Document:

<PAGE>
                                                                    EXHIBIT 10.4

Portions of this Exhibit were omitted and have been filed separately with the
Secretary of the Commission pursuant to the Company's application requesting
confidential treatment under Rule 24b-2 of the Securities Exchange Act.

                  FIRST ADDENDUM TO THE AGREEMENT OF COMMERCIAL
                                  COOPERATION

Through the present private instrument

         (a)      MCDONALD'S COMERCIO DE ALIMENTOS LTDA., a corporation with its
                  main place of business in the town of Barueri, State of Sao
                  Paulo, at Alameda Amazonas n(0) 253, enrolled in the National
                  Registry of Legal Entities under n(0) 42.591.651/0001-43, in
                  this act represented pursuant to its Articles of Association,
                  by its Director-President, Mr. Sergio Daniel Alonso, holder of
                  Identity Card RG. n(0) 16322692N, enrolled in the National
                  Taxpayers' Registry under n(0) 230.933.518-55, resident and
                  domiciled in the town of Barueri, State of Sao Paulo, at
                  Alameda Amazonas, n(0) 253, hereinafter simply called
                  "MCDONALD'S", and on the other side,

         (b)      AOL BRASIL LTDA., a corporation with its main place of
                  business in the town of Santo Andre, at Avenida Industrial,
                  n(0) 600, Centro Empresarial ABC Plaza, 2(0) andar, enrolled
                  in the National Registry of Legal Entities under n(0)
                  03.032.579/0001-62, in this act represented pursuant to its
                  Articles of Association, by its Director-President, Mr. Milton
                  da Rocha Camargo, Brazilian, married, engineer, holder of
                  Identity Card RG. n(0) 3.972.823 -RJ, enrolled in the National
                  Taxpayers' Registry under n(0) 639.663.107-59, domiciled in
                  this Capital of the State of Sao Paulo-SP- at Avenida Marginal
                  do Rio Pinheiros, n(0) 5200, Edificio Philadelphia, 2(0)
                  andar, hereinafter simply called "AOL"; and

WHEREAS the parties, on January 9, 2003, entered into a "Commercial Cooperation
Agreement", for the purpose of implementing a project of digital inclusion, of
MCDONALD'S initiative, through which several products and services will be
offered to its clients (hereinafter simply called "AGREEMENT");

WHEREAS the parties intend to change some of the AGREEMENT'S provisions, due
to the need to make several adjustments in the operational part of the PROJECT,
which imposes some changes in the commercial agreement;

RESOLVED, the parties decide to make an addendum to the AGREEMENT, pursuant to
the following clauses and conditions:

I-CHANGES DUE TO MODIFICATIONS MADE TO THE AOL SERVICE

1.1. The parties decide to replace the tool PARENTAL CONTROL, making available
in its place the tool NET NANNY, licensed to AOL. Thus, the definition "PARENTAL

<PAGE>

CONTROL" will be excluded from the AGREEMENT, and replaced with the following
definition:

"NET NANNY: tool made available by AOL, to be used by MCDONALD'S, through
which MCDONALD'S will be able to select and/or block access to sites or to
any other content it considers improper and/or inadequate to be accessed in its
TERMINALS";

1.2. Bearing in mind that the distribution of the CD-ROM for registration of new
AOL accounts will no longer be necessary, clauses 2.5 and 4.11(iii) of the
AGREEMENT shall hereupon state as follows:

         "2.5. - The parties shall make joint efforts towards gaining new
         subscribers for AOL pursuant to the terms rules of this agreement,
         including, but not limited to, demonstrations of the AOL SERVICE, the
         registering of new AOL accounts by the MCHOSTESSES in the TERMINALS,
         all of which is to be performed in the SPACES."

         "4.11.(III) - To make available, at its own expense, explanatory
         material comprising the necessary basic information for the
         configuration of AOL SERVICE access, as needed for the exclusive
         distribution to the clients who register new accounts in the
         RESTAURANTS. Such leaflets shall be requested by MCDONALD'S in
         advance, until the 10th (tenth) of each month, and will be delivered
         until the 25th (twenty-fifth) of the same month in a single
         distribution center indicated by MCDONALD'S."

1.3. Taking into account the creation of the AOL SERVICE'S new price plans,
the Unlimited Special Plan and the Limited Special Plan are excluded from the
AGREEMENT, and Clauses 3.6. and 3.6.1 of the AGREEMENT shall hereupon have the
meaning mentioned hereinafter, and Clauses 3.6.2 and 3.6.2.1 shall be excluded,
as well (with the automatic correction of other and possible remissions).

         "3.6. AOL, during the TERM of the agreement, shall offer MCDONALD'S
         clients, who have registered through PROMOCODES, discounts on the
         monthly fee for its price plans, as set forth on pursuant to the table
         below:

<TABLE>
<CAPTION>

      AOLPRICE           DISCOUNT         AOL PRICE /MC                       PRESENT DESCRIPTION
      --------           --------         -------------                       -------------------
                                                      AOL TOTAL
      <S>                  <C>               <C>           <C>
      R$ 34,90             8,45%             R$ 31,95      AOL Total plan unlimited with technical support
      R$ 29,90             8,45%             R$ 27,37      AOL Total plan unlimited without technical support

                                                    AOL EXECUTIVE

      R$ 24,90             4,02%             R$ 23,90      AOL Executive plan unlimited with technical
                                                                     support

      R$ 19,90             5,02%             R$ 18,90      AOL Executive plan unlimited without technical
                                                                     support

                                                      AOL YOUTH

      R$ 24,90             4,02%             R$ 23,90      AOL Youth plan to youth unlimited with technical
                                                                     support

</TABLE>

                                       2
<PAGE>
<TABLE>
<CAPTION>
      <S>                  <C>               <C>           <C>
      R$ 19,90             5,02%             R$ 18,90      AOL Youth plan to youth unlimited without
                                                                      technical support

                                                      AOL LITE

      R$ 19,90             5,02%             R$ 18,90      AOL Lite unlimited with technical support

      R$ 14,90             6,72%             R$ 13,90      AOL Lite unlimited without technical support

</TABLE>

         3.6.1. It is hereby agreed upon that AOL, at its own discretion, and
         responsibility, will be able to adjust its prices, discontinue or
         change any of the products mentioned above, but, the discount for AOL
         TOTAL or a new possible "premium" product shall be at least the
         percentage set forth in the above chart. If the other price plans
         and/or products are offered, the parties will discuss in good faith the
         possibility of offering discounts. Limited hour plans and AOL MAXX
         (broadband) will be offered to customers at market prices.

