Document:

Exhibit 4.2

Form of Note

FORM OF EXCHANGE NOTE

BANCO BRADESCO S.A.
                                   acting
through its Grand Cayman Branch

8.75% SUBORDINATED
NOTES DUE 2013

GLOBAL REGISTERED
NOTE

No. [ ]
CUSIP No.:
 05946N AD 7
ISIN No.: US05946NAD75 

Initial Principal
Amount:  U.S.$[ ]
                                                                    Initial
Issuance Date:  October 24, 2003 

This Note is one of a
duly authorized issue of Notes of Banco Bradesco S.A., a company incorporated under
the laws of the Federative Republic of Brazil, acting through its Grand Cayman
branch (the "Issuer"), designated as its 8.75% Subordinated Notes due 2013 (the
"Notes"), issued in an initial aggregate principal amount of U.S.$500,000,000
under an indenture (the "Indenture") dated as of October 24, 2003 between the Issuer
and The Bank of New York Trust Company (Cayman) Limited as Trustee (the "Trustee",
which term includes any successor trustee under the Indenture), to which Indenture
reference is hereby made for a statement of the respective rights, limitations of
rights, duties, obligations and immunities thereunder of the Issuer, the Trustee and
the Noteholders, and of the terms upon which the Notes are, and are to be,
authenticated and delivered. All terms used in this Note which are defined in the
Indenture and not otherwise defined herein shall have the meanings assigned to them in
the Indenture.  

The Notes  include the
Initial  Notes and the Exchange  Notes  issued in exchange  for the Initial  Notes in
accordance with the  Registration  Rights  Agreement The Initial Notes and the Exchange
Notes are treated as a single class of securities under the Indenture. 

The Issuer, for value
received, hereby promises to pay to Cede & Co. or its registered assigns, as nominee of
The Depository Trust Company ("DTC") and the holder of record of this Note
(the "Holder" or "Noteholder"), the principal amount specified herein in U.S.
dollars on October 24, 2013 (or earlier as hereinafter referred to) upon surrender
hereof at the office or agency of the Trustee referred to below; provided, however,
if the Issuer has provided the certificate required to be presented under Section 2.6
of the Indenture, the principal amount of the Notes shall be due as provided in the
Indenture; provided, further, that the Issuer may defer payment of the principal
amount of the Notes under the circumstances described in Section 2.8 of the Indenture.  

The Issuer promises to
pay interest on the outstanding principal amount hereof from and including October 24,
2003, or from the most recent Payment Date to which interest has been paid or duly
provided for, semi-annually on October 24 and April 24 of each year, commencing on
April 24, 2004 (each an "Interest Payment Date"), at a rate equal to 8.75% per annum;
provided, that (i) interest on the then-outstanding principal amount hereof after
the maturity hereof and (ii) interest on any overdue interest, other than any
interest payment not paid or delayed due to a default by the Insurer under the Insurance
Policy, shall accrue (to the extent lawful) at 9.75% per annum; provided, further,
that the Issuer may defer the payment of interest under the circumstances described in
Section 2.8 of the Indenture. Interest payable, and punctually paid or duly
provided for, on this Note on any Interest Payment Date will, as provided in the
Indenture, be paid in U.S. dollars to the Person in whose name this Note (or one
or more predecessor Notes) is registered at the close of business on the relevant Record
Date for such interest payment.  

Principal  or interest
on any Note that is payable on any  Interest  Payment  Date or the  Maturity  Date or
earlier as  provided  herein  upon any  acceleration  of the Notes shall be paid to the
Person in whose name that Note (or one or more  Predecessor  Notes) is registered  at the
close of business,  New York City time, on the Record Date for such  payment.  Payment of
 principal  of and  interest on the Notes shall be made at the  Place of  Payment  (or,
 if such  office is not in The City of New York,  at either  such  office or an office to
be maintained in such City) as provided  herein.  Subject to  Section 15.9  of the
 Indenture,  in the event the date for any payment of the  principal of or interest on
any Note is not a Business  Day, then payment  will be made on the next  Business  Day
with the same  force and  effect as if made on the  nominal date of any such date for
such payment and no  additional  interest  will accrue on such payment as a result of
such  payment  being made on the next  succeeding  Business  Day.  Interest  accrued with
respect to this Note shall be calculated based on a 360-day year of twelve 30-day months. 

This  Note  does not
 purport  to  summarize  the  Indenture  and  reference  is made to the  Indenture  for
information  with respect to  interests,  rights,  benefits,  obligations,  proceeds,
 and duties  evidenced hereby. 

The Notes are subject
to redemption by the Issuer on the terms and conditions specified in the Indenture. 

If an Event of Default
shall occur and be  continuing,  the  outstanding  principal  amount of all the Notes may
become or may be declared due and payable in the manner and with the effect provided in
the Indenture. 

Modifications  of the
 Indenture  may be made by the  Issuer and the  Trustee  only to the extent and in the
circumstances permitted by the Indenture. 

The Notes shall be
issued only in fully registered form,  without coupons.  Subject to Section 2.2(b) of the
Indenture,  Exchange  Notes  shall be  issued  in the form of  beneficial  interests  in
one or more  global securities in denominations of U.S.$10,000 and multiples thereof. 

Prior to and at the
time of due  presentment  of this Note for  registration  of transfer,  the Issuer,  the
Trustee,  the Note  Registrar and any agent of the Issuer,  the Note  Registrar or the
Trustee may treat the Person in whose  name this Note is  registered  as the owner
 hereof for all  purposes,  whether or not this Note is overdue,  and neither the Issuer,
 the Trustee,  the Note  Registrar  nor any agent thereof shall be affected by notice to
the contrary. 

Unless the
 certificate  of  authentication  hereon has been duly  executed by the  Authenticating
 Agent by manual  signature,  this Note shall not be  entitled  to any  benefit  under
the  Indenture,  or be valid or obligatory for any purpose. 

THIS NOTE SHALL BE
CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK. 

IN WITNESS WHEREOF,
the Issuer has caused this Note to be duly executed.  

	 	BANCO BRADESCO S.A. 
	  	acting through its Grand Cayman Branch 
	 
	 
	 	By:	 	  
	 	 	
	 
	 	 	Name:	 
	 	 	Title:	 
	 
	 	By:	 	 
	 	 	
	 
	 	 	Name:	 
	 	 	Title:	 

CERTIFICATE OF
AUTHENTICATION 

This is one of the
Notes referred to in the within-mentioned Indenture. 

	 	THE BANK OF NEW YORK TRUST COMPANY
(CAYMAN) LIMITED,
                                                     
as Trustee 
	 
	 
	 	By:	 	  
	 	 	
	  
	 	 	Authorized Signatory	  
	  
	 	Date:	 

SCHEDULE OF TRANSFERS
AND EXCHANGES 

	 Date of
transfer or exchange	Aggregate
principal amount of Notes
transferred or exchanged	Current principal
amount of this Note	Authorized signature
by or on behalf
of the Note Registrar
	
	
	
	

ASSIGNMENT FORM

To assign this Note,
fill in the form below:  For value received,  (I) or (we) hereby sell,  assign
         and transfer this Note to 

(Insert Assignee’s Soc.
Sec. or Tax I.D. no.) 

(Print or Type Assignee’s
Name, Address and Zip Code) 

	and irrevocably
appoint	 
	 	

Attorney to transfer
this Note on the books of the Note  Registrar  with full power of  substitution  in the
premises. 

	Date:	 
	 	

	Your Signature:	 
	 	

(Sign exactly as your
name appears on the face of this Note)Exhibit 4.3 

Registration
 Rights  Agreement,  dated as of October 24, 2003, by and among Banco  Bradesco  S.A.,
 acting  through its Grand Cayman branch, and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as Initial Purchaser. 

Registration Rights
Agreement  

Dated as of October 24,
2003 

between 

Banco Bradesco S.A.,

                                               acting through its Grand Cayman branch, 

and 

Merrill Lynch, Pierce,
Fenner & Smith 
                                                             Incorporated 

as Initial Purchaser 

REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of October 24, 2003, between BANCO BRADESCO S.A., a financial institution incorporated
under the laws of the Federative Republic of Brazil, acting through its Grand Cayman
branch (the “Company”), and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as Initial Purchaser (the “Initial Purchaser”).  

