of the selling Holders, underwriter, attorney or
            accountant in connection with the Shelf Registration Statement after
            the filing thereof and before its effectiveness, provided, however,
            that any information designated by the Issuer as confidential at the
            time of delivery of such information shall be kept confidential by
            the recipient thereof and subject, upon request of the Issuer, to
            the execution of a confidentiality agreement that is reasonable in
            the context of a registered public offering.

                  (v) If requested by any selling Holders or the underwriter(s),
            if any, promptly incorporate in the Shelf Registration Statement or
            Prospectus, pursuant to a supplement or post-effective amendment if
            necessary, such information as such selling Holders and
            underwriter(s), if any, may reasonably request to have included
            therein with respect to the offering of such securities,

<PAGE>
                                                                               7

            including, without limitation: (1) information relating to the "Plan
            of Distribution" of the Transfer Restricted Securities, (2)
            information with respect to the number of shares of Common Stock
            being sold to such underwriter(s), (3) the purchase price being paid
            therefor and (4) any other terms of the offering of the Transfer
            Restricted Securities to be sold in such offering; and make all
            required filings of such Prospectus supplement or post-effective
            amendment as soon as reasonably practicable after the Issuer is
            notified of the matters to be incorporated in such Prospectus
            supplement or post-effective amendment.

                  (vi) Furnish to each selling Holder and each of the
            underwriter(s), if any, upon their request, without charge, at least
            one copy of the Shelf Registration Statement, as first filed with
            the Commission, and of each amendment thereto (and any documents
            incorporated by reference therein or exhibits thereto (or exhibits
            incorporated in such exhibits by reference) as such Person may
            request).

                  (vii) Deliver to each selling Holder and each of the
            underwriter(s), if any, without charge, as many copies of the
            Prospectus (including each preliminary prospectus) and any amendment
            or supplement thereto as such Persons reasonably may request;
            subject to any notice by the Issuer in accordance with this Section
            3(a) of the existence of any fact or event of the kind described in
            Section 3(a)(iii)(D), the Issuer hereby consents to the use of the
            Prospectus and any amendment or supplement thereto by each of the
            selling Holders and each of the underwriter(s), if any, in
            connection with the offering and the sale of the Transfer Restricted
            Securities covered by the Prospectus or any amendment or supplement
            thereto.

                  (viii) The Issuer shall:

                  (A) upon request, use its reasonable best efforts to furnish
            or cause to be furnished to each selling Holder and each
            underwriter, if any, in such substance and scope as they may
            reasonably request and as are customarily made by issuers to
            underwriters in primary underwritten offerings for selling security
            holders, upon the date of closing of any sale of Transfer Restricted
            Securities in an Underwritten Registration:

                        (1) a certificate, dated the date of such closing,
                  signed by the Chief Financial Officer of the Issuer covering
                  such matters as are customarily covered in closing
                  certificates delivered to underwriters in connection with
                  underwritten offerings of securities;

                        (2) opinions, each dated the date of such closing, of
                  counsel to the Issuer covering such matters as are customarily
                  covered in legal opinions to underwriters in connection with
                  underwritten offerings of securities; and

<PAGE>
                                                                               8

                        (3) customary comfort letters, dated the date of such
                  closing, from the Issuer's independent accountants (and from
                  any other accountants whose report is contained or
                  incorporated by reference in the Shelf Registration Statement)
                  in the customary form and covering matters of the type
                  customarily covered in comfort letters to underwriters in
                  connection with underwritten offerings of securities;

                  (B) set forth in full in the underwriting agreement, if any,
            indemnification provisions and procedures which provide rights no
            less protective than those set forth in Section 5 hereof with
            respect to all parties to be indemnified; and

                  (C) deliver such other documents and certificates as may be
            reasonably requested by such parties to evidence compliance with
            clause (A) above and with any customary conditions contained in the
            underwriting agreement or other agreement entered into by the
            selling Holders pursuant to this clause (viii).

                  (ix) Before any public offering of Transfer Restricted
            Securities, cooperate with the selling Holders, the underwriter(s),
            if any, and their respective counsel in connection with the
            registration and qualification of the Transfer Restricted Securities
            under the securities or Blue Sky laws of such jurisdictions in the
            United States as the selling Holders or underwriter(s), if any, may
            reasonably request and do any and all other acts or things necessary
            or advisable to enable the disposition in such jurisdictions of the
            Transfer Restricted Securities covered by the Shelf Registration
            Statement; provided, however, that the Issuer shall not be required
            (A) to register or qualify as a foreign corporation or a dealer of
            securities where it is not now so qualified or to take any action
            that would subject it to the service of process in any jurisdiction
            where it is not now so subject or (B) to subject itself to taxation
            in any such jurisdiction if it is not now so subject.

                  (x) Cooperate with the selling Holders and the underwriter(s),
            if any, to facilitate the timely preparation and delivery of
            certificates representing Transfer Restricted Securities to be sold
            and not bearing any restrictive legends (unless required by
            applicable securities laws); and enable such Transfer Restricted
            Securities to be in such denominations and registered in such names
            as the selling Holders or the underwriter(s), if any, may request at
            least two Business Days before any sale of Transfer Restricted
            Securities made by such selling Holders or underwriter(s).

                  (xi) Use its reasonable best efforts to cause the Transfer
            Restricted Securities covered by the Shelf Registration Statement to
            be registered with or approved by such other U.S. governmental
            agencies or authorities as may be necessary to enable the seller or
            sellers thereof or the underwriter(s), if any, to consummate the
            disposition of such Transfer Restricted Securities.

                  (xii) Subject to Section 3(a)(i) hereof, if any fact or event
            contemplated by Section 3(a)(iii)(D) hereof shall exist or have
            occurred, use its

<PAGE>
                                                                               9

            reasonable best efforts to prepare a supplement or post-effective
            amendment to the Shelf Registration Statement or related Prospectus
            or any document incorporated therein by reference or file any other
            required document so that, as thereafter delivered to the purchasers
            of Transfer Restricted Securities, the Prospectus will not contain
            an untrue statement of a material fact or omit to state any material
            fact required to be stated therein or necessary to make the
            statements therein, in light of the circumstances in which they were
            made, not misleading.