1.4. Likewise, Clause 3.6.3. of the AGREEMENT shall hereupon have the following
meaning:

         "3.6.3. - The trial period, hereinafter simply called TRIAL for the
         plans established in 3.6, except for AOL MAXX (broadband), shall be one
         (1) month, beginning with the subscriber's registration to the AOL
         SERVICE, however (i) it may be decreased only if AOL establishes the
         same for its standard offers in the market, or (ii) it may be
         increased, at AOL'S discretion, up to two (2) months. As for AOL
         MAXX (broadband), there shall be no trial period, being assured that,
         in case this is occasionally offered to its clients, AOL shall also
         offer such benefit to the PROJECT".

1.5 Likewise, Clause 3.6.4. of the AGREEMENT shall hereupon have the following
meaning:

         "3.6.4. For purposes of this agreement, it is hereby agreed upon that
         MCDONALD'S accepts and will guarantee that AOL TOTAL IS the
         standard offer plan, hereinafter simply called "default" for the offer
         of AOL SERVICE by the MCHOSTESSES in the TERMINALS. Other plans will
         only be offered after the offer of AOL TOTAL has been rejected by the
         subscriber or for retention by AOL customer service".

1.6. Taking into account the changes caused by blockage of content considered
improper by MCDONALD'S, Clause 4.1 (iv) of the AGREEMENT, shall hereupon
have the following meaning:

         "(IV) - To make itself expressly liable for any content hosted in AOL
         servers. For navigation purposes out of AOL servers ("world wide web"),
         AOL shall always make available to MCDONALD'S all the security
         tools it makes use of, aiming at offering MCDONALD'S the
         possibility of blocking the content it considers either improper or
         inadequate, being AOL, regarding this last assumption, exempt from
         liability for such contents, the same happening in case the subscriber
         manages to access such content through other means. MCDONALD'S
         acknowledges that,

                                       3
<PAGE>

         presently, the available tool for the aforementioned blockage is NET
         NANNY, the license of which shall be contracted for and paid by AOL,
         and that the blockage will depend on the options and configurations
         made by MCDONALD'S, at its own discretion, when using such tool.
         Thus, MCDONALD'S is exclusive liaBLE for making use of NET NANNY to
         block content that MCDONALD'S considers improper or inadequate".

1.7. Taking into consideration the changes in AOL Navigator, Clause 5.1 (xiii)
of the AGREEMENT, shall hereupon have the following meaning:

         "(XIII) to guarantee the sole exclusive use of the Internet Explorer
         navigator ("IE") and/or of the "Hewlett-Packard" mini-navigator, in the
         TERMINALS, with AOL customization and with its previous approval, as
         the INTERNET navigation form, the use of any other access navigator to
         the INTERNET shall be prohibited".

II- CHANGES DUE TO NEW COMMERCIAL DEAL

2.1. For all purposes and effects, the ANNIVERSARY DATE, in the first year of
the AGREEMENT, shall be March 31, 2004 and the subsequent ANNIVERSARY DATES
shall be on the same date in the subsequent years.

2.2. The parties mutually agree that on March 31, 2004, no allocation of funds
will be expected by AOL, pursuant to the terms of clause 6.2 of the AGREEMENT,
and, due to the parties having set forth a new schedule, hereinafter mentioned,
no adjustment of accounts will be carried out between the parties, or even any
return or penalty on the part of MCDONALD'S will be expected, pursuANT to
the terms of clause 6.1 and respective sub-items, 6.2 (definition of
NI[Non-installed RESTAURANTS]) and respective sub-items, and 10.7, all of them
in the AGREEMENT.

2.3. Taking into account the revised schedule, as well as the period of time
from the AGREEMENT'S signature until the present daTE, it is hereby
expressly agreed upon between the parties that MCDONALD's will not be
subject to any penalty, by virtue of a possiBLE non-fulfillment of the schedule
(RESTAURANTS and/or TERMINALS), there being, in such an assumption, just the
deductions set forth in Chapter VI. Likewise, Clause 2.3.3 is hereby excluded,
being established that Clause 10.3 of the AGREEMENT shall be immediately
effective as of March 31, 2005.

2.4. For the purposes established in the AGREEMENT, the following definitions
will be included in Clause 1:

MCHOSTESS (or MCHOSTESSES): sales promoters who will act as the PROJECT'S
exclusive attendants, for the purposes of guiding AND helping customers, as well
as demonstrating and selling the AOL SERVICE and the products and services of
the other PARTNERS.

MCHOSTESS OF ONE'S OWN:  Type of MCHOSTESS, a MCDONALD'S employee; and

                                       4
<PAGE>

OUTSOURCED MCHOSTESS ; kind of MCHOSTESS, in this case an outsourced person,
provided by a company specialized in temporary work, hired by MCDONALD'S,
specially for the PROJECT'S purposes.

2.5. By virtue of the insertions set forth in 2.4 above, Clauses 4.2 (ii),
5.1(x) and 6.2.2 of the AGREEMENT shall hereupon have the following meaning:

         "4.2. (II). to take part in the MCHOSTESS training, at no extra cost
         for AOL, in form to be agreed upon, of mutual agreement by the parties,
         the training content being provided to MCDONALD'S for it to train its
         employees. AOL can request MCHOSTESSES' replacement, provided that
         it has fully justified reasons".

         "5.1. (IV). to hire and/or make available from its staff, and train a
         minimum number of MCHOSTESSES (OF ONE'S OWN OR OUTSOURCED), to work
         in all the RESTAURANTS, who will carry out the demonstration of the AOL
         service and answer questions, among other activities".

         "5.1. (X). to pay all the labor and social security expenses relating
         to its employees, sub-hired and outsourced parties, used for the
         PROJECT'S achievement, including, but not limited to the
         MCHOSTESSES OF ONE'S OWN, committing to exempt AOL FROM any
         liabilities and to defend it, in any suit, claim or procedure filed by
         its employees, sub-hired or any third parties bound to it, as well as
         to indemnify it for losses and damages, either direct or indirect, that
         may eventually incur by virtue of such suits, claims or procedures. In
         these situations, MCDONALD'S will indemnify AOL, and MCDONALD'S
         shall promptly request AOL'S withdrawal from the suit".

         "6.2.2. - Such allocation, of AOL'S responsibility, corresponds to
         a part of the estimated amount for the PROJECT'S annual
         maintenance, and the difference shall be allocated by the other
         PARTNERS, or, occasionally, by MCDONALD'S, at its own exclusive
         discretion, such amount should be used with no limitations, for the
         TERMINALS' maintenance, MCHOSTESSES' costs, FOR advertising
         campaigns and other expenditures, already incurred or to happen in the
         future, related to the PROJECT".

2.5.1. For purposes of the provisions in 5.1.(iv), as modified above, it is
hereby agreed upon that the minimum number of MCHOSTESSES shall be as
established in 2.6 and 2.9 below.