This Agreement is made pursuant to
the Purchase Agreement, dated October 20, 2003 (the “Purchase
Agreement”), between the Company and the Initial Purchaser. In order to induce
the Initial Purchaser to purchase the Company’s 8.75% Subordinated Notes Due 2013
(the “Original Notes”) and for the benefit of the holders of the Original
Notes, the Company has agreed to provide the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the obligations
of the Initial Purchaser under the Purchase Agreement, as set forth in Section 5(n) of the
Purchase Agreement. 

The parties hereby agree as follows: 

SECTION 1. DEFINITIONS 

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

Additional Notes: Additional notes issued after the Closing Date (excluding Notes issued upon registration or
transfer for, or in lieu of, other
Notes) pursuant to the terms of the Indenture.  

Affiliate: As defined
in Rule 405 under the Securities Act.  

Broker-Dealer: Any broker or
dealer registered under the Exchange Act. 

Broker-Dealer
Transfer Restricted Securities: Exchange Notes that are acquired by a
Broker-Dealer in the Exchange Offer in exchange for
Registrable Securities that such Broker-Dealer acquired for its own account as a result of
market-making activities or other trading activities (other than Registrable Securities
acquired directly from the Company or any of its Affiliates). 

Business Day: Any day except a Saturday or Sunday or a legal holiday or a day on which banking institutions
(including, without limitation, the
members of the Federal Reserve System) are authorized or required by law, regulation or
executive order to close in the City of New York, Cayman Islands, London, Bermuda or
São Paulo.  

Closing Date: October 24,
2003.  

Company Indemnitee:
As defined in Section 8(a) hereof.  

Consummate: An Exchange Offer shall be deemed "Consummated" for purposes of this Agreement upon the occurrence
of (a) the filing and effectiveness
under the Securities Act of the Exchange Offer Registration Statement relating to the
Exchange Notes to be issued in the Exchange Offer, (b) the maintenance of such
Registration Statement continuously effective and  

1 

the keeping of the Exchange Offer open
for a period not less than the minimum period required pursuant to Section 3(b) hereof and
(c) the delivery by the Company to the Note Registrar under the Indenture of Exchange
Notes in the same aggregate principal amount as the aggregate principal amount of Original
Notes tendered by Holders thereof pursuant to the Exchange Offer.  

Damages Payment Date:
With respect to the Original Notes, each Interest Payment Date.  

Exchange Act: U.S.
Securities Exchange Act of 1934, as amended.  

Exchange Notes: The Company's 8.75%
Subordinated Notes Due 2013 to be issued pursuant to the Indenture (i) in
the Exchange Offer or (ii) upon the
request of any Holder of Original Notes covered by a Shelf Registration Statement, in
either case in exchange for Original Notes.  

Exchange Offer: The offer by the Company to all Holders of all outstanding Registrable Securities, pursuant to
the Exchange Offer Registration
Statement, whereby such Holders are offered the opportunity to exchange their outstanding
Registrable Securities for Exchange Notes in an aggregate principal amount equal to the
aggregate principal amount of the Registrable Securities tendered in such exchange offer
by such Holders.  

Exchange Offer Registration Statement: 
The Registration Statement relating to the Exchange Offer, including the
related Prospectus.  

Holders: As defined in
Section 2 hereof.  

Increased Interest:
As defined in Section 5 hereof.  

Indenture: 
Indenture, dated as of the Closing Date, between the Company and the Trustee, pursuant to which the
Notes are to be issued, as such
Indenture is amended or supplemented from time to time in accordance with the terms
thereof.  

Interest Payment Date:
As defined in the Indenture and the Original Notes.  

NASD: National
Association of Securities Dealers, Inc.  

Notes: The Original
Notes, the Additional Notes and the Exchange Notes.  

Original Notes: As
defined in the preamble to this Agreement.  

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

Prospectus: The prospectus included in a Registration Statement at the time such Registration Statement is
declared effective, 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.  

2 

Record Holder: With respect to any Damages Payment Date, each Person who is a Holder of Notes on the record
date with respect to the Interest
Payment Date on which such Damages Payment Date shall occur.  

Registrable Securities:
Shall mean the Original Notes; provided, however, that Original Notes shall cease
to be Registrable Securities when (i) a Registration Statement with respect to such
Original Notes shall have been declared effective under the Securities Act and such
Original Notes shall have been disposed of pursuant to such Registration Statement, (ii)
such Original Notes have been sold to the public pursuant to Rule l44 (or any similar
provision then in force, but not Rule 144A) under the Securities Act, (iii) such Original
Notes shall have ceased to be outstanding, (iv) the Exchange Offer is consummated or (v)
two years (or such shorter period as may hereafter be provided in Rule 144(k) under the
Securities Act (or similar rule)) have elapsed since the original issuance date of the
Original Notes. 

Registration Default:
As defined in Section 5 hereof.  

Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Notes
pursuant to an Exchange Offer or (b)
the registration for resale of Registrable Securities pursuant to the Shelf Registration
Statement, in each case, (i) which is filed pursuant to the provisions of this Agreement
and (ii) including the Prospectus included therein, all amendments and supplements thereto
(including post-effective amendments) and all exhibits and material incorporated by
reference therein.  

Restricted Broker-Dealer: Any
Broker-Dealer which holds Broker-Dealer Transfer Restricted Securities. 

SEC: U.S. Securities
and Exchange Commission.  

Securities Act: U.S.
Securities Act of 1933, as amended.  

Shelf Registration
Statement: As defined in Section 4 hereof.  

Trust Indenture Act:
U.S. Trust Indenture Act of 1939, as amended.  

Trustee: The Bank of New York Trust Company (Cayman) Limited, as trustee under the Indenture, and any successor
in such capacity.  

Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold
to an underwriter for reoffering to
the public.  

SECTION 2. HOLDERS 

A Person is deemed to be a holder of
Registrable Securities (each, a “Holder”) whenever such Person holds Registrable Securities. 

3 

SECTION 3. REGISTERED
EXCHANGE OFFER 

     (a)    
          Unless the Exchange Offer shall not be permissible by applicable U.S. law or SEC
          policy (after the procedures set forth in Section 6(a)(i) below have been
          complied with), the Company shall (i) cause the Exchange Offer Registration
          Statement to be submitted to the SEC on a confidential basis or to be filed with
          the SEC by July 30, 2004, (ii) use its reasonable best efforts to cause such
          Exchange Offer Registration Statement to become effective by September 30, 2004,
          (iii) in connection with the foregoing, (A) file all pre-effective amendments to
          such Exchange Offer Registration Statement as may be necessary in order to cause
          such Exchange Offer Registration Statement to become effective, (B) file, if
          applicable, a post-effective amendment to such Exchange Offer Registration
          Statement pursuant to Rule 430A under the Securities Act and (C) cause all
          necessary filings, if any, in connection with the registration and qualification
          of the Exchange Notes to be made under the Blue Sky laws of such jurisdictions
          as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the
          effectiveness of such Exchange Offer Registration Statement, promptly commence
          the Exchange Offer and Consummate the Exchange Offer by October 31, 2004. The
          Exchange Offer shall be on the appropriate form permitting registration of the
          Exchange Notes to be offered in exchange for the Registrable Securities and to
          permit sales of Broker-Dealer Transfer Restricted Securities by Restricted
          Broker-Dealers as contemplated by Section 3(c) below. The time periods referred
          to in clauses (i) and (ii) of this Section 3(a) shall not include any period
          during which the Company is pursuing an SEC ruling pursuant to Section 6(a)(i)
          below. 

     (b)    
          The Company shall use its reasonable best efforts to cause the Exchange Offer
          Registration Statement to be effective continuously, and shall keep the Exchange
          Offer open for a period of not less than the minimum period required under
          applicable U.S. federal and State securities laws to Consummate the Exchange
          Offer; provided, however, that in no event shall such period be less than
          20 Business Days. The Company shall cause the Exchange Offer to comply with all
          applicable U.S. federal and State securities laws and any applicable Brazilian
          or Cayman Islands securities laws. No securities other than the Notes shall be
          included in the Exchange Offer Registration Statement. 

