Document:

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                                                                    EXHIBIT 4(h)

                              "ENGLISH TRANSLATION"

   FINANCING CONTRACT THROUGH OPENING OF CREDIT LINE NO. 00.2.608.3.1 BETWEEN
     BANCO NACIONAL DE DESENVOLVIMENTO ECONOMICO E SOCIAL - BNDES AND TELMA
         CELULAR S.A., WITH INTERVENIENCE OF THIRD PARTIES, AS FOLLOWS:

Banco Nacional de Desenvolvimento Economico e Social - BNDES, hereby referred to
just as BNDES, a federal public company with head office in Brasilia, Distrito
Federal, and with services in this city at Avenida Republica do Chile No. 100,
registered with CNPJ under no. 33.657.248/0001-89 hereby represented by the
undersigned representatives; and

TELMA CELULAR S.A., hereafter referred to as BENEFICIARY, a joint stock company
with head offices in the City of Sao Luiz do Maranhao, at Avenida Colares
Moreira, Quadra 01, Lote 02, Ed. Planta Tower, Jardim Renascenca, registered
with CNPJ under no. 02.340.278/0001-33, hereby represented by the undersigned
representatives, and appearing also, in the capacity of INTERVENIENTS:

        (I)     TELE NORTE CELULAR PARTICIPACOES S.A., stock company, with head
                office in the City of Brasilia, Distrito Federal, at SCN Quadra
                03 Bloco A, Sobre Loja, Asa Norte, registered with CNPJ under
                no. 02.558.118/0001-65;

        (II)    TELPART PARTICIPACOES S.A., stock company, with head office in
                the City of Rio de Janeiro, State of Rio de Janeiro, at Avenida
                Presidente Wilson, 231 - 28(0)andar, Centro, registered with
                CNPJ under no. 02.591.814/0001-73, hereby represented by the
                undersigned representatives;

        (III)   TELEPARA CELULAR S.A. a stock company with head office in the
                City of Belem, in the State of Para, at Travessa Rui Barbosa
                931, 8(0) andar, Reduto, registered with CNPJ under No.
                02.361.554/0001-40, hereby represented by the undersigned
                representatives.

        (IV)    TELEAMAPA CELULAR S.A. a stock company with head office in the
                City of Macapa, in the State of Amapa, at Avenida General Gurjao
                No. 45, Centro, registered with CNPJ under No.
                02.333.355/0001-28, hereby represented by the undersigned
                representatives.

        (V)     TELAMAZON CELULAR S.A. a stock company with head office in the
                City of Manaus, in the State of Amazonas, at Avenida Guilherme
                Moreira No. 147, Centro, registered with CNPJ under No.
                02.322.103/0001-01, hereby represented by the undersigned
                representatives.

        (VI)    TELAIMA CELULAR S.A. a stock company with head office in the
                City of Boa Vista, in the State of Roraima, at Avenida Capitao
                Ene Garcez No. 154, Centro, registered with CNPJ under No.
                02.369.651/0001-89, hereby represented by the undersigned
                representatives.

hereby agree according to the following provisions:

ARTICLE ONE

CONTRACT NATURE, VALUE AND PURPOSE

BNDES opens through this contract a credit line in favor of the BENEFICIARY
divided in 2 (two) sub-credits in the following amounts:

        (I)     SUB-CREDIT "A": in the amount of R$ 34,686,900.00 (thirty four
                million six hundred and eighty-six thousand nine hundred Reais)
                to be provided from BNDES' ordinary resources, which consist,

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                among other sources, of funds from the Fundo de Amparo ao
                Trabalhador - FAT (Worker's Support Fund), funds from the FAT -
                Special Deposits and from the PIS/PASEP Participation Fund,
                allocated in accordance with the legislation applicable to each
                individual source and in compliance with the provisions of
                Article Three, SOLE PARAGRAPH;

        (II)    SUB-CREDIT "B": in the amount of R$ 14,092,500.00 (fourteen
                million ninety-two thousand five hundred Reais) considering the
                base-date of November 15th 2000, to be provided from foreign
                currency funds borrowed by BNDES and assigned according to
                Resolution no. 635/87 of January 13, 1987 issued by BNDES' Board
                of Directors, subject to the provisions of Article Two
                concerning the value updating of this Sub-credit.

                                 SOLE PARAGRAPH

        This credit line is intended for the expansion and modernization of the
        "A" Band of the mobile cellular telephone system in the States of Amapa,
        Amazonas, Maranhao, Para and Roraima, as well as for the repayment,
        partially or totally of the bridging loan granted through Contracts for
        Opening of Fixed Credits [Bridge Loan Program - Ponte-DIR-502/99]
        executed between the BANCO ALFA DE INVESTIMENTOS S.A. and TELMA CELULAR
        S.A, TELEPARA CELULAR S.A., TELAMAZON CELULAR S.A., TELEAMAPA CELULAR
        S.A. and TELAIMA CELULAR S.A., on November 8th, 1999, in the total
        amount of R$ 36,942,000.00 [thirty six million, nine hundred and forty
        two thousand Reais].