2.6. MCDONALD'S shall hire and train, at its own expense, beginning March
31, 2004, for an initial term of one (1) year beginning On that date, through a
specialized agency, a minimum of three hundred (300) OUTSOURCED MCHOSTESSES, who
will work in three hundred (300) RESTAURANTS of MCDONALD'S ownership (not
franchisees), on a basis of six (6) days per week, eight (8) hours per day,
subject To the following terms:

         (a)      - The rest day shall not be on Fridays, Saturdays and Sundays.

         (b)      - The maximum average payment per sales promoter, working on
                  the terms set forth above, shall not surpass one thousand and
                  one hundred REALS (R$ 1.100,00),

                                       5
<PAGE>

                  including salary, benefits (direct or indirect), such as
                  transportation and food bonuses, and the labor, social
                  security and fiscal duties levied on such payment;

         (c)      The term set forth in the "recital" can be postponed, as
                  necessary, provided that there is no availability of personnel
                  through the verified specialized agencies and that MCDONALD'S
                  has immediately diligently started the hiring procedure; and

         (d)      MCDONALD'S shall use its best efforts to hire an initial
                  number of up to one hundred (100) of such promoters, on the
                  basis aforementioned, prior to March 31, 2004.

2.7. The Acquired Accounts' target for the group of three hundred (300)
OUTSOURCED MCHOSTESSES shall be [**] [(**)], that is, an average of [**]
ACQUIRED ACCOUNTS per work day by OUTSOURCED MCHOSTESSES, for the term comprised
between the first and the second ANNIVERSARY DATE.

2.8. AOL will be entitled to take part, at no extra cost, (a) in the negotiation
of the operational conditions for hiring the three hundred (300) OUTSOURCED
HOSTESSES, (b) in their training program, (c) in the supervision of the
OUTSOURCED MCHOSTESSES during all the hiring period, and in the duty to start
different PROMOCODES for each OUTSOURCED HOSTESS, so as to be able to monitor
their sales, those of the HOSTESSES OF ONE'S OWN and of any other promotions.

2.9. Besides the OUTSOURCED MCHOSTESSES, MCDONALD'S shall train and keep,
pursuant to the terms of clause 5.1(iv) of the AGREEMENT, one (1) or more
MCHOSTESSES OF ONE'S OWN per RESTAURANT (which does not have OUTSOURCED
HOSTESSES), on a basis of seven (7) days PER week, eight (8) hours per day (with
the possibility of hiring two of them, each one working four hours) who shall
dedicate themselves exclusively to the PROJECT'S activities.

2.10. Except for the franchised RESTAURANTS, the total number and location of
which can be requested by AOL at any time, while the AGREEMENT is in force, AOL
shall be entitled, at no extra cost, to take part in the MCHOSTESSES'
training and supervision, during ALL the term of the AGREEMENT.

2.11. For all the purposes of the AGREEMENT, the parties accept a new schedule,
as described below, in replacement of the schedule set forth in Exhibit II of
the AGREEMENT.

                                       6
<PAGE>
                                Installed Restaurant
        Month of 2004                  Target                      Total
        -------------                  ------                      -----
          March 31                       300                        300

          April 30                       50                         350

           May 31                        50                         400

           June 30                       50                         450

           July 31                       50                         500

          August 31                      50                         550

2.12. On August 31, 2004, the number of effectively installed restaurants will
be measured. In case this number is lower than 550, MCDONALD'S shall pay AOL, by
September 30, 2004, the amount of "X", according to the following formula:

X= R$ 10,666.66 x NI (not installed)

In full: "X" = ten thousand, six hundred and sixty REALS and sixty-six cents (R$
10, 6666,66) multiplied by the number of non-installed restaurants (the number
of non-installed restaurants is the difference between 550 and the number of
RESTAURANTS effectively installed).

2.13. Only on the second ANNIVERSARY DATE, that is, on March 31, 2005, for the
effects of Clause 6.2 of the AGREEMENT, and the parties agree only if MCDONALD'S
reaches the minimum number of [**] ([**]) ACQUIRED ACCOUNTS, by that date,
independent of the number of effectively installed RESTAURANTS, will the parties
agree that the maintenance amount to be allocated will be according to the
calculation of "N", changed as described below and limited to R$ 3,616,000.00,
without "I":

N = R$ 2.784.000,00 +  (ACQUIRED ACCOUNTS- [**]) x 416
                                                   ---
                                                   50

Sole paragraph: In case the minimum number of [**] ACQUIRED ACCOUNTS is not
reached, the formula set forth in the AGREEMENT'S Clause 6.2 and particularly in
its sub-items, shall prevail, including, but not limited to, the payment date
established in 6.2.3.

2.14. The parties agree that the ACQUISITION TARGETS shall be, as set forth in
the table below:

                                       7
<PAGE>

<TABLE>
<CAPTION>
                 Minimum Amount of N (R$)        Acquisition Targets        Maximum Amount of N (R$)
                 ------------------------        -------------------        ------------------------

<S>                   <C>                               <C>                      <C>
YEAR 1                R$   0,00                          [**]                    R$   0,00

YEAR 2                R$ 2.784.000,00                    [**]                    R$ 3.616.000,00

YEAR 3                R$ 2.304.000,00                    [**]                    R$ 4.096.000,00

YEAR 4                R$ 1.984.000,00                    [**]                    R$ 4.416.000,00

YEAR 5                R$ 1.984.000,00                    [**]                    R$ 4.416.000,00

TOTAL                                                    [**]

</TABLE>

2.15. It is hereupon agreed between the parties that all that has been
established in 2.12, 2.13 and 2.14 hereinbefore, shall undergo re-adjustment as
set forth in Clause 6.4 of the AGREEMENT, as of the date it was entered into,
that is, January 09, 2003.

2.16. For all purposes and effects, the parties agree that what has been set
forth in 2.2 above, only applies to the first ANNIVERSARY DATE. Thus, as of and
including March 31, 2005, all the contractual terms and conditions shall be
effective, including, without limitation, allocations and refunds (Clause 6 of
the AGREEMENT), except for what has been set forth in 2.3 above and in what has
been changed by this addendum.

2.17. AOL will be entitled to take part, at no extra cost, according to terms to
be mutually agreed between the parties, in the campaign entitled "Animal Ark",
which will involve the minimum distribution of 3.5 million leaflets, exclusively
paid for by MCDONALD'S, and which will be released from March to May of
2004.

2.18. MCDONALD'S shall include AOL, as an active participant, under terms
and conditions to be mutually agreed upon, in at least ONE (1) nationwide
promotional campaign in 2004 (besides the one set forth in 2.17 above) and two
(2) nationwide promotional campaigns in 2005.

2.19. The parties agree that MCDONALD'S shall increase the visibility and
exposure level of the AOL brands in the SPACES, so as TO guarantee the
visibility of such brands from several angles inside the RESTAURANT, in form to
be mutually agreed upon, under the same terms and conditions of the other
PARTNERS, and in accordance with what has been agreed upon by the OPERATIONAL
COMMITTEE.