     (c)    
          The Company shall include a “Plan of Distribution” section in the
          Prospectus contained in the Exchange Offer Registration Statement and state
          therein that any Restricted Broker-Dealer who holds Registrable Securities that
          were acquired for the account of such Broker-Dealer as a result of market-making
          activities or other trading activities may exchange such Registrable Securities
          (other than Registrable Securities acquired directly from the Company or any
          Affiliate of the Company) pursuant to the Exchange Offer; however, such
          Broker-Dealer may be deemed to be an “underwriter” within the meaning
          of the Securities Act and must, therefore, deliver a Prospectus meeting the
          requirements of the Securities Act in connection with its initial sale of each
          Exchange Note received by such Broker-Dealer in the Exchange Offer, which
          Prospectus delivery requirement may be satisfied by the delivery by such
          Broker-Dealer of the Prospectus contained in the Exchange Offer Registration
          Statement. Such “Plan of Distribution” section shall also contain all
          other information with respect to such sales of Broker-Dealer Transfer
          Restricted Securities by Restricted Broker-Dealers that the SEC may require in
          order to permit such sales pursuant thereto, but such “Plan of
          Distribution” shall not name any such Broker-Dealer or disclose the amount
          of Notes held by any such Broker-Dealer, except to the extent required by the
          SEC as a result of a change in policy after the date of this Agreement. 

4 

The Company shall use its reasonable
best efforts to keep the Exchange Offer Registration Statement continuously effective,
supplemented and amended as required by the provisions of Section 6(c) below to the extent
necessary to ensure that it is available for sales of Broker-Dealer Transfer Restricted
Securities by Restricted Broker-Dealers, and to ensure that such Registration Statement
conforms with the requirements of this Agreement, the Securities Act and the policies,
rules and regulations of the SEC as announced from time to time, for a period ending on
the earlier of 180 days from the date on which the Exchange Offer is Consummated and the
date on which all Original Notes have been exchanged for Exchange Notes. 

The Company shall promptly provide
sufficient copies of the latest version of the Prospectus to such Restricted
Broker-Dealers promptly upon request, and in no event later than one Business Day after
such request, at any time during the period set forth above in order to facilitate such
sales. 

To the extent not conflicting with
the Securities Act, or the rules and regulations of the SEC, the Exchange Offer shall be
conducted in accordance with the requirements of the Luxembourg Stock Exchange. 

SECTION 4. SHELF
REGISTRATION 

     (a)    
          If (i) the Company is not required to file an Exchange Offer Registration
          Statement with respect to the Exchange Notes because the Exchange Offer is not
          permitted by applicable law or SEC policy (after the procedures set forth in
          Section 6(a)(i) below have been complied with) or (ii) for any other reason the
          Exchange Offer Registration Statement is not declared effective by September 30,
          2004 or the Exchange Offer is not Consummated by October 31, 2004, then the
          Company shall cause to be filed within 30 days after the earliest of (A) the
          date on which the Company determines that it is not required to file the
          Exchange Offer Registration Statement pursuant to clause (i) above, (B)
          September 30, 2004 if the Exchange Offer Registration Statement has not been
          declared effective by such date, and (C) October 31, 2004 if the Exchange Offer
          has not been Consummated by such date, a shelf registration statement pursuant
          to Rule 415 under the Securities Act (which may be an amendment to the Exchange
          Offer Registration Statement (in either event, the “Shelf Registration
          Statement”)), relating to all Registrable Securities, in the case of
          Section 4(a)(i) hereof, and to any Holder that provides notice to the Company,
          in the case of Section 4(a)(ii) hereof, and, in either case the Holders of which
          shall have provided the information required pursuant to Section 4(b) hereof and
          (y) use its reasonable best efforts to cause such Shelf Registration Statement
          to become effective on or prior to 30 days after the date on which the Company
          becomes obligated to file such Shelf Registration Statement. 

The Company shall use its reasonable
best efforts to keep the Shelf Registration Statement discussed in this Section 4(a)
continuously effective, supplemented and amended as required by and subject to the
provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is
available for sales of Registrable Securities by the Holders thereof entitled to the
benefit of this Section 4(a), and to ensure that it conforms with the requirements of this
Agreement, the Securities Act and the policies, rules and regulations of the SEC as
announced from time to time, for a period of at least two years (as extended pursuant to
Section 6(c)(i))

5 

 
following the date on which such Shelf Registration Statement first
becomes effective under the Securities Act; provided, however, that the requirement
to keep the Shelf Registration Statement continuously effective shall terminate when all
of the Registrable Securities have been resold pursuant thereto. 

     (b)    
          No Holder of Registrable Securities may include any of its Registrable
          Securities in any Shelf Registration Statement pursuant to this Agreement unless
          and until such Holder furnishes to the Company in writing, within 20 days after
          receipt of a written request therefor, such information specified in Item 507 of
          Regulation S-K under the Securities Act or Item 9.D of Form 20-F under the
          Securities Act, as applicable, for use in connection with any Shelf Registration
          Statement or Prospectus or preliminary Prospectus included therein. No Holder of
          Registrable Securities shall be entitled to Increased Interest pursuant to
          Section 5 hereof unless and until such Holder shall have used its reasonable
          best efforts to provide all such information. Each Holder as to which any Shelf
          Registration Statement is being effected agrees to furnish promptly to the
          Company all information required to be disclosed in order to make the
          information previously furnished to the Company by such Holder not materially
          misleading. 

SECTION 5. INCREASE IN
INTEREST PAYMENTS 

If (i) any  Registration  Statement has not been declared  effective by the SEC on or prior to the date specified
for such effectiveness in this
Agreement, (ii) the Exchange Offer has not been Consummated by October 31, 2004 or (iii)
subject to Section 6(c)(ii), any Registration Statement required by this Agreement is
filed and declared effective but shall thereafter cease to be effective or fail to be
usable for its intended purpose without being succeeded within five Business Days by a
post-effective amendment to such Registration Statement that cures such failure and that
is itself declared effective immediately (each such event referred to in clauses (i)
through (iii), a “Registration Default”), then the Company shall pay
increased interest (“Increased Interest”) as set forth in Section 2.7 of
the Indenture to each Holder of Registrable Securities from the date of such Registration
Default in an amount equal to 1.0% per annum with respect to the principal amount of
Registrable Securities held by such Holder or for such shorter period as the Registration
Default continues. Following cure of any Registration Default, the accrual of Increased
Interest will cease. 

All accrued Increased Interest shall
be paid, directly or indirectly, by the Company on each Damages Payment Date to the Record
Holder of any Original Notes that are Global Notes (as defined in the Indenture) by wire
transfer of immediately available funds and to Record Holders of any definitive Original
Notes by wire transfer or by mailing checks to their registered addresses on each Damages
Payment Date. 

All obligations of the Company set
forth in this Section 5 that are outstanding with respect to any Registrable Security at
the time such security ceases to be a Registrable Security shall survive until such time
as all such obligations with respect to all Registrable Securities shall have been
satisfied in full. 

6 

SECTION 6. REGISTRATION
PROCEDURES 

     (a)    
          Exchange Offer Registration Statement. In connection with the Exchange
          Offer, the Company shall comply with all applicable provisions of Section 6(c)
          below, shall use its reasonable best efforts to effect such exchange and to
          permit the sale of Broker-Dealer Transfer Restricted Securities being sold in
          accordance with the intended method or methods of distribution thereof, and
          shall comply with all of the following provisions: 

     (i)    
          If, following the date hereof there has been published a change in applicable
          law or SEC policy with respect to exchange offers such as the Exchange Offer,
          such that in the reasonable opinion of U.S. counsel to the Company there is a
          substantial question as to whether the Exchange Offer is permitted by applicable
          U.S. federal law or SEC rule, regulation or policy, the Company hereby agrees to
          seek a no-action letter or other favorable decision from the SEC allowing the
          Company to Consummate an Exchange Offer for such Original Notes. The Company
          hereby agrees to pursue the issuance of such a decision to the SEC staff level.
          In connection with the foregoing, the Company hereby agrees to take all such
          other actions as are requested by the SEC or otherwise required in connection
          with the issuance of such decision, including (A) participating in telephonic
          conferences with the SEC, (B) delivering to the SEC staff an analysis prepared
          by counsel to the Company setting forth the legal bases, if any, upon which such
          counsel has concluded that such an Exchange Offer should be permitted and (C)
          diligently pursuing a resolution (which need not be favorable) by the SEC staff
          of such submission. 