ARTICLE TWO

VALUE UPDATING OF SUB-CREDIT "B"

The portion of Sub-credit "B" not drawn will be updated as of the base date of
November 15, 2000 set forth under Article One, item II, up to the drawing date
in accordance with the weighed average of the exchange variations applicable to
the funds borrowed by BNDES in foreign currency without connection to loans
under specific conditions, subject to the provisions of Article Eight below.

ARTICLE THREE

CREDIT AVAILABILITY

The credit will be made available to the BENEFICIARY in parcels upon the
compliance with the utilization-suspending conditions referred to under Article
Seventeen, as a function of the requirements for the implementation of the
financed project, subject to BNDES's financing schedule, which depends on the
resource allocation defined by the National Monetary Council.

                                 SOLE PARAGRAPH

        The value of each parcel of Sub-credits "A" and "B" to be made available
        to the BENEFICIARY shall be calculated in accordance with the criterion
        set forth in the law that created the Long Term Interest Rate (Taxa de
        Juros de Longo Prazo - TJLP) for determining the debt balances of
        financing contracted by BNDES System until November 30, 1994.

ARTICLE FOUR

INTERESTS DUE ON SUB-CREDITS "A"

The principal of the BENEFICIARY's debt resulting from Sub-credits "A" is
subject to interests at the rate of 3.8% (three point eight percent) per annum
(for the sake of spread) over the Long Term Interest Rate - TJLP published by
Banco Central do Brasil (Brazilian Central Bank), calculated as follows:

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        (I)     When TJLP is higher than 6% (six percent) per annum:

                a)      The amount corresponding to the TJLP portion above 6%
                        (six percent) per annum shall be capitalized on the 15th
                        (fifteenth) day of each month during the effectiveness
                        of this Contract and on its expiry or settlement,
                        subject to the provisions of Article Twenty Four, and
                        calculated according to the following capitalization
                        term, taking into consideration all the financial events
                        occurred in the period:

                        TC = [(1 + TJLP)/1.06]n-360 - 1 (capitalization term
                        equals to, open brackets, ratio of TJLP plus the unit to
                        one and six hundredth, close brackets, raised to the
                        power corresponding to the ratio of "n" to three hundred
                        sixty, and deducting one unit from such a result),
                        where:

                        TC - capitalization term;

                        TJLP - Long Term Interest Rate published by Brazilian
                        Central Bank; and

                        n - number of days between the financial event date and
                        the date of capitalization, maturity or settlement of
                        the obligation, being considered a financial event any
                        and all facts of financial nature from which the debt
                        balance under this Contract is or may be changed.

                b)      The percentage of 3.8% (three point eight percent) per
                        annum above the TJLP (spread) mentioned in the caption
                        of this Article plus the non-capitalized portion of the
                        TJLP of 6% (six percent) per annum shall be calculated
                        on the debit balance on the interest maturity dates
                        mentioned in Paragraph Two or on the date of expiry or
                        settlement of this Contract, subject to the provision of
                        item "a" and considering, for the purpose of calculating
                        the daily interest, the number of days between the date
                        of each financial event and the above-mentioned maturity
                        dates.

        (II)    When TJLP is equal to or lower than 6% (six percent) per annum:

                The percentage of 3.8% (three point eight percent) per annum
                above the TJLP (spread) mentioned in the caption of this Article
                plus the TJLP shall be calculated on the debit balance on the
                interest maturity dates mentioned in Paragraph Two or on the
                date of expiry or settlement of this Contract, being considered,
                for the purpose of calculating the daily interest, the number of
                days between the date of each financial event and the
                above-mentioned maturity dates.

PARAGRAPH ONE

The amount referred to in item I, sub-item "a", to be capitalized and
incorporated into the principal of the debt shall be payable in accordance with
Article Ten, Item I.

PARAGRAPH TWO

The amount calculated in accordance with item I, sub-item "b", of item II shall
be payable on a quarterly basis on the 15th (fifteenth) day of March, June,
September and December of each year in the period from December 15, 2000 through
December 15, 2001, and on monthly basis as of January 15, 2001, together with
the parcels relative to the amortization of the principal, and on the expiry or
settlement of this Contract, subject to the provisions of Article Twenty Three.