2.20. MCDONALD'S shall request a proposal from AOL to participate in online
advertising campaignS.

2.21. In the event that the ACQUIRED ACCOUNTS target for the group of three
hundred (300) OUTSOURCED MCHOSTESSES, at any time during the period from the
first to the second ANNIVERSARY DATES, in averages below [**] ACQUIRED ACCOUNTS,
per work day by the OUTSOURCED MCHOSTESSES, MCDONALD'S can at its own
discretion,

                                       8
<PAGE>

offer the AOL SERVICE, in the maximum of two (2) campaigns, in the manner belOW,
limited to one month per campaign.

         (a)      The offer of an additional trial month to clients, in exchange
                  for the payment by AOL, pursuant to Clause 6.6 of the
                  AGREEMENT. In this case, which shall be set forth by
                  PROMOCODES, a new account will be considered a new ACQUIRED
                  ACCOUNT, subsequent to the payment, by the subscriber, of the
                  first monthly payment after the end of the trial period
                  and/or,

         (b)      The offer of a fifty-per cent (50%) discount for the first
                  three (3) months without a trial period to the subscriber. In
                  this case and only in this case, which will be established by
                  PROMOCODES, a new account shall be considered an ACQUIRED
                  ACCOUNT, after the payment of the first two monthly payments
                  by the client. Still in such a case, MCDONALD'S will
                  receive the thIRD monthly payment, once it is paid, for the
                  purposes of Clause 6.6 (a), (b) and (c) of the AGREEMENT.

III. THE EFFECTIVELY INSTALLED RESTAURANTS

3.1. For the purposes of the AGREEMENT, a RESTAURANT is considered effectively
installed ("EFFECTIVELY INSTALLED RESTAURANT") when it cumulatively fulfills the
following requirements:

         (i)      Has all the respective TERMINALS installed and in operation,
                  under the terms of the SLA (item 1);

         (ii)     Has all its connectivity installed and in operation, under the
                  terms of the SLA (items 2 and 3), that is, able to perform the
                  PROMOCODES registration;

         (iii)    Has hired all of the MCHOSTESSES team, having duly trained
                  them and having them ready for the immediate commencement of
                  activities, pursuant to the terms of Clause 5.1 (v) of the
                  AGREEMENT; and

         (iv)     Has AOL'S level of exposure, pursuant to the terms of Clause
                  5.1(i) and 5.1 (ix) of the AGREEMENT.

3.2. For the purposes set forth in 3.1(i) above, the parties agree that the
TERMINALS under maintenance can be counted for the purposes of the AGREEMENT,
provided that:

         (i)      they had been in operation at the moment of installation;

         (ii)     the total number of TERMINALS in maintenance at the time of
                  the report mentioned in 3.4(A) below, does not exceed 8,3% of
                  the total TERMINALS and, in accordance with the provisions of
                  Clause 5.1(iii) of the AGREEMENT.

3.3. For the purposes of 3.1 (ii) above, "connectivity" is considered the
physical linking means between the RESTAURANT, from its router, and the
respective telecommunications company, making this RESTAURANT'S access
available to the

                                       9
<PAGE>

INTERNET dedicated to THE PROJECT. In case the connectivity used by the
TERMINALS is shared by the RESTAURANT for it to communicate with the other
RESTAURANTS or with MCDONALD'S, it shall guarantee that a minimum of 64 kbps
are exclusively dedicated to the TERMINALS.

3.4. Calculation of the number of "EFFECTIVELY INSTALLED RESTAURANTS" shall be
performed in the following manner:

         (A)      - MCDONALD'S shall send a monthly report to AOL, by the tenth
                  business day of the subsequent month, containing:

                  (i)      The number of installed, operating TERMINALS per
                           RESTAURANT, with the respective installation date, as
                           well as the number of TERMINALS under maintenance and
                           the respective dates;

                  (ii)     The number of EFFECTIVELY INSTALLED RESTAURANTS,
                           comprising (1) the RESTAURANT'S name, (2) its full
                           address, (3) type OF installed link and the date of
                           the RESTAURANT installation, (4) MCHOSTESS'S name and
                           Identity Card number AND (5) list of the promotional
                           material and the date of its arrival at the
                           RESTAURANT.

         (B)      AOL shall state its acceptance of the presented numbers,
                  within ten business days, and, in the event it does not agree
                  with the numbers, it shall send the reason for such
                  disagreement in writing. AOL will verify the data established
                  in 3.4(A) (i) above with its database and will only consider,
                  as being installed and in operation, those TERMINALS that had
                  accessed the AOL SERVICE, after the date stated by MCDONALD'S.

         (C)      In case of disagreement, the parties shall submit the results
                  to an independent auditing company of mutual choice, which
                  will be appointed by the parties within ten business days and
                  which shall, based on the criteria defined above for
                  "EFFECTIVELY INSTALLED RESTAURANTS", issue a report containing
                  the information set forth in (A) (i) and (A) (ii), within the
                  fifteen business days.

3.5. The parties also agree that the costs of the auditing containd in 3.(C)
above, will be equally shared by them, and that the report issued by the chosen
company will be definitive and will bind the parties.

4. This addendum shall be in force on the date of its signature, and its Chapter
I regulates the PROJECT as of its launching.

5. All the other clauses and conditions of the AGREEMENT remain in full force,
as they were originally agreed upon, to the extent that they do not contradict
what has been set forth in the present private instrument of addendum.

                                       10
<PAGE>

IN WITNESS WHEREOF, the parties enter into the present instrument in two (2)
counterparts of equal form and content, each one to be considered as original,
in the presence of the two undersigned witnesses.

Sao Paulo,  March 24, 2004.

/s/ Sergio Daniel Alonso
------------------------------------------
MCDONALD'S COMERCIO DE ALIMENTOS LTDA.

/s/ Milton da Rocha Camargo
------------------------------------------
AOL BRASIL LTDA.

WITNESSES:

/s/ Eduardo V. Mortari, Jr.
------------------------------------------
EDUARDO V. MORTARI, JR.

/s/ Marise Barroso
------------------------------------------
MARISE BARROSO

                                       11<PAGE>
                                                                     Exhibit 4.3

                                FORM GLOBAL NOTE

                                  FACE OF NOTE

                               PIERRE FOODS, INC.

No. Fast 2                                                   CUSIP No. 358034AC0

      [THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
      HEREINAFTER REFERRED TO.

      UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
      DEPOSITORY TRUST COMPANY TO PIERRE FOODS, INC. OR A SUCCESSOR THEREOF OR
      THE REGISTRAR FOR REGISTRATION OF TRANSFER OR EXCHANGE AND ANY NOTE ISSUED
      IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER ENTITY AS HAS BEEN
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
      (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
      HAS BEEN REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
      BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &
      CO., HAS AN INTEREST HEREIN.