                  (xiii) Provide CUSIP numbers for all Transfer Restricted
            Securities not later than the effective date of the Shelf
            Registration Statement and provide the transfer agent with
            certificates for the Shares that are in a form eligible for deposit
            with The Depository Trust Company.

                  (xiv) Cooperate and provide such information as may be
            required in any filings required to be made with the NASD and in the
            performance of any due diligence investigation by any underwriter
            that is required to be retained in accordance with the rules and
            regulations of the NASD.

                  (xv) Otherwise use its reasonable best efforts to comply with
            all applicable rules and regulations of the Commission and all
            reporting requirements under the Exchange Act.

                  (xvi) Provide to each Holder upon written request each
            document filed with the Commission pursuant to the requirements of
            Section 13 and Section 15 of the Exchange Act after the effective
            date of the Shelf Registration Statement.

            (b) Each Holder agrees by acquisition of a Transfer Restricted
Security that, upon receipt of any notice (a "SUSPENSION NOTICE") from the
Issuer of the existence of any fact or the occurrence of any event of the kind
described in Section 3(a)(iii)(D) hereof, such Holder will, and will use its
reasonable best efforts to cause any underwriter(s) in an Underwritten Offering
to, forthwith discontinue disposition of Transfer Restricted Securities pursuant
to the Shelf Registration Statement until:

                  (i) such Holder has received copies of the supplemented or
            amended Prospectus contemplated by Section 3(a)(xii) hereof; or

                  (ii) such Holder is advised in writing by the Issuer that the
            use of the Prospectus may be resumed.

If so directed by the Issuer, each Holder will deliver to the Issuer (at the
Issuer's expense) all copies, other than permanent file copies then in such
Holder's possession, of the Prospectus covering such Transfer Restricted
Securities that was current at the time of receipt of such Suspension Notice.

            (c) Following the effectiveness of the Shelf Registration Statement,
each Holder shall notify the Issuer at least three Business Days prior to any
intended distribution of Transfer

<PAGE>
                                                                              10

Restricted Securities pursuant to the Shelf Registration Statement, which notice
shall be effective for five Business Days.

            4. REGISTRATION EXPENSES. All expenses incident to the Issuer's
performance of or compliance with this Agreement shall be borne by the Issuer
regardless of whether a Shelf Registration Statement becomes effective,
including, without limitation:

                  (i) all registration and filing fees and expenses;

                  (ii) all fees and expenses of compliance with federal
            securities and state Blue Sky or securities laws;

                  (iii) all expenses of printing (including printing of
            Prospectuses and certificates for the Common Stock) and the Issuer's
            expenses for messenger and delivery services and telephone;

                  (iv) all fees and disbursements of counsel to the Issuer;

                  (v) all application and filing fees in connection with listing
            (or authorizing for quotation) the Common Stock on a national
            securities exchange or automated quotation system pursuant to the
            requirements hereof; and

                  (vi) all fees and disbursements of independent certified
            public accountants of the Issuer (including the expenses of any
            special audit and comfort letters required by or incident to such
            performance).

            The Issuer shall bear its internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing
legal, accounting or other duties), the expenses of any annual audit and the
fees and expenses of any Person, including special experts, retained by the
Issuer.

            5. INDEMNIFICATION AND CONTRIBUTION. The Issuer shall indemnify and
hold harmless each Holder, such Holder's officers, directors, partners and
employees and each person, if any, who controls such Holder within the meaning
of the Securities Act (each, an "INDEMNIFIED HOLDER"), from and against any
loss, claim, damage or liability, joint or several, or any action in respect
thereof (including, but not limited to, any loss, claim, damage, liability or
action relating to resales of the Transfer Restricted Securities), to which such
Indemnified Holder may become subject, insofar as any such loss, claim, damage,
liability or action arises out of, or is based upon:

            (i) any untrue statement or alleged untrue statement of a material
      fact contained in (A) the Shelf Registration Statement or Prospectus or
      any amendment or supplement thereto or (B) any blue sky application or
      other document or any amendment or supplement thereto prepared or executed
      by the Issuer (or based upon written information furnished by or on behalf
      of the Issuer expressly for use in such blue sky application or other
      document or amendment on supplement) filed in any jurisdiction
      specifically for the purpose of qualifying any or all of the Transfer
      Restricted Securities

<PAGE>
                                                                              11

      under the securities law of any state or other jurisdiction (such
      application or document being hereinafter called a "BLUE SKY
      APPLICATION"); or

            (ii) the omission or alleged omission to state therein any material
      fact required to be stated therein or necessary to make the statements
      therein, in the light of the circumstances under which they were made, not
      misleading,

and shall reimburse each Indemnified Holder promptly upon demand for any legal
or other expenses reasonably incurred by such Indemnified Holder in connection
with investigating or defending or preparing to defend against any such loss,
claim, damage, liability or action as such expenses are incurred; provided,
however, that the Issuer shall not be liable in any such case to the extent that
any such loss, claim, damage, liability or action arises out of, or is based
upon, any untrue statement or alleged untrue statement or omission or alleged
omission made in the Shelf Registration Statement or Prospectus or amendment or
supplement thereto or Blue Sky Application in reliance upon and in conformity
with written information furnished to the Issuer by or on behalf of such Holder
(or its related Indemnified Holder) specifically for use therein; provided,
further, that the Issuer shall not be liable for any loss, liability, claim,
damage or expense to the extent that it arises from (1) an offer or sale of
Transfer Restricted Securities occurring during a Suspension Period, provided
that such Holder shall have received a Suspension Notice with respect to such
Suspension Period prior to such offer or sale or (2) an untrue statement or
omission or alleged untrue statement or omission of a material fact contained in
a Prospectus, if (x) the Holder failed to deliver, at or prior to the written
confirmation of sale, a Prospectus that was amended or supplemented, (y) such
Prospectus, as amended or supplemented, would have corrected the untrue
statement or omission or alleged untrue statement or omission and (z) the
Prospectus, as amended or supplemented, had been delivered to such Holder prior
to the time of written confirmation of sale referred to in the preceding clause
(x). The foregoing indemnity agreement is in addition to any liability which the
Issuer may otherwise have to any Indemnified Holder.