     (ii)    
          As a condition to its participation in the Exchange Offer pursuant to the terms
          of this Agreement, each Holder of Registrable Securities shall furnish, upon the
          request of the Company, prior to the Consummation of the Exchange Offer, a
          written representation to the Company (which may be contained in the letter of
          transmittal contemplated by the Exchange Offer Registration Statement) to the
          effect that (A) it is not an Affiliate of the Company, (B) it is not engaged in,
          and does not intend to engage in, and has no arrangement or understanding with
          any person to participate in, a distribution of the Exchange Notes to be issued
          in the Exchange Offer and (C) it is acquiring the Exchange Notes in its ordinary
          course of business. As a condition to participating in the Exchange Offer, each
          Holder shall also acknowledge and agree, upon the request of the Company, (x)
          that any Broker-Dealer and any such Holder using the Exchange Offer to
          participate in a distribution of the securities to be acquired in the Exchange
          Offer (1) could not under SEC policy as in effect on the date of this Agreement
          rely on the position of the SEC enunciated in Morgan Stanley and Co.,
          Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation
          (available May 13, 1988), as interpreted in the SEC’s letter to Shearman
          & Sterling  dated July 2, 1993 and similar no-action letters (including
          Brown & Wood LLP (available February 7, 1997)), and, if applicable,
          any no-action letter obtained pursuant to clause (i) above), and (2) must comply
          with the registration and prospectus delivery requirements of the Securities Act
          in connection with a secondary resale transaction and (y) that such a secondary
          resale transaction must be covered by an effective registration statement
          containing the selling security holder information required by Item 507 or 508,
          as applicable, of Regulation S-K or any other information required by the
          Securities Act or applicable State securities laws 

7 

if the resales are of
          Exchange Notes obtained by such Holder in exchange for Original Notes acquired
          by such Holder directly from the Company or an Affiliate thereof. 

     (iii)    
          Prior to effectiveness of the Exchange Offer Registration Statement, the Company
          shall provide a supplemental letter to the SEC (A) stating that the Company is
          registering the Exchange Offer in reliance on the position of the SEC enunciated
          in Exxon Capital Holdings Corporation (available May 13, 1988), Morgan
          Stanley and Co., Inc. (available June 5, 1991), Brown & Wood LLP
          (available February 7, 1997) and, if applicable, any no-action letter obtained
          pursuant to clause (i) above, (B) including a representation that the Company
          has not entered into any arrangement or understanding with any Person to
          distribute the Exchange Notes to be received in the Exchange Offer and that, to
          the best of the Company’s information and belief, each Holder participating
          in the Exchange Offer is acquiring the Exchange Notes in its ordinary course of
          business and has no arrangement or understanding with any Person to participate
          in the distribution of the Exchange Notes received in the Exchange Offer and (C)
          including any other undertaking or representation required by the SEC as set
          forth in any no-action letter obtained pursuant to clause (i) above. 

     (b)    
          Shelf Registration Statement. In connection with the Shelf Registration
          Statement, the Company shall comply with all applicable provisions of Section
          6(c) below and shall use its reasonable best efforts to effect such registration
          to permit the sale of the Registrable Securities being sold in accordance with
          the intended method or methods of distribution thereof (as indicated in the
          information furnished to the Company pursuant to Section 4(b) hereof), and
          pursuant thereto the Company will prepare and file with the SEC a Registration
          Statement relating to the registration on any appropriate form under the
          Securities Act, which form shall be available for the sale of the Registrable
          Securities in accordance with the intended method or methods of distribution
          thereof within the time periods and otherwise in accordance with the provisions
          hereof. 

     (c)    
          General Provisions. In connection with any Registration Statement and any
          related Prospectus required by this Agreement to permit the sale or resale of
          Registrable Securities (including any Exchange Offer Registration Statement and
          the related Prospectus, to the extent that the same are required to be available
          to permit sales of Broker-Dealer Transfer Restricted Securities by Restricted
          Broker-Dealers), the Company shall: 

     (i)    
          use its reasonable best efforts to keep such Registration Statement continuously
          effective and provide all requisite financial statements for the period
          specified in Section 3 or 4 of this Agreement, as applicable. Upon the
          occurrence of any event that would cause any such Registration Statement or the
          Prospectus contained therein (A) to contain a material misstatement or omission
          or (B) not to be effective and usable for resale of Registrable Securities
          during the period required by this Agreement, the Company shall file promptly an
          appropriate amendment to such Registration Statement (in the case of clause (A),
          correcting any such misstatement or omission) and shall use its reasonable best
          efforts to cause such amendment to be declared effective and such Registration
          Statement and the related Prospectus to become usable for their intended
          purposes as soon as reasonably practicable thereafter, in each case subject to
          Section 6(c)(ii); 

8 

     
(ii)    
          prepare and file with the SEC such amendments and post-effective amendments to
          the Registration Statement as may be necessary to keep the Registration
          Statement effective for the applicable period set forth in Section 3 or 4
          hereof, or such shorter period as will terminate when all Registrable Securities
          covered by such Registration Statement have been sold; 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
          Rules 424, 430A and 462, as applicable, 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 such Registration Statement during the
          applicable period in accordance with the intended method or methods of
          distribution by the sellers thereof set forth in such Registration Statement or
          supplement to the Prospectus; provided, however, that if the board
          of directors of the Company determines in its reasonable judgment that it is in
          the best interests of the Company not to disclose the existence of or facts
          surrounding any proposed or pending material event or transaction involving the
          Company or its subsidiaries, the Company may, (A) in the event a Shelf
          Registration Statement has been filed, allow the Shelf Registration Statement to
          fail to be effective or usable as a result of such nondisclosure for up to 30
          consecutive days during the period of effectiveness of such Shelf Registration
          Statement and (B) in the event the Exchange Offer is Consummated, allow the
          Exchange Offer Registration Statement to fail to be effective or usable as a
          result of such nondisclosure for up to 30 consecutive days during the period
          specified in the second paragraph of Section 3(c); provided,
          further, that in the event the Company suspends the effectiveness of any
          Registration Statement pursuant to the preceding proviso, the Company shall
          promptly notify the Holders or the Restricted Broker-Dealers, as the case may
          be, of the suspension of effectiveness of such Registration Statement (which
          notice shall not be required to disclose the proposed or pending material event
          or transaction if the board of directors of the Company determines in its
          reasonable judgment that it is in the best interests of the Company not to
          disclose the existence of or facts surrounding such event or transaction) and,
          upon the abandonment, consummation or termination of the proposed or pending
          material event or transaction, shall promptly notify such Holders or Restricted
          Broker-Dealers, as the case may be, that the use of such Registration Statement
          may resume. 

     (iii)    
          advise the underwriter(s), if any, the Trustee and selling Holders promptly and,
          if requested by such Persons, confirm such advice in writing, (A) when the
          Prospectus or any Prospectus supplement or post-effective amendment has been
          filed, and, with respect to any Registration Statement or any post-effective
          amendment thereto, when the same has become effective, (B) of any request by the
          SEC for amendments to the Registration Statement or amendments or supplements to
          the Prospectus or for additional information relating thereto, (C) of the
          issuance by the SEC of any stop order suspending the effectiveness of the
          Registration Statement under the Securities Act or of the suspension by any
          State securities commission of the qualification of the Registrable Securities
          for offering or sale in any jurisdiction, or the initiation of any proceeding
          for any of the preceding purposes, (D) of the existence of any fact or the
          happening of any event that makes any statement of a material fact made in the
          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

9 

 
Registration Statement in order to
          make the statements therein not misleading, or that requires the making of any
          additions to or changes in the Prospectus in order to make the statements
          therein, in the light of the circumstances under which they were made, not
          misleading. If at any time the SEC shall issue any stop order suspending the
          effectiveness of the Registration Statement, or any State securities commission
          or other regulatory authority shall issue an order suspending the qualification
          or exemption from qualification of the Registrable Securities under State
          securities or Blue Sky laws, the Company shall use its reasonable best efforts
          to obtain the withdrawal or lifting of such order at the earliest possible time; 

     (iv)    
          furnish to the Initial Purchaser, the Trustee, each selling Holder named in any
          Registration Statement or Prospectus and each of the underwriter(s) in
          connection with such sale, if any, before filing with the SEC, copies of any
          Registration Statement or any Prospectus included therein or any amendments or
          supplements to any such Registration Statement or Prospectus (including all
          documents incorporated by reference after the initial filing of such
          Registration Statement), which documents will be subject to the review and
          comment of such selling Holders and underwriter(s) in connection with such sale,
          if any, for a period of at least ten Business Days, and the Company will not
          file any such Registration Statement or Prospectus or any amendment or
          supplement to any such Registration Statement or Prospectus (including all such
          documents incorporated by reference) to which the selling Holders of the
          Registrable Securities covered by such Registration Statement or the
          underwriter(s) in connection with such sale, if any, shall reasonably object
          within ten Business Days after the receipt thereof. A selling Holder or
          underwriter, if any, shall be deemed to have reasonably objected to such filing
          if such Registration Statement, amendment, Prospectus or supplement, as
          applicable, as proposed to be filed, contains a material misstatement or
          omission or fails to comply with the applicable requirements of the Securities
          Act; 