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PARAGRAPH THREE

In case of utilization of funds from the PIS/PASEP Participation Fund
contemplated in Supplementary Law no. 26 of September 11, 1975, the remuneration
fees due are considered to be included in the interest rate set forth in this
Article, according the legislation applicable to the above-mentioned Fund.

ARTICLE FIVE

INTERESTS DUE ON SUB-CREDITS "B"

The principal of the BENEFICIARY's debt resulting from Sub-credits "B" is
subject to interest at the rate of 3.8% (three point eight percent) per annum
(for the sake of spread) over the variable rate readjusted on a quarterly basis
on the 16th (sixteenth) day of January, April, July and October on the basis of
the weighed average cost of all fees and expenses incurred by BNDES in borrowing
foreign currency funds without connection with loans under specific conditions
in the civil quarter immediately prior to the month of readjustment of the
above-mentioned interest rate, calculated on the debt balance updated as
provided for under Article Eight.

PARAGRAPH ONE

The interest shall be calculated on a daily basis by the proportional system and
it is payable on the 15th (fifteenth) day of January, April, July and October of
each year in the period from December 15, 2000 through January 15, 2002, and on
monthly basis as of February 15, 2002, inclusive, together with the parcels
relative to the amortization of the principal, and on the expiry or settlement
of this Contract, subject to the provisions of Article Twenty Three.

PARAGRAPH TWO

The interest rate referred to under the caption of this Article will be
published by BNDES in the Gazette (Diario Oficial da Uniao) (Section 3) on the
25th (twenty-fifth) day of January, April, July and October of each year or in
the first edition subsequent to that day in case the above-mentioned official
Gazette is not published on that date.

ARTICLE SIX

INCOME TAX ON CHARGES AND COMMISSIONS REMITTANCE TO FOREIGN CREDITORS

As far the Sub-credit "B" is concerned, besides the principal, the interest and
other charges agreed upon, the BENEFICIARY commits to pay to BNDES, for the sake
of Income Tax reimbursement, a percentage over the interests referred to in
Article Five, corresponding to the weighed average Income Tax rate due on
charges remitted by BNDES to foreign creditors, without connection to loans
under specific conditions, in the civil quarter prior to the month of
readjustment of such percentage, to be calculated, published in the Official
Daily Government Gazette, being such reimbursement payable at the same time as
the interests referred to under Article Five.

                                 SOLE PARAGRAPH

        The Income Tax weighed average rate referred to in the caption of this
        Article will be published by BNDES in the Official Daily Government
        Gazette (Diario Oficial da Uniao) (Section 3) on the 25th (twenty-fifth)
        day of January, April, July and October of each year or in the first
        edition subsequent to that day in case the above-mentioned official
        Gazette is not published on that date.

ARTICLE SEVEN

CREDIT RESERVE COMMISSION

The BENEFICIARY shall pay to BNDES a credit reserve commission of 0.1% (one
tenth percent) due every 30-day (thirty) period or fraction thereof, calculated
on:

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        (I)     the balance not drawn of each credit parcel, as of the day
                subsequent to the credit parcel availability up to the drawing
                date, when its payment will be due; and

        (II)    on the credit not drawn as of the day subsequent to its
                availability up to the cancellation date upon request by the
                BENEFICIARY or by initiative of BNDES, which payment will be due
                on the request date or on the date of BNDES's decision, as the
                case may be.

                                 SOLE PARAGRAPH

        The incidence of the commission referred to under the above-mentioned
        items I and II will occur in case of establishment of a fund
        availability scheme.

ARTICLE EIGHT

DEBT VALUE UPDATING UNDER SUB-CREDIT "B"

The BENEFICIARY's debt balance in connection with Sub-credit "B", including the
principal, compensation interests and arrears interests, Income Tax
reimbursement, other expenses, commissions and other charges agreed upon, shall
be updated on a daily basis by the weighed average of the exchange variations
applicable to foreign funds borrowed by BNDES without connection with loans
under specific conditions, as follows:

        (I)     daily determination of its liabilities payable in foreign
                currency without connection with loans under specific conditions
                for the purpose of calculating the weighed averages to be
                applied to the exchange variations;

        (II)    daily determination of the weighed average of exchange
                variations based on the liabilities position determined as
                provided for under item I, taking into account the closing sales
                rates of foreign currencies disclosed by the Brazilian Central
                Bank in the previous day.

PARAGRAPH ONE

For the purposes of item II, in case there is no official exchange rate in a
given day, it will be considered the exchange rate of the previous day.

PARAGRAPH TWO

The weighed average of exchange rates referred to in this Article will be
published by BNDES in the Official Daily Government Gazette (Diario Oficial da
Uniao) (Section 3) on the 10th (tenth) and 25th (twenty-fifth) day of each month
or in the first edition subsequent to those days in case the above-mentioned
official Gazette is not published on those dates.