            (b) Each Holder, severally and not jointly, shall indemnify and hold
harmless the Issuer, its officers, directors and employees and each person, if
any, who controls the Issuer within the meaning of the Securities Act, from and
against any loss, claim, damage or liability, joint or several, or any action in
respect thereof, to which the Issuer or any such officer, director, employee or
controlling person may become subject, insofar as any such loss, claim, damage
or liability or action arises out of, or is based upon:

            (i) any untrue statement or alleged untrue statement of any material
      fact contained in the Shelf Registration Statement or Prospectus or any
      amendment or supplement thereto or any Blue Sky Application; or

            (ii) the omission or the alleged omission to state therein any
      material fact required to be stated therein or necessary to make the
      statements therein, in light of the circumstances under which they were
      made, not misleading,

but in each case only to the extent that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Issuer by or on behalf of
such Holder (or its related Indemnified

<PAGE>
                                                                              12

Holder) specifically for use therein, and shall reimburse the Issuer and any
such officer, director, employee or controlling person promptly upon demand for
any legal or other expenses reasonably incurred by the Issuer or any such
officer, director, employee or controlling person in connection with
investigating or defending or preparing to defend against any such loss, claim,
damage, liability or action as such expenses are incurred. The foregoing
indemnity agreement is in addition to any liability which any Holder may
otherwise have to the Issuer and any such officer, director, employee or
controlling person. The indemnification obligation set forth in this Section
5(b) shall be limited to the amount of proceeds received by such Holder in
connection with the resale of such Holder's Transfer Restricted Securities.

            (c) Promptly after receipt by an indemnified party under this
Section 5 of notice of any claim or the commencement of any action, the
indemnified party shall, if a claim in respect thereof is to be made against the
indemnifying party under this Section 5, notify the indemnifying party in
writing of the claim or the commencement of that action; provided, however, that
the failure to notify the indemnifying party shall not relieve it from any
liability which it may have under this Section 5 except to the extent it has
been materially prejudiced by such failure and, provided, further, that the
failure to notify the indemnifying party shall not relieve it from any liability
which it may have to an indemnified party otherwise than under this Section 5.
If any such claim or action shall be brought against an indemnified party, and
it shall notify the indemnifying party thereof, the indemnifying party shall be
entitled to participate therein and, to the extent that it wishes, jointly with
any other similarly notified indemnifying party, to assume the defense thereof
with counsel reasonably satisfactory to the indemnified party. After notice from
the indemnifying party to the indemnified party of its election to assume the
defense of such claim or action, the indemnifying party shall not be liable to
the indemnified party under this Section 5 for any legal or other expenses
subsequently incurred by the indemnified party in connection with the defense
thereof other than reasonable costs of investigation; provided, however, that a
Majority of Holders shall have the right to employ a single counsel to represent
jointly a Majority of Holders and their respective officers, directors,
partners, employees and controlling persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by a
Majority of Holders against the Issuer under this Section 5, if a Majority of
Holders seeking indemnification shall have been advised by legal counsel that
there may be one or more legal defenses available to them and their respective
officers, employees and controlling persons that are different from or
additional to those available to the Issuer and its officers, directors,
employees and controlling persons, the fees and expenses of a single separate
counsel shall be paid by the Issuer. No indemnifying party shall:

            (i) without the prior written consent of the indemnified parties
      (which consent shall not be unreasonably withheld) settle or compromise or
      consent to the entry of any judgment with respect to any pending or
      threatened claim, action, suit or proceeding in respect of which
      indemnification or contribution may be sought hereunder (whether or not
      the indemnified parties are actual or potential parties to such claim or
      action) unless such settlement, compromise or consent includes an
      unconditional release of each indemnified party from all liability arising
      out of such claim, action, suit or proceeding, or

            (ii) be liable for any settlement of any such action effected
      without its written consent (which consent shall not be unreasonably
      withheld), but if settled with its

<PAGE>
                                                                              13

      written consent or if there be a final judgment for the plaintiff in any
      such action, the indemnifying party agrees to indemnify and hold harmless
      any indemnified party from and against any loss or liability by reason of
      such settlement or judgment.

            (d) If the indemnification provided for in this Section 5 shall for
any reason be unavailable or insufficient to hold harmless an indemnified party
under Section 5(a) or 5(b) in respect of any loss, claim, damage or liability
(or action in respect thereof) referred to therein, each indemnifying party
shall, in lieu of indemnifying such indemnified party, contribute to the amount
paid or payable by such indemnified party as a result of such loss, claim,
damage or liability (or action in respect thereof):

            (i) in such proportion as is appropriate to reflect the relative
      benefits received by the Issuer from the offering and sale of the Transfer
      Restricted Securities on the one hand and a Holder with respect to the
      sale by such Holder of the Transfer Restricted Securities on the other, or

            (ii) if the allocation provided by Section 5(d)(i) is not permitted
      by applicable law, in such proportion as is appropriate to reflect not
      only the relative benefits referred to in Section 5(d)(i) but also the
      relative fault of the Issuer on the one hand and the Holders on the other
      in connection with the statements or omissions or alleged statements or
      alleged omissions that resulted in such loss, claim, damage or liability
      (or action in respect thereof), as well as any other relevant equitable
      considerations.