     (v)    
          prior to the filing of any document that is to be incorporated by reference into
          a Registration Statement or Prospectus, provide copies of such document to the
          selling Holders and to the underwriter(s) in connection with such sale, if any,
          make the Company’s representatives available at reasonable times for
          discussion of such document and other customary due diligence matters, and
          include such information in such document prior to the filing thereof as such
          selling Holders or underwriter(s), if any, reasonably may request; 

     (vi)    
          make available at reasonable times for inspection by the selling Holders, any
          managing underwriter participating in any disposition pursuant to such
          Registration Statement and any attorney or accountant retained by such selling
          Holders or any of such underwriter(s), all financial and other records,
          pertinent corporate documents and properties of the Company and cause the
          Company’s officers, directors and employees to supply all information
          reasonably requested by any such Holder, underwriter, attorney or accountant in
          connection with such Registration Statement or any post-effective amendment
          thereto subsequent to the filing thereof and prior to its effectiveness;
          provided, however, that any information that is reasonably and in good
          faith designated by the Company in writing as confidential at the time of
          delivery of such information shall be kept confidential by such Persons, unless
          (i) disclosure of such information is required by court or administrative order
          or is necessary to respond to 

10 

inquiries of regulatory authorities, (ii)
          disclosure of such information is necessary, in the reasonable judgment of
          counsel to such Person and after consultation with the Company, in connection
          with any legal proceeding relating to such Registration Statement or any
          Prospectus or otherwise arising out of or relating to this Agreement and the
          transactions contemplated hereby, (iii) disclosure of such information is
          required by law or is necessary to avoid or correct a misstatement or omission
          in such Registration Statement or Prospectus, (iv) such information becomes
          generally available to the public other than as a result of a disclosure or
          failure to safeguard such information by such person or (v) such information
          becomes available to such person from a source other than the Company and its
          subsidiaries and such source is not known, after due inquiry, by the relevant
          Person to be bound by a confidentiality agreement with respect to such
          information; 

     (vii)    
          if requested by any selling Holders or the underwriter(s) in connection with
          such sale, if any, promptly include in any Registration Statement or Prospectus,
          pursuant to a supplement or post-effective amendment if necessary, such
          information as is required by the applicable rules and regulations of the SEC
          or, to the extent not contrary to such rules and regulations, as such selling
          Holders and underwriter(s), if any, may reasonably request to have included
          therein, including information relating to the “Plan of Distribution”
          of the Registrable Securities, information with respect to the principal amount
          of Registrable Securities being sold to such underwriter(s), the purchase price
          being paid therefor and any other terms of the offering of the Registrable
          Securities to be sold in such offering; and make all required filings of such
          Prospectus supplement or post-effective amendment as soon as practicable after
          the Company is notified of the matters to be included in such Prospectus
          supplement or post-effective amendment; provided that the Company is not
          required to take any action that would violate applicable law in the opinion of
          local counsel to the Company reasonably satisfactory to the underwriters; 

     (viii)    
          use its best efforts to confirm that the ratings applicable to the initial offer
          and sale of the Original Notes will apply to the Exchange Notes; 

     (ix)    
          furnish to each selling Holder, the Trustee and each of the underwriter(s) in
          connection with such sale, if any, without charge, at least one copy of the
          Registration Statement, as first filed with the SEC, and of each amendment
          thereto, including all documents incorporated by reference therein and all
          exhibits (including exhibits incorporated therein by reference); 

     (x)    
          deliver to each selling Holder, the Trustee 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; the Company hereby consents to the use (in accordance
          with law) 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 Registrable Securities covered by the
          Prospectus or any amendment or supplement thereto; 

11 

     
(xi)    
          enter into such agreements (including an underwriting agreement) and make such
          customary representations and warranties and take all such other actions in
          connection therewith in order to expedite or facilitate the disposition of the
          Registrable Securities pursuant to any Registration Statement contemplated by
          this Agreement as may be reasonably requested by any selling Holder of
          Registrable Securities or any underwriter in connection with any sale or resale
          pursuant to any Registration Statement contemplated by this Agreement, and in
          such connection, whether or not an underwriting agreement is entered into and
          whether or not the registration is an Underwritten Registration, the Company
          shall: 

     (A)    
          furnish or cause to be furnished to each selling Holder and each underwriter, if
          any, upon the effectiveness of the Shelf Registration Statement and to each
          Restricted Broker-Dealer upon Consummation of the Exchange Offer: 

     (1)    
          a certificate, dated the date of Consummation of the Exchange Offer or the date
          of effectiveness of the Shelf Registration Statement, as the case may be, signed
          on behalf of the Company by (x) the principal executive officer of the Company
          and (y) the principal financial or accounting officer of the Company,
          confirming, as of the date thereof, the matters set forth in Section 5(f) of the
          Purchase Agreement and such other similar matters as the selling Holders,
          underwriter(s) and/or Restricted Broker-Dealers may reasonably request; 

     (2)    
          opinions, dated the date of Consummation of the Exchange Offer or the date of
          effectiveness of the Shelf Registration Statement, as the case may be, of
          outside Brazilian counsel, U.S. counsel and Cayman Islands counsel for the
          Company covering matters similar to those set forth in Section 5(b) of the
          Purchase Agreement and such other matters as the selling Holders, underwriters
          and/or Restricted Broker-Dealers may reasonably request, and in any event
          including a statement to the effect that no information came to such
          counsel’s attention that caused it to believe that the applicable
          Registration Statement, at the time such Registration Statement or any
          post-effective amendment thereto became effective and, in the case of the
          Exchange Offer Registration Statement, as of the date of Consummation of the
          Exchange Offer, contained an untrue statement of a material fact or omitted to
          state a material fact required to be stated therein or necessary to make the
          statements therein not misleading, or that the Prospectus contained in such
          Registration Statement as of its date and, in the case of the opinion dated the
          date of Consummation of the Exchange Offer, as of the date of Consummation,
          contained an untrue statement of a material fact or omitted to state a material
          fact necessary in order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading; and 

     (3)    
          a customary comfort letter, dated as of the date of effectiveness of the Shelf
          Registration Statement or the date of Consummation of the Exchange Offer, as the
          case may be, from the Company’s independent accountants, in the customary
          form and covering matters of the type

12 

  
customarily covered in comfort letters to
          underwriters in connection with primary underwritten offerings, and affirming
          the matters set forth in the comfort letters delivered pursuant to
          Section 5(g) of the Purchase Agreement; 

     (B)    
          set forth in full or incorporate by reference in the underwriting agreement, if
          any, in connection with any sale or resale pursuant to any Shelf Registration
          Statement the indemnification provisions and procedures of Section 8 hereof with
          respect to all parties to be indemnified pursuant to such Section; and 

     (C)    
          deliver such other documents and certificates as may be reasonably requested by
          the selling Holders, the underwriter(s), if any, and Restricted Broker Dealers,
          if any, to evidence compliance with clause (A) above and with any customary
          conditions contained in the underwriting agreement or other agreement entered
          into by the Company pursuant to this clause (xi). 