      TRANSFER OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFER IN WHOLE, AND
      NOT IN PART, TO NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR
      THEREOF OR SUCH SUCCESSORS NOMINEE.]

<PAGE>

                                   GLOBAL NOTE

                   REPRESENTING 10 3/4% SENIOR NOTES DUE 2006

      Pierre Foods, Inc., a North Carolina corporation, for value received,
hereby promises to pay to Cede & Co., or its registered assigns, the principal
sum indicated on Schedule A hereof, on June 1, 2006.

      Interest Payment: Dates: June 1 and December 1, commencing December 1.
1998.

      Record Dates: May 15 and November 15.

      Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

      Unless the certificate of authentication hereon has been duly executed by
the Trustee referred to on the reverse by manual signature, this Note shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purposes.

                                        2

<PAGE>

IN WITNESS WHEREOF, Pierre Foods, Inc. has caused this Note to be duly executed.

                                     PIERRE FOODS, INC.

                                     By: /s/ Pamela M. Witters
                                         Pamela M. Witters
                                         Chief Financial Officer, Treasurer and
                                         Secretary

Attest: /s/ Robin S. Queen

Dated: March 8, 2004

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

U.S. Bank National Association,
        as Trustee, certifies that this is one of
        the Notes referred to in the Indenture

By: /s/ Alison D. B. Nadeau
    Authorized Signatory

                                        3

<PAGE>

                                REVERSE SIDE NOTE

                               PIERRE FOODS, INC.

                                      NOTE

                   REPRESENTING 10-3/4% SENIOR NOTES DUE 2006

1.    Indenture

      This Note is one of a duly authorized issue of debt securities of the
Company (as defined below) designated as its "10-3/4% Senior Notes Due 2006"
(herein called the "Notes") limited in aggregate principal amount to
$115,000,000, issued under an indenture dated as of June 9, 1998, as
supplemented from time to time, the "Indenture") among the Company, as issuer
and the guarantors listed on Annex A hereto (collectively, the "Guarantors"),
and U.S. Bank, National Association, as trustee (the "Trustee," which term
includes any successor trustee under the Indenture). The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code Sections
77aaa-77bbbb). The Notes are subject to all such terms, and Holders of Notes are
referred to the Indenture and such Act for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Guarantors, the Trustee and each Holder and of the terms upon which the Notes
are, and are to be, authenticated and delivered. The summary of the terms of
this Note contained herein does not purport to be complete and is qualified by
reference to the Indenture. To the extent permitted by applicable law, in the
event of any inconsistency between the terms of this Note and the terms of the
Indenture, the terms of the Indenture shall control. All capitalized terms used
in this Note which are not defined herein shall have the meanings assigned to
them in the Indenture.

      The Indenture restricts, among other things, the Company's ability to
incur additional indebtedness, pay dividends or make certain other restricted
payments, incur liens to secure pari passu or subordinated indebtedness, sell
stock of Restricted Subsidiaries, apply net proceeds from certain asset sales,
merge or consolidate with any other person, sell, assign, transfer, lease,
convey or otherwise dispose of substantially all of the assets of the Company or
enter into certain transactions with affiliates. The Indenture permits, under
certain circumstances, Restricted Subsidiaries of the Company to be deemed
Unrestricted Subsidiaries and thus not subject to the restrictions of the
Indenture.

2.    Principal and Interest

      Pierre Foods, Inc., a North Carolina corporation (such corporation, and
its successors and assigns under the Indenture hereinafter referred to, being
herein called the "Company"), promises to pay the principal amount set forth on
Schedule A of this Note to the Holder hereof on June 1, 2006.

      The Company shall pay interest at a rate of (i) 10.75% per annum, from the
Issue Date or from the most recent Interest Payment Date thereafter to which
interest has been paid or duly provided for until March 8, 2004, (ii) 12.25% per
annum from March 9, 2004 or the most recent Interest Payment Date thereafter to
which interest has been paid or duly provided for

                                       4

<PAGE>

until March 31, 2005 and (iii) 13.25% per annum from April 1, 2005 or from the
most recent Interest Payment Date thereafter to which interest has been paid or
duly provided for, in each case, semiannually in arrears on June 1 and December
1 of each year, in cash, to the Holder hereof until the principal amount hereof
is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, subject to certain
exceptions provided in the Indenture, be paid to the Person in whose name this
Note (or the Note in exchange or substitution for which this Note was issued) is
registered at the close of business on the Record Date for interest payable on
such Interest Payment Date. The Record Date for any interest payment is the
close of business on May 15 or November 15, as the case may be, whether or not a
Business Day, immediately preceding the Interest Payment Date on which such
interest is payable. Any such interest not so punctually paid or duly provided
for ("Defaulted Interest") shall forthwith cease to be payable to the Holder on
such Record Date and shall be paid as provided in Section 2.11 of the Indenture.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

      Each payment of interest in respect of an Interest Payment Date will
include interest accrued through the day before such Interest Payment Date. If
an Interest Payment Date falls on a day that is not a Business Day, the interest
payment to be made on such Interest Payment Date will be made on the next
succeeding Business Day with the same force and effect as if made on such
Interest Payment Date, and no additional interest will accrue as a result of
such delayed payment.

      To the extent lawful, the Company shall pay interest on overdue principal,
overdue premium and Defaulted interest at the applicable interest rate borne on
this Note. The Company's obligation pursuant to the previous sentence shall
apply whether such overdue amount is due at its maturity, as a result of the
Company's obligations pursuant to Section 3.05, Section 4.11, Section 4.14 or
Section 4.22 of the Indenture, or otherwise.

3.    Method of Payment

      The Company, through the Paying Agent, shall pay interest on this Note to
the registered Holder of this Note, as provided above. The Holder must surrender
this Note to a Paying Agent to collect principal payments. The Company will pay
principal, premium, if any, and interest and Liquidated Damages, if any, in
money of the United States of America that at the time of payment is legal
tender for payment of all debts public and private. Principal, premium, if any,
and interest and Liquidated Damages, if any, shall be paid by check mailed to
the registered Holders at their registered addresses; provided that all payments
with respect to Notes the Holders of which have given wire transfer instructions
to the Company will be required to be made by wire transfer of immediately
available funds to the accounts specified by the Holders thereof.

4.    Paying Agent and Registrar

      Initially, the Trustee will act as Paying Agent and Registrar under the
Indenture. The Company may, upon written notice to the Trustee, appoint and
change any Paying Agent or Registrar. The Company or any of its Affiliates may
act as Paying Agent or Registrar, provided that if the Company or such Affiliate
is acting as Paying Agent, the Company or such Affiliate

                                       5

<PAGE>

shall segregate all funds held by it as Paying Agent and hold them in trust for
the benefit of the Holders or the Trustee.