The relative fault of the parties shall be determined by reference to whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the
Issuer on the one hand or the Holders on the other, the intent of the parties
and their relative knowledge, access to information and opportunity to correct
or prevent such statement or omission. The Issuer and each Holder agree that it
would not be just and equitable if the amount of contribution pursuant to this
Section 5(d) were determined by pro rata allocation or by any other method of
allocation that does not take into account the equitable considerations referred
to in the first sentence of this paragraph (d). The amount paid or payable by an
indemnified party as a result of the loss, claim, damage or liability, or action
in respect thereof, referred to above in this Section 5 shall be deemed to
include, for purposes of this Section 5, any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending
or preparing to defend any such action or claim. Notwithstanding the provisions
of this Section 5, no Holder shall be required to contribute any amount in
excess of the amount by which the total price at which the Transfer Restricted
Securities purchased by it were resold exceeds the amount of any damages which
such Holder has otherwise been required to pay by reason of any 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 Holders' obligations to
contribute as provided in this Section 5(d) are several and not joint.

            6. AVAILABLE INFORMATION. In the event the Issuer is not subject to
Section 13 or 15(d) of the Exchange Act, the Issuer hereby agrees with each
Holder, for so long as any Transfer Restricted Securities remain outstanding, to
make available to any Holder or beneficial

<PAGE>
                                                                              14

owner of Transfer Restricted Securities in connection with any sale thereof and
any prospective purchaser of such Transfer Restricted Securities from such
Holder or beneficial owner, the information required by Rule 144A(d)(4) under
the Securities Act in order to permit resales of such Transfer Restricted
Securities pursuant to Rule 144A. For a period of two years after the date of
this Agreement, the Issuer shall timely file all reports required to be filed by
Section 13 or 15(d) of the Exchange Act or, if the Issuer is not then subject to
Section 13 or 15(d) of the Exchange Act, make publicly available the information
required by Rule 144(c)(2).

            7. PARTICIPATION IN UNDERWRITTEN REGISTRATIONS. No Holder may
participate in any Underwritten Registration hereunder unless such Holder:

            (i) agrees to sell such Holder's Transfer Restricted Securities on
      the basis provided in any underwriting arrangements approved by the
      Persons entitled hereunder to approve such arrangements; and

            (ii) completes and executes all reasonable questionnaires, powers of
      attorney, indemnities, underwriting agreements, lock-up letters and other
      documents required under the terms of such underwriting arrangements.

            8. SELECTION OF UNDERWRITERS. The Holders of Transfer Restricted
Securities covered by the Shelf Registration Statement who desire to do so may
sell such Transfer Restricted Securities in an Underwritten Offering if approved
by the Issuer, as provided in Section 3(a)(ii). In any such Underwritten
Offering, the investment banker or investment bankers and manager or managers
that will administer the offering will be selected by a Majority of Holders
whose Transfer Restricted Securities are included in such offering; provided,
that such investment bankers and managers must be reasonably satisfactory to the
Issuer.

            9. MISCELLANEOUS.

            (a) REMEDIES. The Issuer acknowledges and agrees that any failure by
the Issuer to comply with its obligations under Section 2 hereof may result in
material irreparable injury to the Holders for which there is no adequate remedy
at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of any such failure, any Holder may obtain such
relief as may be required to specifically enforce the Issuer's obligations under
Section 2 hereof. The Issuer further agrees to waive the defense in any action
for specific performance that a remedy at law would be adequate.

            (b) NO INCONSISTENT AGREEMENTS. The Issuer will not, on or after the
date of this Agreement, enter into any agreement with respect to its securities
that is inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof. In addition, the Issuer shall
not grant to any of its security holders (other than the Holders of Transfer
Restricted Securities in such capacity) the right to include any of its
securities in the Shelf Registration Statement provided for in this Agreement
other than the Transfer Restricted Securities. The Issuer has not previously
entered into any agreement (which has not expired or been terminated) granting
any registration rights with respect to its securities to any Person which
rights conflict with the provisions hereof.

<PAGE>
                                                                              15

            (c) AMENDMENTS AND WAIVERS. This Agreement may not be amended,
modified or supplemented, and waivers or consents to or departures from the
provisions hereof may not be given, unless the Issuer has obtained the written
consent of a Majority of Holders.

            (d) NOTICES. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telex, facsimile
transmission, or air courier guaranteeing overnight delivery:

                  (i) if to a Holder, at the address set forth in the most
            recent Questionnaire delivered by the Holder to the Issuer or, if
            none, on the records of the transfer agent of the Common Stock; and

                  (ii) if to the Issuer:

                        Hanmi Financial Corporation
                        3660 Wilshire Boulevard
                        Penthouse Suite A
                        Los Angeles, CA 90010
                        Attention: Stephanie Yoon
                        Fax: (213) _________
                        Telephone: (213) 427-5631

                        With a copy to:

                        Simpson Thacher & Bartlett LLP
                        425 Lexington Avenue
                        New York, NY 10017
                        Attention: Lee Meyerson
                        Fax: (212) 455-2502
                        Telephone: (212) 455-3675

            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 acknowledged, if transmitted by
facsimile; and on the next Business Day, if timely delivered to an air courier
guaranteeing overnight delivery.

            (e) SUCCESSORS AND ASSIGNS. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including without limitation and without the need for an express
assignment, subsequent Holders of Transfer Restricted Securities; provided,
however, that (i) this Agreement shall not inure to the benefit of or be binding
upon a successor or assign of a Holder unless and to the extent such successor
or assign acquired Transfer Restricted Securities from such Holder and (ii)
nothing contained herein shall be deemed to permit any assignment, transfer or
other disposition of Transfer Restricted Securities in violation of the terms of
the Purchase Agreement. If any transferee of any Holder shall acquire Transfer
Restricted Securities, in any manner, whether by operation of law or

<PAGE>
                                                                              16

otherwise, such Transfer Restricted Securities shall be held subject to all of
the terms of this Agreement, and by taking and holding such Transfer Restricted
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.