ARTICLE NINE

ON THE DEBT COLLECTION AND PROCESSING

The collection of the principal and charges of Sub-credits "A" and "B" shall be
made through Collection Advice issued by BNDES in advance, so that the
BENEFICIARY pays those obligations on the respective maturity dates.

PARAGRAPH ONE

Considering that the debt resulting from Sub-credit "B" is subject to daily
updating as provided for in Article Eight, the Collection Advice referred to
herein shall be issued by BNDES showing a reference value in BNDES's Monetary
Unit - UMBND, which quotation shall be obtained in BNDES' Financial Management
Department of the

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International Financing Area - DEFIN/AF, being the value for payment in
Brazilian currency calculated on the basis of the quotation valid for the actual
payment date.

PARAGRAPH TWO

The non-receipt of the Collection Advice shall not exempt the BENEFICIARY from
its obligation to pay the principal and the charges on the dates established in
this Contract.

PARAGRAPH THREE

BNDES shall make available to the BENEFICIARY the information, data and
calculations utilized for determining the values due.

ARTICLE TEN

AMORTIZATION

The principal of the debt resulting from each Sub-credit contemplated in this
Contract shall be paid to BNDES as follows:

        (I)     SUB-CREDIT "A": in 48 (forty eight) successive monthly
                installments, each one in the amount of the due principal of the
                debt under this Sub-credit divided by the number of amortization
                installments still not due, being the first installment due on
                January 15 (fifteen), 2002 and the last one on December 15
                (fifteen) 2005, subject to the provisions of Article Twenty
                Three.

        (II)    SUB-CREDIT "B": in 48 (forty eight) successive monthly
                installments, each one in the amount of the due principal of the
                debt under this Sub-credit divided by the number of amortization
                installments still not due, being the first installment due on
                February 15 (fifteen), 2002 and the last one on January 15
                (fifteen) 2006, subject to the provisions of Article Twenty
                Three;

                                 SOLE PARAGRAPH

        The BENEFICIARY commits to settle on January 15 (fifteen), 2006, upon
        the payment of the last amortization installment, all the obligations
        under this Contract.

ARTICLE ELEVEN

GUARANTEE - RESERVE OF PAYMENT MEANS

In order to assure the payment of any obligation arising out of this
Contract, such as the principal of the debt, interests, commissions,
conventional penalty and fines, the BENEFICIARY and its intervenient
controlled companies TELMA CELULAR S.A, TELEPARA CELULAR S.A., TELAMAZON
CELULAR S.A., TELEAMAPA CELULAR S.A. and TELAIMA CELULAR S.A., irrevocably
gives as guarantee in favor of BNDES, in an irrevocable and unchangeable
form, parcels of its revenue, destined to the Beneficiary and its
intervenient controlled companies - TELMA CELULAR S.A, TELEPARA CELULAR S.A.,
TELAMAZON CELULAR S.A., TELEAMAPA CELULAR S.A. and TELAIMA CELULAR S.A.,
derived from cellular telephone services to be deposited with a centralizing
bank (Trustee) chosen in common agreement between the parties, so as to
guarantee the fulfillment of the financial obligations arising out of the
Contract as set forth in the "Contract for Collection, Deposit, with
Intervention and other Agreements", according to the draft included in the
Annex I hereof, which becomes an integral, inseverable part of this Contract,
or other funds that, having the same purpose, replace them in the amount
corresponding to the installments related to the principal and accessories
due in each period from this date up to the final settlement of all the
obligations arising out of this Contract.

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PARAGRAPH ONE

If case the blocked funds as provided for in the caption of this Article are
insufficient, the BENEFICIARY and its intervenient controlled companies -
TELMA CELULAR S.A, TELEPARA CELULAR S.A., TELAMAZON CELULAR S.A., TELEAMAPA
CELULAR S.A. and TELAIMA CELULAR S.A., shall allocate, upon previous approval
by BNDES, additional funds to assure to the full payment of the financial
obligations arising out of this Contract.

ARTICLE TWELVE

CHANGE IN THE LEGAL CRITERION FOR REMUNERATING THE RESOURCES FROM PIS/PASEP
FUND AND FAT

In the hypothesis the legal criterion for remunerating the resources allocated
to BNDES from the PIS/PASEP Participation Fund and Work Support Fund - FAT is
changed, the remuneration set forth in Article Four may be, at BNDES'
discretion, calculated according to the new remuneration criterion applicable to
such resources or such other criterion indicated by BNDES that, besides
preserving the actual value of the transaction, remunerates it at the same
previous level. In such a case, BNDES will advise the BENEFICIARY, in writing,
about the change.