5.    Guarantees

      This Note is entitled to the benefits of the Guarantees made by the
Guarantors listed on Annex A hereto and may thereafter be entitled to Guarantees
made by other Guarantors for the benefit of the Holders of Notes. Each present
Guarantor has, and each future Guarantor will, irrevocably and unconditionally,
jointly and severally, guarantee on a senior unsecured basis the punctual
payment when due, whether at Stated Maturity, by acceleration, in connection
with a Change of Control Offer, an Asset Sale Offer or redemption, or otherwise,
of all obligations of the Company under the Indenture and this Note, whether for
payment of principal of, premium, if any, interest or Liquidated Damages, if
any, on the Notes, expenses, indemnification or otherwise. A Guarantor shall be
released from its Guarantee upon the terms and subject to the conditions set
forth in the Indenture.

6.    Redemption

      (a) Optional Redemption. The Notes are subject to redemption at the option
of the Company, in whole or in part, on at least 30 calendar days, but not more
than 60 calendar days, prior notice, at the redemption prices (expressed as
percentages of principal amount) set forth below, plus accrued and unpaid
interest thereon, if any, and Liquidated Damages, if any, to the applicable
Redemption Date (subject to the right of each Holder of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date), if
redeemed during the twelve-month period beginning June 1 of the years indicated
below:

<TABLE>
<CAPTION>
YEAR                                PERCENTAGE
----                                ----------
<S>                                 <C>
2003                                102.688%
2004 and thereafter                 100.000%
</TABLE>

      (b) Mandatory Redemption

      Within 30 days following the delivery by the Company to the Trustee and
the Senior Lender of the audited financial statements for the Company and its
Subsidiaries for the 2005 and 2006 Fiscal Years, but in no event later than 120
days following the end of each such Fiscal Year, the Company shall make a
payment to the Trustee equal to 60% of the Company's Consolidated Excess Cash
for such Fiscal Year (the "Cash Sweep Payment"), if, but only if, each of the
Cash Sweep Payment Conditions are first satisfied. The Cash Sweep Payment shall
be used to redeem, on a pro rata basis, outstanding Notes, at a redemption price
in cash equal to 100% of the aggregate principal amount thereof plus accrued and
unpaid interest thereon to the Redemption Date.

7.    Notice of Redemption

      At least 20 calendar days but not more than 60 calendar days before a
Redemption Date, the Company shall deliver to the Trustee and send, by
first-class mail, postage prepaid, to

                                       6

<PAGE>

Holders of Notes to be redeemed at the addresses of such Holders as they appear
in the Note Register, a notice of redemption.

      In the case of a redemption pursuant to Section 6(a) above, if fewer than
all the Notes are to be redeemed at any time, the Trustee shall select the Notes
to be redeemed pro rata or by lot or by a method that complies with applicable
legal and securities exchange requirements, if any, and that the Trustee
considers fair and appropriate and in accordance with methods generally used at
the time of selection by fiduciaries in similar circumstances. In the case of a
redemption pursuant to Section 6(b) above, if fewer than all the Notes are to be
redeemed at any time, the Trustee shall select the Notes to be redeemed pro
rata. In either case, the Trustee shall make the selection from outstanding
Notes not previously called for redemption; provided that the Trustee may select
for redemption portions (equal to $1,000 or any integral multiple thereof) of
the principal of Notes that have denominations larger than $1,000 (Notes in
denominations of $1,000 or less may be redeemed only in whole). If any Note is
redeemed subsequent to a Record Date with respect to any Interest Payment Date
specified above and on or prior to such Interest Payment Date, then any accrued
interest will be paid on such Interest Payment Date to the Holder of the Note on
such Record Date. If money in an amount sufficient to pay the Redemption Price
of all Notes (or portions thereof) to be redeemed on the Redemption Date is
deposited with the Paying Agent on or before the applicable Redemption Date and
certain other conditions are satisfied, interest on the Notes or portions
thereof to be redeemed on the applicable Redemption Date will cease to accrue.

8.    Repurchase at the Option of Holders upon Change of Control

      Upon the occurrence of a Change of Control, each Holder shall have the
right in accordance with the terms hereof and the Indenture to require the
Company to purchase such Holder's Notes, in whole or in part, in a principal
amount that is an integral multiple of $1,000, pursuant to a Change of Control
Offer, at a purchase price in cash equal to l0l% of the principal amount of such
Notes (or portions thereof) plus accrued and unpaid interest and Liquidated
Damages, if any, to the Change of Control Payment Date.

      Within 30 calendar days following any Change of Control, the Company shall
send, or cause to be sent, by first-class mail, postage prepaid, a notice
regarding the Change of Control Offer to each Holder with a copy to the Trustee.
The Holder of this Note may elect to have this Note or a portion hereof in an
authorized denomination purchased by completing the form entitled "Option of
Holder to Elect Purchase" appearing below and tendering this Note pursuant to
the Change of Control Offer. Unless the Company defaults in the payment of the
Change of Control Purchase Price with respect thereto, all Notes or portions
thereof accepted for payment pursuant to the Change of Control Offer will cease
to accrue interest from and after the Change of Control Payment Date.

9.    Repurchase at the Option of Holders upon Asset Sale

      If at any time the Company or any Restricted Subsidiary engages in any
Asset Sale, as a result of which the aggregate amount of Excess Proceeds exceeds
$5.0 million, the Company shall, within 30 calendar days of the date the amount
of Excess Proceeds exceeds $5.0 million, use the then-existing Excess Proceeds
to make an offer to purchase from all Holders of Notes, on

                                       7

<PAGE>

a pro rata basis, Notes in an aggregate principal amount equal in amount to the
then-existing Excess Proceeds, at a purchase price in cash in an amount equal to
100% of the principal amount thereof plus accrued and unpaid interest thereon
and Liquidated Damages to the Asset Sale Purchase Date (subject to the right of
each Holder of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date). Upon completion of an Asset Sale Offer
(including payment of the Asset Sale Purchase Price for accepted Notes), any
surplus Excess Proceeds that were the subject of such offer shall cease to be
Excess Proceeds, and the Company may then use such amounts for general corporate
purposes.

      Within 30 calendar days of the date the amount of Excess Proceeds exceeds
$5.0 million, the Company shall send, or cause to be sent, by first-class mail,
postage prepaid, a notice regarding the Asset Sale Offer to each Holder. The
Holder of this Note may elect to have this Note or a portion hereof in an
authorized denomination purchased by completing the form entitled "Option of
Holder to Elect Purchase" appearing below and tendering this Note pursuant to
the Asset Sale Offer. Unless the Company defaults in the payment of the Asset
Sale Purchase Price with respect thereto, all Notes, or portions thereof
selected for payment pursuant to the Asset Sale Offer will cease to accrue
interest from and after the Asset Sale Purchase Date.