            (f) 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.

            (g) SECURITIES HELD BY THE ISSUER OR ITS AFFILIATES. Whenever the
consent or approval of Holders of a specified percentage of Transfer Restricted
Securities is required hereunder, Transfer Restricted Securities held by the
Issuer or its "affiliates" (as such term is defined in Rule 405 under the
Securities Act) shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage.

            (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, and
construed in accordance with, the law of the State of California.

            (j) SEVERABILITY. If 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) ENTIRE AGREEMENT. This Agreement is intended by the parties as a
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted by the Issuer with respect to
the Transfer Restricted Securities. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

<PAGE>

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

                                          HANMI FINANCIAL CORPORATION

                                          By:    /s/ Jae Whan Yoo
                                              ----------------------------------
                                              Name:  Jae Whan Yoo
                                              Title: President and CEO

                                          INVESTOR

                                          Peter H. Huzenga

                                          By:    /s/ Peter H. Huizenga
                                              ----------------------------------
                                              Name:  Peter H. Huizenga
                                              Title:

<PAGE>

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

                                          HANMI FINANCIAL CORPORATION

                                          By:    /s/ Jae Whan Yoo
                                              ----------------------------------
                                              Name:  Jae Whan Yoo
                                              Title: President and CEO

                                          INVESTOR

                                          The Timothy D. Huizenga Trust
                                          -----------------------------
                                          U/T/A 8/17/98

                                          By:    /s/ Peter H. Huizenga
                                              ----------------------------------
                                              Name:  Peter H. Huizenga
                                              Title: Trustee

Registration Rights Agreement
<PAGE>

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

                                          HANMI FINANCIAL CORPORATION

                                          By:    /s/ Jae Whan Yoo
                                              ----------------------------------
                                              Name:  Jae Whan Yoo
                                              Title: President and CEO

                                          INVESTOR

                                          The Peter H. Huizenga, Jr. Trust
                                          --------------------------------
                                          U/T/A 12/24/96

                                          By:    /s/ Peter H. Huizenga
                                              ----------------------------------
                                              Name:  Peter H. Huizenga
                                              Title: Trustee

Registration Rights Agreement
<PAGE>

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

                                          HANMI FINANCIAL CORPORATION

                                          By:    /s/ Jae Whan Yoo
                                              ----------------------------------
                                              Name:  Jae Whan Yoo
                                              Title: President and CEO

                                          INVESTOR

                                          The Greta Huizenga Trust
                                          ------------------------
                                          U/T/A 5/31/97

                                          By:    /s/ Peter H. Huizenga
                                              ----------------------------------
                                              Name:  Peter H. Huizenga
                                              Title: Trustee

Registration Rights Agreement
<PAGE>

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

                                          HANMI FINANCIAL CORPORATION

                                          By:    /s/ Jae Whan Yoo
                                              ----------------------------------
                                              Name:  Jae Whan Yoo
                                              Title: President and CEO

                                          INVESTOR

                                          The Besty Huizenga Trust
                                          ------------------------
                                          U/T/A 3/11/92

                                          By:    /s/ Peter H. Huizenga
                                              ----------------------------------
                                              Name:  Peter H. Huizenga
                                              Title: Trustee

Registration Rights Agreement
<PAGE>

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

                                          HANMI FINANCIAL CORPORATION

                                          By:    /s/ Jae Whan Yoo
                                              ----------------------------------
                                              Name:  Jae Whan Yoo
                                              Title: President and CEO

                                          INVESTOR

                                          Wellington Mangement Company, LLP.

                                          as Investment Advisor on behalf of the
                                          client accounts detailed on the
                                          attached Schedule A

                                          By:    /s/ Julie A. Jenkins
                                              ----------------------------------
                                              Name:  Julie A. Jenkins
                                              Title: Vice President and Counsel

Registration Rights Agreement
<PAGE>

                                   SCHEDULE A

<TABLE>
<CAPTION>
       INVESTOR LEGAL NAME                       REGISTRATION NAME
<S>                                       <C>
Wolf Creek Investors (Bermuda) L.P.       Wolf Creek Investors (Bermuda) L.P.
First Financial Fund, Inc.                Hare & Co
Bay Pond Investors (Bermuda) L.P.         Bay Pond Investors (Bermuda) L.P.
Bay Pond Partners, L.P.                   Bay Pond Partners, L.P.
Aramus Portfolio Ltd.                     Aramus Portfolio Ltd.
Wolf Creek Partners, L.P.                 Wolf Creek Partners, L.P.
</TABLE>

Registration Rights Agreement
<PAGE>

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

                                          HANMI FINANCIAL CORPORATION

                                          By:    /s/ Jae Whan Yoo
                                              ----------------------------------
                                              Name:  Jae Whan Yoo
                                              Title: President and CEO

                                          INVESTOR

                                          Financial Stocks Capital Partners II
                                          L.P.

                                          By: Financial Stocks, Inc.
                                          Its: General Partner

                                          By:    /s/ Steven N. Stein
                                              ----------------------------------
                                              Name:  Steven N. Stein
                                              Title: Chairman & Chief Executive
                                                     Officer

Registration Rights Agreement
<PAGE>

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

                                          HANMI FINANCIAL CORPORATION

                                          By:    /s/ Jae Whan Yoo
                                              ----------------------------------
                                              Name:  Jae Whan Yoo
                                              Title: President and CEO

                                          INVESTOR

                                          Financial Stocks Capital Partners III,
                                          L.P.

                                          By: Finstocks Capital Management, LLC
                                          Its: General Partner

                                          By:    /s/ Steven N. Stein
                                              ----------------------------------
                                              Name:  Steven N. Stein
                                              Title: Chairman & Chief Executive
                                                     Officer

Registration Rights Agreement
<PAGE>

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

                                     HANMI FINANCIAL CORPORATION

                                     By:       /s/ Jae Whan Yoo
                                         --------------------------------
                                         Name:  Jae Whan Yoo
                                         Title: President and CEO

                                     INVESTORS

                                     Third Point Partners LP

                                     Third Point Offshore Fund Ltd.