The above shall be done at each
closing under such underwriting or similar agreement, as and to the extent required
thereunder, and if at any time the representations and warranties of the Company
contemplated in (A)(1) above cease to be true and correct, the Company shall so advise the
underwriter(s), if any, the selling Holders and each Restricted Broker-Dealer promptly and
if requested by such Persons, shall confirm such advice in writing; 

     (xii)    
          prior to any public offering of Registrable Securities, cooperate with the
          selling Holders, the underwriter(s), if any, and its counsel in connection with
          the registration and qualification of the Registrable Securities under the
          securities or Blue Sky laws of such jurisdictions as the selling Holders or
          underwriter(s), if any, may request and do any and all other acts or things
          necessary or advisable to enable the disposition in such jurisdictions of the
          Registrable Securities covered by the applicable Registration Statement;
          provided, however, that the Company shall not be required to register or
          qualify as a foreign corporation where it is not now so qualified or to take any
          action that would subject it to the service of process in suits or to taxation,
          other than as to matters and transactions relating to the Registration
          Statement, in any jurisdiction where it is not now so subject; 

     (xiii)    
          issue, upon the request of any Holder of Original Notes covered by any Shelf
          Registration Statement contemplated by this Agreement, Exchange Notes having an
          aggregate principal amount equal to the aggregate principal amount of Original
          Notes surrendered to the Company by such Holder in exchange therefor or being
          sold by such Holder; such Exchange Notes to be registered in the name of such
          Holder or in the name of the purchaser(s) of such Notes, as the case may be; in
          return, the Original Notes held by such Holder shall be surrendered promptly to
          the Company for cancellation; 

     (xiv)    
          in connection with any sale of Registrable Securities that will result in such
          securities no longer being Registrable Securities, cooperate with the selling
          Holders and the underwriter(s), if any, to facilitate the timely preparation and
          delivery of certificates representing Registrable Securities to be sold and not
          bearing any restrictive legends; and to register such Registrable Securities in
          such denominations and such 

13 

names as the Holders or the underwriter(s), if any,
          may request at least three Business Days prior to such sale of Registrable
          Securities; 

     (xv)    
          use its reasonable best efforts to cause the disposition of the Registrable
          Securities covered by the Registration Statement to be registered with or
          approved by such other 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 Registrable Securities, subject to the
          proviso contained in clause (xii) above; 

     (xvi)    
          subject to Section 6(c)(i), if any fact or event contemplated by Section
          6(c)(iii)(D) above shall exist or have occurred, prepare a supplement or
          post-effective amendment to the 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 Registrable
          Securities, the Prospectus will not contain an untrue statement of a material
          fact or omit to state any material fact necessary to make the statements
          therein, in the light of the circumstances under which they were made, not
          misleading; 

     (xvii)    
          provide a CUSIP number for all Registrable Securities not later than the
          effective date of a Registration Statement covering such Registrable Securities
          and provide the Trustee under the Indenture with a Global Note or definitive
          certificates for the Registrable Securities which are in a form eligible for
          deposit with The Depository Trust Company; 

     (xviii)    
          cooperate and assist 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, and use its reasonable best efforts to cause such Registration Statement
          to become effective and approved by such governmental agencies or authorities as
          may be necessary to enable the Holders selling Registrable Securities to
          consummate the disposition of such Registrable Securities; 

     (xix)    
          otherwise use its reasonable best efforts to comply with all applicable rules
          and regulations of the SEC, and make generally available to its security holders
          with regard to any applicable Registration Statement, as soon as practicable, a
          consolidated earnings statement meeting the requirements of Section 11(a) of the
          Securities Act and Rule 158 thereunder (which need not be audited) covering a
          twelve-month period beginning after the effective date of the Registration
          Statement (as such term is defined in paragraph (c) of Rule 158); 

     (xx)    
          cause the Indenture to be qualified under the Trust Indenture Act not later than
          the effective date of the first Registration Statement required by this
          Agreement and, in connection therewith, cooperate with the Trustee and the
          Holders of Notes to effect such changes to the Indenture as may be required for
          such Indenture to be so qualified in accordance with the terms of the Trust
          Indenture Act; and execute and use its reasonable best efforts to cause the
          Trustee to execute, all documents that may be 

14 

required to effect such changes
          and all other forms and documents required to be filed with the SEC to enable
          such Indenture to be so qualified in a timely manner; and 

     (xxi)    
          make available promptly to each Holder, upon request, at the corporate trust
          office of the Trustee, each document filed with the SEC pursuant to the
          requirements of Section 13 or Section 15(d) of the Exchange Act. 

     (d)    
          Restrictions on Holders. Each Holder agrees by acquisition of a
          Registrable Security that, upon receipt of the notice referred to in Section
          6(c)(i) or any notice from the Company of the existence of any fact of the kind
          described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue
          disposition of Registrable Securities pursuant to the applicable Registration
          Statement until such Holder’s receipt of the copies of the supplemented or
          amended Prospectus contemplated by Section 6(c)(xvi) hereof, or until it is
          advised in writing by the Company that the use of the Prospectus may be resumed,
          and has received copies of any additional or supplemental filings that are
          incorporated by reference in the Prospectus (the “Advice”). If
          so directed by the Company, each Holder will deliver to the Company (at the
          Company’s expense) all copies, other than permanent file copies then in
          such Holder’s possession, of the Prospectus covering such Registrable
          Securities that was current at the time of receipt of either such notice. In the
          event the Company shall give any such notice, the time period regarding the
          effectiveness of such Registration Statement set forth in Section 3 or 4 hereof,
          as applicable, shall be extended by the number of days during the period from
          and including the date of the giving of such notice pursuant to Section 6(c)(i)
          or Section 6(c)(iii)(D) hereof to and including the date when each selling
          Holder covered by such Registration Statement shall have received the copies of
          the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof
          or shall have received the Advice. 

SECTION 7. REGISTRATION
EXPENSES 

     (a)    
          All expenses incident to the Company’s performance of or compliance with
          this Agreement will be borne by the Company, regardless of whether a
          Registration Statement becomes effective, including the following: (i) all
          registration and filing fees and expenses (including filings made by the Initial
          Purchaser or any Holder with the NASD or its counsel that may be required by the
          rules and regulations of the NASD, including, if applicable, the fees and
          expenses of any “qualified independent underwriter” (and its counsel)
          that is required to be retained by any Holder of Registrable Securities in
          accordance with rules and regulations of the NASD); (ii) all fees and expenses
          of compliance with U.S. federal securities and State Blue Sky or securities laws
          (including reasonable fees and disbursements of counsel for any underwriters or
          Holders in connection with qualification under State Blue Sky or securities laws
          of any of the Exchange Notes or Registrable Securities and filings with the
          NASD), Brazilian laws and Cayman Islands laws; (iii) all expenses of
          preparation, word processing, printing and distribution of the Registration
          Statement and any documents relating to the performance of and compliance with
          this Agreement (including the preparation of a Global Note or definitive
          certificates for the Exchange Notes to be issued in the Exchange Offer and
          printing of any preliminary Prospectus and the Prospectus), messenger and
          delivery services and telephone; (iv) all fees and disbursement charges of U.S.
          counsel, Brazilian counsel and Cayman Islands counsel for the Company; (v) all
          application and filing fees in connection with listing the Notes on any
          securities exchange or automated quotation system pursuant to the requirements
          hereof; (vi) the reasonable 

15 

fees and expenses of the Initial Purchaser in
          connection with the Exchange Offer, including the reasonable fees and expenses
          of counsel to the Initial Purchaser in connection therewith; (vii) the fees
          and expenses of the Trustee, agents of the Trustee, and any exchange agent,
          their respective counsel and the Luxembourg listing agent, if any, (viii) all
          reasonable fees and disbursement charges of independent accountants of the
          Company (including the expenses of any special audit and comfort letters
          required by or incident to such performance) and (ix) all rating agency fees. 

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

     (b)    
          In connection with any Registration Statement required by this Agreement
          (including, without limitation, the Exchange Offer Registration Statement and
          the Shelf Registration Statement), the Company will reimburse the Initial
          Purchaser and the Holders of Registrable Securities being tendered in the
          Exchange Offer and/or resold pursuant to the “Plan of Distribution”
          contained in the Exchange Offer Registration Statement or registered pursuant to
          the Shelf Registration Statement, as applicable, for the reasonable fees and
          disbursement charges of Linklaters, as U.S. counsel, and of not more than one
          firm of Brazilian counsel and Cayman Islands counsel, who shall be chosen by the
          Initial Purchaser on behalf of the Holders. 

     (c)    
          Each Holder of Registrable Securities will pay all underwriting discounts and
          commissions and transfer taxes, if any, relating to the disposition of such
          Holder’s Registrable Securities. 