ARTICLE THIRTEEN

BENEFICIARY'S SPECIAL OBLIGATIONS

The BENEFICIARY commits itself:

        (I)     to comply, as applicable, until the final settlement of the debt
                arising out of this Contract, with the "PROVISIONS APPLICABLE TO
                BNDES' CONTRACTS" as approved by Resolution no. 665 of December
                10, 1987 and partially amended by Resolution no. 775 of December
                16, 1991, Resolution 863 of March 11, 1996, Resolution no. 878
                of September 4, 1996, Resolution no. 894 of March 6, 1997 and
                Resolution 927 of April 1, 1998 all issued by BNDES's Board of
                Directors and published in the Official Daily Government Gazette
                (Section I) of December 29, 1987, December 27, 1991, April 8,
                1996, September 24, 1996, March 19, 1997, and April 15, 1998,
                respectively, a copy of which is hereby handed over to the
                BENEFICIARY, who upon being aware of their entire content
                declares accepting them as an inseverable, integral part of this
                Contract for all the legal purposes and effects;

        (II)    to draw the totality of the credit, without prejudice of BNDES's
                right to extend such deadlines, either prior to or after their
                expiry, under the guarantees hereby provided, by means of
                express authorization by letter, irrespective of any other
                formality or record;

        (III)   to provide training focused on job opportunities existing in the
                region and/or reemployment program to employ the workers in
                other companies if, as a function of the project referred to in
                Article One, the BENEFICIARY reduces its personnel during the
                validity of this Contract; for that purpose the BENEFICIARY must
                submit to BNDES' appreciation a document specifying and
                evidencing the conclusion of negotiations with the dismissed
                workers' competent representation(s);

        (IV)    to adopt during the validity of this Contract measures and
                actions intended to avoid or correct damages to the environment,
                safety and work medicine that could be caused by the project
                referred to in Clause One;

        (V)     to comply with its obligation before the environmental agencies
                during the validity of this Contract;

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        (VI)    to address a correspondence to the Granting Power, with copy to
                BNDES, requesting the inclusion of its debt with BNDES in the
                procedures relative to eventual indemnity calculation and that
                BNDES should be informed about any fact that could impair the
                purpose of the present transaction; a copy of this Contract must
                be attached to such correspondence;

        (VII)   to pay directly to BNDES the financial obligations for the full
                settlement of the debt arising out of this transaction, in case
                such indemnity is not due;

        (VIII)  to pay to BNDES for the sake of Performance Premium an amount
                corresponding to 0.5% (half percent) on the debt balance under
                this Contract calculated on the closing date of the Yearly
                Balance Sheet, to be paid in case the Item "Net Sales" (Net
                Operating Revenue) is equal to or higher than 110% (one hundred
                ten percent) of the Project's planned outcome according to the
                Projected Cash Flow in real terms (IGP-M) included as Annex II
                to this Contract, subject to the following:

                (a)     the Performance Premium will be paid in the year
                        subsequent to its determination in four equal
                        installments, together with the payment of the debt
                        principal;

                (b)     the Yearly Balance Sheet adopted as a basis for
                        calculating the Performance Premium must be audited by
                        independent auditors registered with Comissao de Valores
                        Mobiliarios - CVM (Securities and Exchange Commission);

        (IX)    not to assign to nor commit with another creditor, without the
                previous agreement by BNDES, the revenues assigned as provided
                for in the "Contract for Collection, Deposit, with Intervention
                and other Agreements", which draft shall be furnished by BNDES;

        (X)     to issue securities at BNDES's discretion at any time during the
                validity of this Contract, being such securities fully
                subscribed by BNDES with the partial or full utilization of the
                debt balance on the issuance date, subject to terms and average
                interest rate equivalent to those of the originally contracted
                transaction, as well as to agree with the subsequent public
                placement of such securities on the market, committing to
                perform all the acts required for such placement;

        (XI)    to keep, during the validity of this Contract and until its
                final settlement, at least 4 [four] of the following financial
                indexes, determined half-yearly, in a balance sheet or in trial
                balances, audited by independent auditors registered with the
                Securities and Exchange Commission - CVM;

                (a)     capitalization index (PL/AT): stockholder's equity
                        divided by total assets, equal to or higher than 35%
                        (thirty five percent);

                (b)     current liquidity index (AC/PC): current assets divided
                        by current liabilities, equal to or higher than 1.0
                        during the whole term of the Contract.