                                     Points West International Investments, Ltd.

                                     Banzai Partners LP

                                     Banzai Offshore Fund Ltd.

                                     By:    /s/ Lloyd Blumberg
                                         --------------------------------
                                         Name:  Lloyd Blumberg
                                         Title: Chief Operating Officer

Registration Rights Agreement
<PAGE>

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

                                            HANMI FINANCIAL CORPORATION

                                            By:    /s/ Jae Whan Yoo
                                                --------------------------------
                                                Name:  Jae Whan Yoo
                                                Title: President and CEO

                                            INVESTOR

                                            J. David Rosenberg

                                            By:    /s/ J. David Rosenberg
                                                --------------------------------
                                                Name:
                                                Title:

Registration Rights Agreement
<PAGE>

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

                                            HANMI FINANCIAL CORPORATION

                                            By:    /s/ Jae Whan Yoo
                                                --------------------------------
                                                Name:  Jae Whan Yoo
                                                Title: President and CEO

                                            INVESTOR

                                            Lawrence Partners, LP.

                                            By:    /s/ Lawrence Garshofsky
                                                --------------------------------
                                                Name:  Lawrence Garshofsky
                                                Title: Manager

Registration Rights Agreement
<PAGE>

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

                                            HANMI FINANCIAL CORPORATION

                                            By:      /s/ Jae Whan Yoo
                                                --------------------------------
                                                Name:  Jae Whan Yoo
                                                Title: President and CEO

                                            INVESTOR

                                            Lawrence Offshore Partners, LLC

                                            By:     /s/ Lawrence Garshofsky
                                                --------------------------------
                                                Name:  Lawrence Garshofsky
                                                Title: Manager

Registration Rights Agreement
<PAGE>

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

                                            HANMI FINANCIAL CORPORATION

                                            By:     /s/ Jae Whan Yoo
                                                --------------------------------
                                                Name:  Jae Whan Yoo
                                                Title: President and CEO

                                            INVESTOR

                                            Value Realization Fund

                                            By:     /s/ Lawrence Garshofsky
                                                --------------------------------
                                                Name:  Lawrence Garshofsky
                                                Title: Manager

Registration Rights Agreement
<PAGE>

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

                                          HANMI FINANCIAL CORPORATION

                                          By:      /s/ Jae Whan Yoo
                                              --------------------------------
                                              Name:  Jae Whan Yoo
                                              Title: President and CEO

                                          INVESTOR

                                          BANC FUND V L.P.

                                          By: MidBanc V L.P.

                                          an Illinois limited partnership,
                                          Its General Partner

                                          By: THE BANC FUNDS COMPANY, L.L.C.

                                          an Illinois limited liability company,
                                          Its General Partner

                                          By:      /s/ Charles J. Moore
                                              --------------------------------
                                              Name:  Charles J. Moore
                                              Title: Member

Registration Rights Agreement
<PAGE>

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

                                          HANMI FINANCIAL CORPORATION

                                          By:     /s/ Jae Whan Yoo
                                              --------------------------------
                                              Name:  Jae Whan Yoo
                                              Title: President and CEO

                                          INVESTOR

                                          BANC FUND VI L.P.

                                          By: MidBanc VI L.P.

                                          an Illinois limited partnership,
                                          Its General Partner

                                          By: THE BANC FUNDS COMPANY, L.L.C.

                                          an Illinois limited liability company,
                                          Its General Partner

                                          By:     /s/ Charles J. Moore
                                              --------------------------------
                                              Name:  Charles J. Moore
                                              Title: Member

<PAGE>

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

                                            HANMI FINANCIAL CORPORATION

                                            By:     /s/ Jae Whan Yoo
                                                --------------------------------
                                                Name:  Jae Whan Yoo
                                                Title: President and CEO

                                            INVESTOR

                                            By:     /s/ Peter C. Cook
                                                --------------------------------
                                                Name:  Peter C. Cook
                                                Title: Trustee

                                            MOD/AMD 11/26/96 + Succ. Ttee.

<PAGE>

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

                                            HANMI FINANCIAL CORPORATION

                                            By:     /s/ Jae Whan Yoo
                                                --------------------------------
                                                Name:  Jae Whan Yoo
                                                Title: President and CEO

                                            INVESTOR

                                            Benjamin Diesbach

                                            By:     /s/ Benjamin Diesbach
                                                --------------------------------
                                                Name:  Benjamin Diesbach
                                                Title:

Registration Rights Agreement
<PAGE>

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

                                            HANMI FINANCIAL CORPORATION

                                            By:     /s/ Jae Whan Yoo
                                                --------------------------------
                                                Name:  Jae Whan Yoo
                                                Title: President and CEO

                                            INVESTOR

                                            William F. Bahl

                                            By:     /s/William F. Bahl
                                                --------------------------------
                                                Name:  William F. Bahl
                                                Title:

Registration Rights Agreement
<PAGE>

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

                                            HANMI FINANCIAL CORPORATION

                                            By:     /s/ Jae Whan Yoo
                                                --------------------------------
                                                Name:  Jae Whan Yoo
                                                Title: President and CEO

                                            INVESTOR

                                            Vere W. Gaynor

                                            By:     /s/ Vere W. Gaynor
                                                --------------------------------
                                                Name:  Vere H. Gaynor
                                                Title:

Registration Rights Agreement
<PAGE>

                                                                         ANNEX A

                           HANMI FINANCIAL CORPORATION

            FORM OF SELLING SECURITY HOLDER NOTICE AND QUESTIONNAIRE

            The undersigned beneficial holder of common stock, $0.001 par value
per share (the "Transfer Restricted Securities") of Hanmi Financial Corporation
(the "Issuer") understands that the Issuer has filed, or intends to file, with
the Securities and Exchange Commission (the "Commission") one or more
registration statements (collectively, the "Shelf Registration Statement") for
the registration and resale under Rule 415 of the Securities Act of 1933, as
amended (the "Securities Act"), of the Transfer Restricted Securities in
accordance with the terms of the Registration Rights Agreement, dated as of
April 30, 2004 (the "Registration Rights Agreement") by and between the Issuer
and the purchasers named on the signature pages thereto. A copy of the
Registration Rights Agreement is available from the Issuer upon request at the
address set forth below. All capitalized terms not otherwise defined herein have
the meaning ascribed thereto in the Registration Rights Agreement.