10.   Repurchase at the Option of Holders on March 31, 2005

      At least thirty (30) days prior to January 1, 2005, the Company shall send
or cause to be sent, by first-class mail, postage prepaid, a notice regarding
the 2005 Offer to each Holder. Pursuant to the 2005 Offer, the Holder of this
Note may elect to have this Note or a portion hereof in an authorized
denomination purchased by completing the form entitled "Option of Holder to
Elect Purchase" appearing below and tending this Note to the Paying Agent no
later than January 15, 2004. On March 31, 2005, the Company shall purchase all
Notes from Holders electing to have their Notes purchased on such date at a
purchase price in cash equal to 100% of the principal amount thereof plus
accrued and unpaid interest thereon to the 2005 Offer Purchase Date. Unless the
Company defaults in the payment of the 2005 Offer Purchase Price with respect
thereto, all Notes, or portions thereof, tendered for payment pursuant to the
2005 Offer will cease to accrue interest from and after March 31, 2005.

11.   Collateral Documents.

      The Notes are entitled to the benefits of the Collateral Documents which
set forth, among other things, the Collateral securing the obligations of the
Notes. Each Holder, by accepting a Note, agrees to be bound by all of the terms
and provisions of the Collateral Documents, as the same may be amended from time
to time. Each Holder, by accepting a Note, further agrees the Liens securing the
Notes granted pursuant to the Indenture and the Collateral Documents are
subordinated in right of priority to all of the Liens granted as security for
the Senior Debt to the extent and in the manner provided in the Subordination
Agreement.

12.   The Global Note.

      So long as this Global Note is registered in the name of the Depositary or
its nominee, members of, or participants in, the Depositary ("Agent Members")
shall have no rights under the Indenture with respect to this Note held on their
behalf by the Depositary or the Trustee as its

                                       8

<PAGE>

custodian, and the Depositary may be treated by the Company, the Guarantors, the
Trustee and any agent of the Company, the Guarantors or the Trustee as the
absolute owner of this Note for all purposes. Notwithstanding the foregoing,
nothing herein shall (i) prevent the Company, the Guarantors, the Trustee or any
agent of the Company, the Guarantors or the Trustee, from giving effect to any
written certification, proxy or other authorization furnished by the Depositary
or (ii) impair, as between the Depositary and its Agent Members, the operation
of customary practices governing the exercise of the rights of a Holder.

      The Holder of this Global Note may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests in this
Global Note through Agent Members, to take any action which a Holder is entitled
to take under the Indenture or the Notes.

      Whenever, as a result of optional or mandatory redemption by the Company,
a Change of Control Offer, an Asset Sale Offer or the 2005 Offer, this Global
Note is redeemed, repurchased or exchanged in part, this Global Note shall be
surrendered by the Holder thereof to the Trustee who shall cause an adjustment
to be made to Schedule A hereof so that the principal amount of this Note will
be equal to the portion not redeemed, repurchased or exchanged and shall
thereafter return this Note to such Holder; provided that this Note shall be in
a principal amount of $1,000 or an integral multiple of $1,000.

13.   Transfer and Exchange

      A Holder may transfer or exchange Notes as provided in the Indenture and
subject to certain limitations therein set forth. The Registrar may require a
Holder, among other things, to furnish appropriate endorsements or transfer
documents and to pay any taxes, fees and expenses required by law or permitted
by the Indenture.

14.   Denominations

      The Notes are issuable only in registered form without coupons in
denominations of $1,000 and integral multiples thereof of principal amount.

15.   Discharge and Defeasance

      Subject to certain conditions, the Company at any time may terminate some
or all of the obligations of the Company and the Guarantors under the Notes, the
Guarantees and the Indenture if the Company irrevocably deposits in trust with
the Trustee cash or U.S. Government Obligations for the payment of principal,
premium, if any, interest and Liquidated Damages, if any, on the Notes to
redemption or maturity, as the case may be.

16.   Amendment; Waiver

      Subject to certain exceptions set forth in the Indenture, (i) the
Indenture or the Notes may be amended with the written consent of the Holders of
at least a majority in principal amount of the outstanding Notes (which consent
may, but need not, be given in connection with any tender offer or exchange
offer for the Notes) and (ii) any past Default and its consequences or any
compliance with any provisions of the Indenture may be waived with the written
consent of the Holders of at least a majority in principal amount of the
outstanding Notes. Subject to certain

                                       9

<PAGE>

exceptions set forth in the Indenture, without the consent of any Holder, the
Company and the Trustee may amend the Indenture or the Notes (i) to evidence the
succession of another Person to the Company and the assumption by such successor
of the covenants of the Company under the Indenture and contained in the Notes;
(ii) to add to the covenants of the Company, for the benefit of the Holders of
all of the Notes, or to surrender any right or power conferred on the Company
under the Indenture; (iii) to provide for uncertificated Notes in addition to or
in place of Certificated Notes; (iv) to secure the Notes; (v) to cure any
ambiguity, omission, defect or inconsistency in the Indenture, provided that
such actions shall not adversely affect the interests of the Holders of Notes in
any material respect; (vi) to comply with the requirements of the SEC in order
to effect or maintain the qualification of the Indenture under the TIA; or (vii)
to evidence the agreement or acknowledgment of a Restricted Subsidiary that it
is a Guarantor for all purposes under the Indenture (including, without
limitation, Article 11 thereof).

17.   Defaults and Remedies

      Under the Indenture, Events of Default include: (i) a default for 30 days
in the payment when due of interest on, or Liquidated Damages with respect to,
the Notes (whether or not prohibited by the subordination provisions of the
Indenture); (ii) a default in the payment when due of the principal of or
premium, if any, on the Notes (whether or not prohibited by the subordination
provisions of the Indenture); (iii) failure by the Company to observe or perform
certain covenants, conditions, agreements or other provisions of the Indenture
or this Note (and, in the case of certain covenants, agreements or other
provisions, such failure has continued for 30 calendar days after written notice
by the Trustee or the Holders of at least 25% in principal amount of the Notes);
(iv) a default in the payment of Indebtedness of the Company or any of its
Significant Subsidiaries within any applicable grace period after final maturity
or acceleration of such Indebtedness in an amount in excess of $5.0 million in
the aggregate; (v) certain events of bankruptcy or insolvency with respect to
the Company or any of its Significant Subsidiaries; (vi) certain undischarged
judgments in excess of $5.0 million against the Company or any of its
Significant Subsidiaries; or (vii) the Guarantee of any Guarantor ceasing for
any reason to be in full force and effect (other than in accordance with the
terms of the Indenture) or any Guarantor denying or disaffirming its obligations
under its Guarantee.