SECTION 8.
INDEMNIFICATION; CONTRIBUTION 

     (a)    
          The Company agrees to indemnify and hold harmless the Initial Purchaser, each
          Holder, each Participating Broker-Dealer, each Person who participates as an
          underwriter in connection with a Shelf Registration (any such Person for all
          purposes of this Section 8 being an “Underwriter”) and each Person, if
          any, who controls any of such parties within the meaning of Section 15 of the
          Securities Act or Section 20 of the Exchange Act as follows: 

     (i)    
          against any and all loss, liability, claim, damage and expense whatsoever, as
          incurred, arising out of any untrue statement or alleged untrue statement of a
          material fact contained in any Registration Statement (or any amendment or
          supplement thereto) pursuant to which Exchange Notes or Registrable Securities
          were registered under the Securities Act, including all documents incorporated
          therein by reference, or the omission or alleged omission therefrom of a
          material fact required to be stated therein or necessary to make the statements
          therein not misleading, or arising out of any untrue statement or alleged untrue
          statement of a material fact contained in any Prospectus (or any amendment or
          supplement thereto) or the omission or alleged omission therefrom of a material
          fact necessary in order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading; 

     (ii)    
          against any and all loss, liability, claim, damage and expense whatsoever, as
          incurred, to the extent of the aggregate amount paid in settlement of any

16 

          
litigation, or any investigation or proceeding by any governmental agency or
          body, commenced or threatened, or of any claim whatsoever based upon any untrue
          statement or omission, or any such alleged statement or omission, in either case
          of the nature described in clause (i) above; provided that any such settlement
          is effected with the written consent of the Company; and 

     (iii)    
          against any and all expense whatsoever, as incurred (including the fees and
          disbursements of counsel chosen by any indemnified party), reasonably incurred
          in investigating, preparing or defending against any litigation, or any
          investigation or proceeding by any governmental agency or body, commenced or
          threatened, or any claim whatsoever based upon any untrue statement or omission,
          or any alleged untrue statement or omission, in either case of the nature
          described in clause (i) above, to the extent that any such expense is not paid
          under clause (i) or (ii) above; 

provided, however, that this
indemnity agreement as to any indemnified party shall not apply to any loss, liability,
claim, damage or expense to the extent arising out of any untrue statement or omission or
alleged untrue statement or omission made in reliance upon and in conformity with written
information furnished to the Company by such indemnified party expressly for use in a
Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or
supplement thereto).

(b)     Each Holder severally, but not jointly, agrees to indemnify and
hold harmless the Company, the Initial Purchaser, each Underwriter and the other selling
Holders, and each of their respective directors and officers, and each Person, if any, who
controls the Company, the Initial Purchaser, any Underwriter or any other selling Holder
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
against any and all loss, liability, claim, damage and expense described in the indemnity
contained in Section 4(a) hereof, as incurred, but only with respect to untrue statements
or omissions, or alleged untrue statements or omissions, made in the Shelf Registration
Statement (or any amendment or supplement thereto) or any Prospectus included therein (or
any amendment or supplement thereto) in reliance upon and in conformity with written
information with respect to such Holder furnished to the Company by such Holder expressly
for use in the Shelf Registration Statement (or any amendment or supplement thereto) or
such Prospectus (or any amendment or supplement thereto); provided, however, that no such
Holder shall be liable for any claims hereunder in excess of the amount of net proceeds
received by such Holder from the sale of Registrable Securities pursuant to such Shelf
Registration Statement. 

     (c)    
          Each indemnified party shall give notice as promptly as reasonably practicable
          to each indemnifying party of any action or proceeding commenced against it in
          respect of which indemnity may be sought hereunder, but failure to so notify an
          indemnifying party shall not relieve such indemnifying party from any liability
          hereunder to the extent it is not materially prejudiced as a result thereof and
          in any event shall not relieve it from any liability which it may have otherwise
          than on account of this indemnity agreement. An indemnifying party may
          participate at its own expense in the defense of any such action; provided,
          however, that counsel to the indemnifying party shall not (except with the
          consent of the indemnified party) also be counsel to the indemnified party. In
          no event shall the indemnifying party or parties be liable for the fees and
          expenses of more than one counsel (in addition to any local counsel) separate
          from their own counsel for all indemnified parties in connection with any one
          action or separate but 

17 

similar or related actions in the same jurisdiction
          arising out of the same general allegations or circumstances. No indemnifying
          party shall, without the prior written consent of the indemnified parties,
          settle or compromise or consent to the entry of any judgment with respect to any
          litigation, or any investigation or proceeding by any governmental agency or
          body, commenced or threatened, or any claim whatsoever in respect of which
          indemnification or contribution could be sought under this Section 4 (whether or
          not the indemnified parties are actual or potential parties thereto), unless
          such settlement, compromise or consent (i) includes an unconditional release of
          each indemnified party from all liability arising out of such litigation,
          investigation, proceeding 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)    
          If the indemnification to which a party is entitled under this Section 8 is for
          any reason unavailable to or insufficient to hold harmless an indemnified party
          in respect of any losses, liabilities, claims, damages or expenses referred to
          therein, then each indemnifying party shall contribute to the aggregate amount
          of such losses, liabilities, claims, damages and expenses incurred by such
          indemnified party in such proportion as is appropriate to reflect the relative
          fault of each indemnifying party on the one hand and the Holders and the
          indemnified party on the other hand in connection with the statements or
          omissions which resulted in such losses, liabilities, claims, damages or
          expenses, as well as any other relevant equitable considerations. 

Relative fault shall be determined by
reference to, among other things, whether any such untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates to
information supplied by the indemnifying party or the indemnified party, and each such
party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. 

The Company, the Holders and the
Initial Purchaser agree that it would not be just and equitable if contribution pursuant
to this Section 8 were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to above
in this Section 8. The aggregate amount of losses, liabilities, claims, damages and
expenses incurred by an indemnified party and referred to above in this Section 8 shall be
deemed to include any legal or other expenses reasonably incurred by such indemnified
party in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever based upon any such untrue or alleged untrue statement or omission
or alleged omission. 

Notwithstanding the provisions of
this Section 8, (i) the Initial Purchaser shall not be required to contribute any amount
in excess of the amount by which the total price at which the Securities sold by it
pursuant to a registration effected hereunder exceeds the amount of any damages which the
Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission and (ii) no Holder shall be required to
contribute in excess of the amount by which the net proceeds received by such Holder from
the sale of Registrable Securities by it pursuant to a registration effected hereunder
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. 

18 

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. 

For purposes of this Section 8, each
Person, if any, who controls the Initial Purchaser, or an Underwriter or Holder within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have
the same rights to contribution as the Initial Purchaser, or such Underwriter or Holder,
and each director of the Company, and each Person, if any, who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall
have the same rights to contribution as the Company. The obligations of each Holder to
contribute pursuant to this Section 8 are several and not joint and in the same proportion
of all contributions of Holders required hereunder as such Holder’s Registrable
Securities sold pursuant to the Registration Statement is of the total amount of
Registrable Securities sold pursuant to the Registration Statement. Any Underwriters’
respective obligations to contribute pursuant to this Section 8 are several in the
proportions specified in the relevant underwriting agreement and not joint. 

SECTION 9. UNDERWRITTEN
REGISTRATIONS 

No Holder may participate in any
Underwritten Registration hereunder unless such Holder (a) agrees to sell such
Holder’s Registrable Securities on the basis provided in customary underwriting
arrangements entered into in connection therewith and (b) completes and executes all
reasonable questionnaires, powers of attorney and other documents required under the terms
of such underwriting arrangements. 

SECTION 10. SELECTION OF
UNDERWRITERS 

For any  Underwritten  Offering,  the  investment  banker or  investment  bankers and manager or managers for any
Underwritten Offering that will
administer such offering will be selected by the Holders of a majority in aggregate
principal amount of the Registrable Securities included in such offering. Such investment
bankers and managers are referred to herein as the “underwriters”. 

SECTION 11. ADDITIONAL
AMOUNTS 

If any  Increased  Interest to be  received by the Initial  Purchaser  or any Holders  under this  Agreement  are
subject to any present or future
taxes, assessments, deductions, withholdings or charges of any nature enacted by Brazil or
any political subdivision thereof or taxing authority therein (“Brazilian
Taxes”) or by the Cayman Islands or any political subdivision thereof or taxing
authority therein (“Cayman Islands Taxes”), then the Company shall pay to
the Initial Purchaser or such Holders, as the case may be, additional amounts so that such
Persons shall retain, after taking into consideration all such Brazilian Taxes and Cayman
Islands Taxes, if applicable, an amount equal to the amounts owed to them under this
Agreement as if such amounts had not been subject to Brazilian Taxes or Cayman Islands
Taxes. If any Brazilian Taxes or Cayman Islands Taxes are collected by deduction or
withholding, the Company shall upon request provide to such Persons copies of documents
evidencing the

19 

 
transmittal to the proper authorities of the amount of Brazilian Taxes or
Cayman Islands Taxes, as the case may be, deducted or withheld. 