            In order to sell or otherwise dispose of any Transfer Restricted
Securities pursuant to the Shelf Registration Statement, a beneficial owner of
Transfer Restricted Securities generally will be required to be named as a
selling security holder in the related Prospectus, deliver a Prospectus to
purchasers of Transfer Restricted Securities and be bound by those provisions of
the Registration Rights Agreement applicable to such beneficial owner (including
certain indemnification provisions, as described below).

            Certain legal consequences arise from being named as a selling
security holder in the Shelf Registration Statement and the related Prospectus.
Accordingly, registered holders and beneficial owners of Transfer Restricted
Securities are advised to consult their own securities law counsel regarding the
consequences of being named or not being named as a selling security holder in
the Shelf Registration Statement and the related Prospectus.

                                     NOTICE

            The undersigned beneficial owner (the "Selling Security Holder") of
Transfer Restricted Securities hereby gives notice to the Issuer of its
intention to sell or otherwise dispose of Transfer Restricted Securities
beneficially owned by it and listed below in Item 3 (unless otherwise specified
under Item 3) pursuant to the Shelf Registration Statement. The undersigned, by
signing and returning this Notice and Questionnaire, understands that it will be
bound by the terms and conditions of this Notice and Questionnaire and the
Registration Rights Agreement.

            Pursuant to the Registration Rights Agreement, the undersigned has
agreed to indemnify and hold harmless the Issuer and its directors, officers and
employees and each person, if any, who controls the Issuer within the meaning of
the Securities Act, from and against certain losses arising in connection with
statements concerning the undersigned made in the Shelf Registration Statement
or the related Prospectus in reliance upon the information provided in this
Notice and Questionnaire.

            In connection with any sale of Transfer Restricted Securities
pursuant to the Shelf Registration Statement, the undersigned will be required
to deliver to the Issuer the Notice of Transfer (completed and signed) set forth
in Exhibit 1 attached hereto and hereby undertakes to do so.

            The undersigned hereby provides the following information to the
Issuer and represents and warrants that such information is accurate and
complete:

<PAGE>

                                  QUESTIONNAIRE

  (1) INFORMATION REGARDING SELLING SECURITY HOLDER

      (l) Full legal name of Selling Security Holder:

      (m) Full legal name of registered holder (if not the same as (a) above)
through which Transfer Restricted Securities listed in Item (3) below are held:

      (n) Is the Selling Security Holder an SEC-reporting company? If the
Selling Security Holder is not an SEC-reporting company, list below the
individual or individuals who exercise voting and/or dispositive powers with
respect to the Transfer Restricted Securities:

      (o) Are you a broker-dealer registered pursuant Section 15 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act")?

            [ ] Yes.

            [ ] No.

      (p) If your response to Item 1 (d) above is "no", are you an "affiliate"
of a broker-dealer registered pursuant to Section 15 of the Exchange Act?

            [ ] Yes.

            [ ] No.

            For purposes of this Item 1(e), an "affiliate" of a registered
            broker-dealer shall include any company that directly, or indirectly
            through one or more intermediaries, controls, or is controlled by,
            or is under common control with, such broker-dealer, and does not
            include any individuals employed by such broker-dealer or its
            affiliates.

      (q) Full legal name of person through which you hold the Transfer
Restricted Securities - (i.e. name of your broker or the DTC participant, if
applicable, through which your Transfer Restricted Securities are held):

            Name of broker:_____________________________________________________

            DTC No.:____________________________________________________________

            Contact person:_____________________________________________________

            Telephone No.:______________________________________________________

            Email address:______________________________________________________

  (2) ADDRESS FOR NOTICES TO SELLING SECURITY HOLDERS

                  Telephone:____________________________________________________

                  Fax:__________________________________________________________

                  Contact Person:_______________________________________________

                  Email address:________________________________________________

<PAGE>

  (3) BENEFICIAL OWNERSHIP OF TRANSFER RESTRICTED SECURITIES

      Number of shares of Common Stock beneficially owned:

          ______________________________________________________________________

  (4) BENEFICIAL OWNERSHIP OF THE ISSUER'S SECURITIES OWNED BY THE SELLING
      SECURITY HOLDER

      Except as set forth below in this Item (4), the undersigned is not the
      beneficial or registered owner of any securities of the Issuer other than
      the Transfer Restricted Securities listed above in Item (3) ("Other
      Securities").

      (a) Type and amount of Other Securities beneficially owned by the Selling
          Security Holder:

          ______________________________________________________________________

      (b) CUSIP No(s). of such Other Securities beneficially owned:

          ______________________________________________________________________

  (5) RELATIONSHIP WITH THE ISSUER

      (a)   Except as set forth below, neither the undersigned nor any of its
            affiliates, officers, directors or principal equity holders (5% or
            more) has held any position or office or has had any other material
            relationship with the Issuer (or its predecessors or affiliates)
            during the past three years.

            State any exceptions here:__________________________________________

      (b)   If the Selling Security Holder is a registered broker-dealer or an
            "affiliate" of a registered broker-dealer (See Item 1(d) and Item
            1(e)), except as set forth below, (i) neither the undersigned nor
            any of its affiliates has purchased the Transfer Restricted
            Securities other than in the ordinary course of business, and (ii)
            at the time of the purchase of the Transfer Restricted Securities to
            be registered, the undersigned had no agreement or understanding,
            written or otherwise, with any person to distribute, directly or
            indirectly, any such Transfer Restricted Securities.