      If an Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the Notes, subject to certain
limitations, may declare all the Notes to be immediately due and payable.
Certain events of bankruptcy or insolvency shall result in the Notes being
immediately due and payable upon the occurrence of such Events of Default
without any further act of the Trustee or any Holder.

      Holders of Notes may not enforce the Indenture or the Notes except as
provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Notes unless it receives reasonable indemnity or security. Subject to
certain limitations, Holders of a majority in principal amount of the Notes may
direct the Trustee in its exercise of any trust or power under the Indenture.
The Holders of a majority in principal amount of the then outstanding Notes, by
written notice to the Trustee and the Company, may rescind any declaration of
acceleration and its consequences if the rescission would not conflict with any
judgment or decree, and if all existing Events of Default have been cured or
waived, except nonpayment of principal, interest,

                                       10

<PAGE>

premium or Liquidated Damages that has become due solely because of
acceleration. No such rescission shall affect any subsequent Default or impair
any right consequent thereto.

18.   Individual Rights of Trustee

      Subject to certain limitations imposed by the TIA, the Trustee or any
Paying Agent or Registrar, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with the Company, the
Guarantors or their Affiliates with the same rights it would have if it were not
Trustee, Paying Agent or Registrar, as the case may be, under the Indenture.

19.   No Recourse Against Certain Others

      No director, officer, employee, incorporator or stockholder of the Company
or any Guarantor, as such, shall have any liability for any obligations of the
Company or such Guarantor under the Notes, the Guarantees or the Indenture or
for any claim based on, in respect of, or by reason of, such obligations or
their creation, solely by reason of its status as a director, officer, employee,
incorporator or stockholder of the Company or such Guarantor. By accepting a
Note, each Holder waives and releases all such liability (but only such
liability) as part of the consideration for issuance of such Note to such
Holder.

20.   Authentication

      This Note shall not be valid until the Trustee or an authenticating agent
signs the certificate of authentication on the other side of this Note.

21.   Abbreviations

      Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM ( tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with rights of survivorship and not as
tenants in common), CUST (= custodian), and U/G/MIA (Uniform Gift to Minors
Act).

22.   CUSIP Numbers

      Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes and has directed the Trustee to use CUSIP numbers in
notices of redemption as a convenience to Holders of Notes. No representation is
made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

                                       11

<PAGE>

23.   Governing Law

      THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED IN SAID STATE.

      The Company will furnish to any Holder upon written request and without
charge to the Holder a copy of the Indenture. Requests may be made to:

                                    Pierre Foods, Inc.
                                    9990 Princeton Road
                                    Cincinnati, Ohio  45246
                                    Attention: Chief Financial Officer

                                       12

<PAGE>

                                   SCHEDULE A

                          SCHEDULE OF PRINCIPAL AMOUNT

The initial principal amount at maturity of this Note shall be
$___________________. The following decreases/increases in the principal amount
in denominations of $1,000 or integral multiples thereof at maturity of this
Note have been made:

<TABLE>
<CAPTION>
                                                                          Total Principal
                             Decrease in                                Amount at Maturity
 Date of Decrease/       Principal Amount at   Increase in Principal      Following such       Notation Made by or
      Increase                Maturity           Amount at Maturity     Decrease/ Increase    on Behalf of Trustee
------------------       -------------------   ---------------------    ------------------    --------------------
<S>                      <C>                   <C>                      <C>                   <C>
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
------------------       -------------------   ---------------------    ------------------    --------------------
</TABLE>

                                       13

<PAGE>

                                   ASSIGNMENT

                    (To be executed by the registered Holder
                  if such Holder desires to transfer this Note)

FOR VALUE RECEIVED __________________________ hereby sells, assigns and
transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
TAX IDENTIFYING NUMBER OF TRANSFEREE

________________________________________________________________________________
                  (Please print name and address of transferee)

________________________________________________________________________________
this Note, together with all right, title and interest herein, and does hereby
irrevocably constitute and appoint ________________________ Attorney to transfer
this Note on the Note Register, with full power of substitution.

Date: ________________________

________________________________              __________________________________
Signature of Holder                           Signature Guaranteed:

NOTICE: The signature to the foregoing Assignment must correspond to the Name as
written upon the face of this Note in every particular, without alteration or
any change whatsoever.

SIGNATURE GUARANTEED: Signature must be guaranteed by an Eligible Guarantor
Institution (banks, stockbrokers, savings and loan associations and credit
unions) with membership in an approved signature guarantee medallion program
pursuant to Securities and Exchange Commission Rule 17Ad-15.

                                       14

<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

                             (check as appropriate)

[ ]   In connection with the Change of Control Offer made pursuant to Section
      4.14 of the Indenture, the undersigned hereby elects to have

      [ ]   the entire principal amount

      [ ]   $______________ ($1,000 in principal amount or an integral multiple
            thereof) of this Note repurchased by the Company. The undersigned
            hereby directs the Trustee or Paying Agent to pay it or
            _____________________ an amount in cash equal to 101% of the
            principal amount indicated in the preceding sentence plus accrued
            and unpaid interest and Liquidated Damages thereon, if any, to the
            Change of Control Payment Date.

[ ]   In connection with the Asset Sale Offer made pursuant to Section 4.11 of
      the Indenture, the undersigned hereby elects to have

      [ ]   the entire principal amount

      [ ]   $______________ ($1,000 in principal amount or an integral multiple
            thereof) of this Note repurchased by the Company. The undersigned
            hereby directs the Trustee or Paying Agent to pay it or
            _____________________ an amount in cash equal to 100% of the
            principal amount indicated in the preceding sentence plus accrued
            and unpaid interest and Liquidated Damages thereon, if any, to the
            Asset Sale Purchase Date.

[ ]   In connection with the 2005 Offer made pursuant to Section 4.22 of the
      Indenture, the undersigned elects to have

      [ ]   the entire principal amount

      [ ]   $______________ ($1,000 in principal amount or an integral multiple
            thereof) of this Note repurchased by the Company. The undersigned
            hereby directs the Trustee or Paying Agent to pay it or
            _____________________ an amount in cash equal to 100% of the
            principal amount indicated in the preceding sentence plus accrued
            and unpaid interest, if any, to the 2005 Offer Purchase Date.

                                       15

<PAGE>

Dated: __________

_________________________________               ________________________________
Signature of Holder                             Signature Guaranteed:

NOTICE: The signature to the foregoing Assignment must correspond to the Name as
written upon the face of this Note in every particular, without alteration or
any change whatsoever.

SIGNATURE GUARANTEED: Signature must be guaranteed by an Eligible Guarantor
Institution (banks, stockbrokers, savings and loan associations and credit
unions) with membership in an approved signature guarantee medallion program
pursuant to Securities and Exchange Commission Rule 17Ad-15.

                                       16

<PAGE>

                                     ANNEX A

Fresh Foods Properties LLC

Compass Outfitters LLC

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