SECTION 12. CONTRACT
CURRENCY 

The Company shall  indemnify the Initial  Purchaser,  the Trustee or Holder  against any loss incurred by it as a
result of any payment by, or judgment
or order against the Company, being given or made and expressed and paid in a currency
(the “Non-Contract Currency”) other than U.S. dollars and as a result of
any variation as between (i) the rate of exchange at which the U.S. dollar amount is
converted into the Non-Contract Currency for the purpose of such payment, judgment or
order and (ii) the spot rate of exchange in New York City at which such Person on the date
of payment of such payment, judgment or order is able to purchase U.S. dollars with the
amount of the Non-Contract Currency actually received by such Person. The foregoing
indemnity shall constitute a separate and independent obligation of the Company and shall
continue in full force and effect notwithstanding any such judgment or order as aforesaid.
The term “spot rate of exchange” shall include any premiums and costs of
exchange payable in connection with the purchase of, or conversion into, U.S. dollars. 

SECTION 13. MISCELLANEOUS 

     (a)    
          Remedies. Each Holder, and the Trustee on behalf of any such Holder, in
          addition to being entitled to exercise all rights provided herein, in the
          Indenture, the Purchase Agreement or granted by law, including recovery of
          liquidated or other damages, will be entitled to specific performance of its
          rights under this Agreement. The Company agrees that monetary damages would not
          be adequate compensation for any loss incurred by reason of a breach of the
          provisions of this Agreement and hereby agrees to waive the defense in any
          action for specific performance that a remedy at law would be adequate. 

     (b)    
          No Inconsistent Agreements. The Company 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. The Company has not previously
          entered into any agreement granting any registration rights under U.S.
          securities laws with respect to its securities to any Person which would entitle
          such Person to any rights under this Agreement. The rights granted to the
          Holders hereunder do not in any way conflict with and are not inconsistent with
          the rights granted to the holders of the Company’s securities under any
          agreement in effect on the date hereof. 

     (c)    
          Adjustments Affecting the Notes. The Company will not, knowingly and
          voluntarily, take any action, or permit any change to occur, with respect to the
          Notes that would materially and adversely affect the ability of the Holders to
          Consummate any Exchange Offer. 

     (d)    
          Amendments and Waivers. The provisions of 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 (i) in the case of Section 5 and
          Section 11 hereof and this Section 13(d)(i), the Company has obtained the
          written consent of Holders of all outstanding Registrable Securities and (ii) in
          the case of all other provisions hereof, the Company, through 

20 

the Trustee, has
          obtained the written consent of Holders of a majority of the outstanding
          principal amount of Registrable Securities. Notwithstanding the foregoing, a
          waiver or consent to departure from the provisions hereof that relates
          exclusively to the rights of Holders whose securities are being tendered
          pursuant to the Exchange Offer and that does not affect directly or indirectly
          the rights of other Holders whose securities are not being tendered pursuant to
          such Exchange Offer may be given by the Holders of a majority of the outstanding
          principal amount of Registrable Securities subject to such Exchange Offer. 

     (e)    
          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, telecopier, or air
          courier guaranteeing overnight delivery: 

     (i)    
          if to a Holder, at the address set forth on the records of the Note Registrar
          under the Indenture, with a copy to the Note Registrar under the Indenture; 

     (ii)    
          if to the Initial Purchaser, at the address set forth in the Purchase Agreement; 

     (iii)    
          if to the Company, at the address set forth in the Purchase Agreement; and 

     (iv)    
          if to the Trustee, at the address set forth in the Indenture. 

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 receipt acknowledged, if telecopied; and two Business Days, after delivery to
a recognized air courier service, if sent by courier. 

Copies of all such notices, demands
or other communications shall be concurrently delivered by the Person giving the same to
the Trustee at the address specified in the Indenture. 

     (f)    
          Successors and Assigns. This Agreement shall inure to the benefit of and
          be binding upon the successors and assigns of each of the parties hereto and of
          the Holders of Registrable Securities, including, without limitation and without
          the need for an express assignment, subsequent Holders of Registrable
          Securities; provided, however, that the other Persons identified in
          Section 8 shall have the benefit of the indemnification and contribution
          provisions set forth in such Section; and provided, further, that 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
          Registrable Securities directly from such Holder. 

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

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

21 

     
(i)    
          Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
          ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

     (j)    
          Submission to Jurisdiction, etc. The Company irrevocably agrees that any
          legal suit, action or proceeding brought by any party to this Agreement or by
          any person who controls any such party arising out of or based upon this
          Agreement or the transactions contemplated hereby may be instituted in the
          federal courts of the United States or the courts of the State of New York, in
          each case located in the Borough of Manhattan in the City of New York (the
          “Specified Courts”) and irrevocably submits to the jurisdiction
          of such courts in any suit, action or proceeding. The Company hereby irrevocably
          and unconditionally waives any objection to the laying of venue of any suit,
          action or proceeding in the Specified Courts, and hereby further irrevocably and
          unconditionally waives and agrees not to plead or claim in any such court that
          any such suit, action or proceeding brought in any such court has been brought
          in an inconvenient forum. The Company has appointed Banco Bradesco S.A., New
          York branch, located at 450 Park Avenue, 32nd/33rd Floor,
          New York, New York 10022, as its authorized agent (the “Authorized
          Agent”) upon whom process may be served in any action based on this
          Agreement which may be instituted in any U.S. federal or state court in New York
          City by any party to this Agreement and expressly accepts the jurisdiction of
          any such court in respect of any such action. Such appointment shall be
          irrevocable. The Company represents and warrants that the Authorized Agent has
          agreed to act as said agent for service of process, and agrees to take any and
          all action, including the filing of any and all documents and instruments, that
          may be necessary to continue such appointment in full force and effect for a
          period of 12 years from the date of this Agreement. Service of process upon the
          Authorized Agent and written notice of such service to the Company shall be
          deemed, in every respect, effective service of process upon the Company. In
          addition, the Company irrevocably consents to the service of any process in any
          such suit, action or proceeding in any of the Specified Courts by the delivery
          or mailing of such process to the Company at its address specified in this
          Agreement and agrees that nothing herein shall affect the right to effect
          service of process in any other manner permitted by law or shall limit the right
          to sue in any other jurisdiction. The Company also irrevocably submits to the
          non-exclusive jurisdiction of any competent court in Brazil. 

The Company irrevocably waives, to
the fullest extent permitted by applicable law, all immunity (whether on the basis of
sovereignty or otherwise) from jurisdiction, service of process, attachment (both before
and after judgment) and execution to which it might otherwise be entitled and will not
raise or claim or cause to be pleaded any such immunity in connection with any suit,
action or proceeding arising out of or based upon this Agreement, including, without
limitation, any immunity pursuant to the U.S. Foreign Sovereign Immunities Act of 1976, as
amended. 

THE COMPANY AND THE INITIAL PURCHASER HEREBY  IRREVOCABLY AND  UNCONDITIONALLY  WAIVES TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT OR FOR ANY COUNTERCLAIM THEREIN. 

     (k)    
          Severability. In the event that any one or more of the provisions
          contained herein, or the application thereof in any circumstance, is held
          invalid, illegal or unenforceable, 

22 

 
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. 

     (l)    
          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.
          This Agreement supersedes all prior agreements and understandings between the
          parties with respect to such subject matter. 

23 

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

	 	BANCO BRADESCO S.A.,
	 	acting through its Grand Cayman branch
	 
	 
	 	By: NORBERTO PINTO BARBEDO 
	 	Title: Diretor Vice-Presidente 
	 
	 
	 	By: JOSÉ GUILHERME LEMBI DE FARIA 
	 	Title: Diretor Gerente 

MERRILL LYNCH, PIERCE,
FENNER & SMITH

        INCORPORATED 

By: DIANE KENNA

Title: Authorized Signatory  

24 

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

On this 24th day of
October, 2003, before me, a notary public within and for said county, personally appeared
Diane Kenna to me personally known who being duly sworn, did say that he is the
Authorized Signatory of Merrill Lynch, Pierce, Fenner & Smith Incorporated, one of the
persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said persons. 

	By:	DANA PANE-LALL 
	Title:	Notary Public, State of New York 
	 	No.01PA6075006
	 	Qualified in New York County
	 	Commission Expires May 27, 2006

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