                (c)     EBITDA margin: (EBITDA/ROLT): operating earnings before
                        interest, taxes, depreciation and amortization divided
                        by the net operating revenues, equal to or higher than
                        32% (thirty two percent);

                (d)     Debt coverage index (EBITDA/PC): operating earnings
                        before interest, taxes, depreciation and amortization
                        divided by the current liabilities, equal to or higher
                        than 1.00 in year 2000, and equal to or higher than 1.2
                        from the year 2002, inclusive, until the final
                        settlement of all obligations arising out of the present
                        transaction; and

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                (e)     Bank indebtedness index [DB/(EBITDA-IR)]; relation
                        between the bank debts and the EBITDA, discounting the
                        Income Tax, equal or less than 3.0, during the whole
                        term of the Contract.

Where:

PL = stockholder's equity, AC = current assets, PC = current liabilities
(including financing for periods equal to or lower than 12 months);

EBITDA = operating earnings before interest, taxes, depreciation and
amortization, ROLT = net operating revenues, excluding the handsets sales; AT =
total assets; DB = Bank Debts; IR = Income Tax.

        (XII)   to comply with the Brazilian legislation applicable to foreign
                personnel and consultancy contracting;

        (XIII)  to respect the minimum nationalization indexes in the project
                referred to in Article One, SOLE PARAGRAPH, as required in
                BNDES's Telecommunication Investment Support Program
                (consubstantiated through excerpt of Minutes of Meeting of
                BNDES' Board of Director no. 08/99 of 29.03.99) for the
                acquisition of equipment, and installation and erection services
                relative to the implantation project of cellular mobile
                telephone service (Band A) in the Beneficiary's concession area
                as described under Article One, SOLE PARAGRAPH, to be approved
                from time to time by FINAME;

        (XIV)   not to provide privileged guarantees to other creditors without
                the agreement by BNDES;

        (XV)    to accept the inclusion in the "Contract for Collection,
                Deposit, with Intervention and other Agreements", which draft is
                in Annex I hereto, of a mechanism of guarantee account under
                withholding of 140% of the value corresponding to the next
                installment falling due in the period if the company's "Net
                Sales" [Net Operational Revenues] is lower than 70% of that
                foreseen in the cash flow agreed upon, in real terms (IGP-M),
                included in Annex II hereto, until such Net Operational Revenues
                becomes equal to or higher than the foreseen value;

        (XVI)   to timely pay all its obligations with ANATEL during the
                validity of this Contract.

ARTICLE FOURTEEN

OBLIGATIONS OF THE INTERVENIENTS

The Intervenients TELENORTE CELULAR PARTICIPACOES S.A. and TELPART PARTICIPACOES
S.A., duly qualified in the caption of this Contract, commit themselves to:

                (a)     to comply with the determination of the "Dispositions
                        Applicable to the BNDES's Contracts, which are referred
                        at Item I, of Clause Thirteen;

                (b)     to take all the necessary steps to assure the compliance
                        with the purpose contemplated in Article One, SOLE
                        PARAGRAPH, of the present Contract;

                (c)     to implement all the required acts to assure the
                        execution of the investment plan as submitted to BNDES;

                (d)     to immediately advise BNDES about any fact or act that
                        could hinder the compliance with the purpose referred to
                        in Article One, SOLE PARAGRAPH, of the present Contract,
                        particularly as far as the agreed guarantees are
                        concerned;

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                (e)     to previously advise BNDES about any change that could
                        take place in the ownership, directly or indirectly, of
                        the BENEFICIARY and the INTERVENIENT providing personal
                        guarantee;

                (f)     to exert its direct or indirect controlling power over
                        the BENEFICIARY so as to comply with the concession
                        contract with ANATEL;

                (g)     to fulfill its duties and responsibilities in relation
                        to the BENEFICIARY in accordance with articles 115, 116
                        and 117 of Law no. 6404 of 15.12.76.

ARTICLE FIFTEEN

OBLIGATIONS OF THE INTERVENIENTS: TELEPARA CELULAR S.A., TELAMAZON CELULAR S.A.,
TELEAMAPA CELULAR S.A. AND TELAIMA CELULAR S.A.,

The Intervenients, TELEPARA CELULAR S.A., TELAMAZON CELULAR S.A., TELEAMAPA
CELULAR S.A. and TELAIMA CELULAR S.A., already qualified in the preamble of this
Contract, commit themselves to:

                (a)     to comply with the determination of the "Dispositions
                        Applicable to the BNDES's Contracts, which are referred
                        at Item I, of Clause Thirteen;

                (b)     to invest the received resources, derived from this
                        present operation, solely in the execution of the
                        project mentioned in Sole Paragraph of Clause One;

ARTICLE SIXTEEN

RECIPROCAL PROXY

The BENEFICIARY, the intervenients, TELEPARA CELULAR S.A., TELAMAZON CELULAR
S.A., TELEAMAPA CELULAR S.A. and TELAIMA CELULAR S.A., TELENORTE CELULAR
PARTICIPACOES S.A. and TELEPART PARTICIPACOES S.A. already qualified in the
preamble of this Contract, hereby irrevocably constitute themselves their
mutual, reciprocal proxies until the final, settlement of the debt arising out
of this Contract, with powers to receive service of process, notices and legal
notices, "ad judicia" powers for the general jurisdiction, which may be assigned
to a counsel, all related to any judicial or extra-judicial proceedings filed
against them by BNDES in connection with this Contract, and power to take all
the necessary measures for the full and faithful performance of such power of
attorney.