            State any exceptions here:__________________________________________

  (6) PLAN OF DISTRIBUTION

      Except as set forth below, the undersigned (including its donees or
      pledgees) intends to distribute the Transfer Restricted Securities listed
      above in Item (3) pursuant to the Shelf Registration Statement only as
      follows (if at all). Such Transfer Restricted Securities may be sold from
      time to time directly by the undersigned or, alternatively, through
      underwriters, broker-dealers or agents. If the Transfer Restricted
      Securities are sold through underwriters or broker-dealers, the Selling
      Security Holder will be responsible for underwriting discounts or
      commissions or agent's commissions. Such Transfer Restricted Securities
      may be sold in one or more transactions at fixed prices, at prevailing
      market prices at the time of sale, at varying prices determined at the
      time of sale, or at negotiated prices. Such sales may be effected in
      transactions (which may involve crosses or block transactions):

<PAGE>

      -     on any national securities exchange or quotation service on which
            the Transfer Restricted Securities may be listed or quoted at the
            time of sale;

      -     in the over-the-counter market;

      -     in transactions otherwise than on such exchanges or services or in
            the over-the-counter market; or

      -     through the writing of options.

      In connection with sales of the Transfer Restricted Securities or
      otherwise, the undersigned may enter into hedging transactions with
      broker-dealers, which may in turn engage in short sales of the Transfer
      Restricted Securities and deliver Transfer Restricted Securities to close
      out such short positions, or loan or pledge Transfer Restricted Securities
      to broker-dealers that in turn may sell such securities.

      Subject to any standstill agreement or other agreement provided by the
      undersigned in connection with an offering under the Shelf Registration
      Statement, the undersigned may also resell Transfer Restricted Securities
      in compliance with Rule 144 or another available exemption from the
      registration requirements of the Securities Act.

      State any exceptions here:________________________________________________

      Note: In no event will such method(s) of distribution take the form of an
      underwritten offering of the Transfer Restricted Securities without the
      prior agreement of the Issuer.

                   INSTRUCTIONS FOR DELIVERY OF QUESTIONNAIRE

                   Please return the completed and executed Questionnaire to:

                           Hanmi Financial Corporation
                             3660 Wilshire Boulevard
                                   Suite PH-A
                          Los Angeles, California 90010
                           Attention: General Counsel
                             Telephone: ___________
                              Facsimile: __________

<PAGE>

ACKNOWLEDGMENTS

            The undersigned understands its obligation to comply with the
provisions of the Exchange Act and the rules and regulations promulgated
thereunder relating to stock manipulation, particularly Regulation M thereunder
(or any successor rules or regulations), in connection with any offering of
Transfer Restricted Securities pursuant to the Shelf Registration Statement. The
undersigned agrees that neither it nor any person acting on its behalf will
engage in any transaction in violation of such provisions.

            The undersigned hereby acknowledges its obligations under the
Registration Rights Agreement to indemnify and hold harmless certain persons as
set forth therein.

            In accordance with the undersigned's obligation under the
Registration Rights Agreement to provide such information as may be required by
law for inclusion in the Shelf Registration Statement, the undersigned agrees to
promptly notify the Issuer of any inaccuracies or changes in the information
provided herein that may occur subsequent to the date hereof at any time while
the Shelf Registration Statement remains effective. All notices hereunder and
pursuant to the Registration Rights Agreement shall be made in writing at the
address set forth above.

            By signing below, the undersigned consents to the disclosure of the
information contained herein in its answers to items (1) through (6) and the
inclusion of such information in the Shelf Registration Statement and the
related Prospectus. The undersigned understands that such information will be
relied upon by the Issuer in connection with the preparation or amendment of the
Shelf Registration Statement and the related Prospectus.

            Once this Notice and Questionnaire is executed by the undersigned
and received by the Issuer, the terms of this Notice and Questionnaire, and the
representations and warranties contained herein, shall be binding on, shall
inure to the benefit of and shall be enforceable by, the respective successors,
heirs, personal representatives and assigns of the Issuer and the undersigned
with respect to the Transfer Restricted Securities beneficially owned by the
undersigned and listed in Item (3) above.

            This Notice and Questionnaire shall be governed in all respects by
the laws of the State of California.

            IN WITNESS WHEREOF, the undersigned, by authority duly given, has
caused this Questionnaire to be executed and delivered either in person or by
its duly authorized agent.

                                            Beneficial Owner

                                            By:_________________________________
                                               Name:
                                               Title:
                                               Date:

<PAGE>

                                                                       EXHIBIT 1

              NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

Hanmi Financial Corporation
3660 Wilshire Boulevard
Suite PH-A
Los Angeles, CA 90010
Attention: General Counsel

RE:   HANMI FINANCIAL CORPORATION (THE "ISSUER")
      COMMON STOCK, PAR VALUE $.001 (THE "COMMON STOCK")

Dear Sirs:

      Please be advised that, in accordance with Section 3(c) of the
Registration Rights Agreement, dated April 30, 2004, the undersigned proposes to
transfer shares of the Issuer's Common Stock, pursuant to the Registration
Statement on Form S-3 (File No.       -           ) filed by the Issuer.

      We hereby confirm that we will comply with the prospectus delivery
requirements, if any, of the Securities Act of 1933, as amended, with respect to
the transfer described above and that the undersigned beneficial owner of the
Common Stock is named as a selling security holder in the Prospectus dated
            , 2004 or in amendments or supplements thereto, and that the number
of shares of Common Stock to be transferred are included in the shares of Common
Stock listed in such Prospectus as amended or supplemented opposite such owner's
name.

                                            ____________________________________
                                            Name:
                                            Title:
                                            Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]