ARTICLE SEVENTEEN

CONDITIONS FOR CREDIT DRAWING

Besides the compliance with the provisions of articles 5 and 6 of the
above-mentioned "PROVISIONS APPLICABLE TO BNDES' CONTRACTS" and the "FOLLOW UP
REGULATIONS AND INSTRUCTIONS" referred to in article 2 of said "PROVISIONS", the
drawing against this credit is subject to the fulfillment of the following
conditions:

        (I)     For drawing the first credit installment:

                (b)     opening of a current account by the BENEFICIARY with
                        BNDES;

                (c)     receipt of the correspondence referred to in Article
                        Thirteen, item VI;

                (d)     presentation of the "Contract for Collection, Deposit,
                        with Intervention and other Agreements" duly signed and
                        registered, object of Annex I of this Contract;

                                     E-186
<PAGE>   11
                (e)     submission of evidence of hiring an audit
                        firm/specialized consultancy to attest the
                        accomplishment of the financial indexes referred to in
                        Article Thirteen, item XI.

        (II)    For drawing each credit installment:

                (a)     non-existence of economic-financial fact that, at BNDES'
                        discretion, may impair the execution of the project
                        hereby financed by changing it or hindering its
                        implementation as contemplated in the project approved
                        by BNDES;

                (b)     submission by the BENEFICIARY of Social Security
                        Contributions Clearance (Certidao Negativa de Debito -
                        CND) issued by Instituto Nacional do Seguro Social -
                        INSS (Social Security Institute) obtained by the
                        BENEFICIARY through the INTERNET and checked by BNDES in
                        the site www.mpas.gov.br;

                (c)     submission of declaration that the BENEFICIARY fulfils
                        the Brazilian legislation applicable to foreign labor
                        and consultancy contracting;

        (III)   for the use of the resources foreseen to the settlement of the
                Bridge Loan Contracts which are referred at the Sole Paragraph,
                of Clause One.

                (a)     To proof before BNDES, of the compliance by the
                        BENEFICIARY, of the conditions foreseen in the above
                        mentioned Bridge Loan Contracts.

ARTICLE EIGHTEEN

GUARANTEE

TELE NORTE CELULAR PARTICIPACOES S.A., duly qualified in the caption hereto,
accepts the present Contract in its capacity of guarantor and main payer, and
hereby expressly waives the benefits of articles 1.491, 1.499 and 1.503 of the
Civil Code, and 261 and 262 of the Commercial Code, being jointly liable, up to
the final settlement of this Contract, for the full and faithful fulfillment of
the BENEFICIARY'S obligations hereunder.

ARTICLE NINETEEN

DEFAULT

In case of default of the obligations hereunder by the BENEFICIARY and
Intervenients it shall apply the provisions of articles 40 through 47 of the
"PROVISIONS APPLICABLE TO BNDES' CONTRACTS" referred to in Article Thirteen,
item I.

ARTICLE TWENTY

LEGAL PROCEEDING PENALTY

In case of judicial collection of the debt arising out of this Contract, the
BENEFICIARY shall pay a penalty of 10% (ten percent) on the debt principal and
charges, besides the judicial and extra-judicial expenses, and attorney's fees,
due as of the first order given by the competent authority in the collection
pleading.

                                     E-187
<PAGE>   12
ARTICLE TWENTY-ONE

ANTICIPATED DEBT SETTLEMENT

In case of anticipated debt settlement the guarantees will be released, being
applicable to the remaining obligations what provided for in Article 18,
paragraph two, of the "PROVISIONS APPLICABLE TO BNDES' CONTRACTS" referred to in
Article Thirteen, item I.

ARTICLE TWENTY-TWO

ACCELERATION

BNDES may declare the anticipated expiry of this Contract being the debt payable
and any disbursement immediately suspended if, besides the hypotheses
contemplated in articles 39 and 40 of the "PROVISIONS APPLICABLE TO BNDES'
CONTRACTS" referred to in Article Thirteen, item I, the following facts are
evidenced by BNDES:

                (a)     inclusion in the articles of association, by-laws or
                        certificate of incorporation of the BENEFICIARY or the
                        controlling companies of a provision according to which
                        special quorum would be required for deciding or
                        approving matters that impose limitations or hindrances
                        to the control of any of these companies by the
                        respective controllers, or the inclusion in those
                        documents of a provision that imply in:

                        i)      restrictions to the BENEFICIARY's growth
                                capacity or to its technological development;

                        ii)     restrictions to the BENEFICIARY's access to new
                                markets; or

                        iii)    restrictions to or loss of capacity of paying
                                the financial obligations arising out of this
                                transaction.

                (b)     personnel reduction by the BENEFICIARY without complying
                        with the provisions of Article Thirteen, item III;

                (c)     non-compliance with the financial indexes set forth in
                        Article Thirteen, item XII;

                                 SOLE PARAGRAPH

        In case of application of funds granted by this Contract in an activity
        other than that set forth in Article One, BNDES shall advise the Federal
        Department of Justice (Ministerio Publico Federal) about such fact for
        the sake of application of Law no. 7.492 of 16.06.86, without prejudice
        of the provisions of this article's caption.

ARTICLE TWENTY-THREE

MATURITY ON HOLIDAYS

Any installment relative to the amortization of the principal and charges
falling due on Saturdays, Sundays or national holidays, including bank holiday,
shall be transferred, for all the purposes and effects of this Contract, to the
first subsequent working day, being the charges calculated up to such date, and
starting from this date the subsequent period for charges determination and
calculation hereunder.

                                     E-188
<PAGE>   13
ARTICLE TWENTY-FOUR

POWER GRANT TO BNDES

The BENEFICIARY authorizes, in this act, in an irrevocable and unchangeable
form, the BNDES to receive directly from the Granting Power the indemnification
due by the BENEFICIARY, as foreseen in the Concession Contract No.
018/97-DOTC/SFO/MC executed on November 4th, 1997, the amounts sufficient to
settle de debts assumed by this Contract.

ARTICLE TWENTY-FIVE

PAYMENT OF THE BRIDGING LOAN

The BENEFICIARY and the Intervenients TELEPARA CELULAR S.A., TELAMAZON CELULAR
S.A., TELEAMAPA CELULAR S.A. and TELAIMA CELULAR S.A., hereby irrevocably grant,
in an irrevocable and unchangeable form, to BNDES the power to use the funds
from the present transaction to pay, with the resources from this present
operation, in whole or in part, the debt balance of Contracts for Opening of
Fixed Credits [Bridge Loan Program - Ponte-DIR-502/99] executed on November 8th,
1999, in the total amount of R$ 36,942,000.00 [thirty six million, nine hundred
and forty two thousand Reais], between the above-mentioned Companies and the
BANCO ALFA DE INVESTIMENTOS S.A.

ARTICLE TWENTY-SIX

REPRICING

The BENEFICIARY hereby agrees that the present contract will be repriced at the
end of the 48th [forty eighth] month from the date hereof, being the spread
increased from 3.8% to 5.8%, applied in accordance with the terms of Articles
Four and Five, having the BENEFICIARY the option to anticipate the contract
settlement at that time.

ARTICLE TWENTY-SEVEN

AUTHORIZATION

The BENEFICIARY authorizes, in this act, in an irrevocable and unchangeable
form, the Intervenients TELEPARA CELULAR S.A., TELAMAZON CELULAR S.A., TELEAMAPA
CELULAR S.A. and TELAIMA CELULAR S.A., to withdraw, from the bank account
referred in Item "a", of Sub-item I, of Clause Seventeen, the funds derived from
this present operation, to invest in the project mentioned in Article One.

The BENEFICIARY submitted the Social Security Contributions Clearance (Certidao
Negativa de Debito) CND no. 006182000-09601013, issued by Instituto Nacional do
Seguro Social - INSS (Social Security Institute) on November 6, 2000.

The pages of the present Instrument are countersigned by Leila de Souza Sanches,
BNDES' counsel, by authorization from the undersigned legal representatives.

And for being in agreement, the parties sign the present Instrument in 8 (eight)
copies with the same content and for the same effect in the presence of the
undersigned witnesses.

Rio de Janeiro, December 14th, 2000

On behalf of BNDES:

[illegible signature]
Francisco R. Gross - President

                                     E-189
<PAGE>   14
================================================================================

[illegible signature]
Aluysio Asti - Director

BANCO NACIONAL DE DESENVOLVIMENTO ECONOMICO E SOCIAL - BNDES
================================================================================

SIGNATURE SHEET OF CONTRACT NO. 00.2.608.3.1

ON BEHALF OF THE BENEFICIARY:

(ILLEGIBLE SIGNATURE)               (ILLEGIBLE SIGNATURE)
================================================================================

TELMA CELULAR S.A.,

ON BEHALF OF THE INTERVENIENTS:

(ILLEGIBLE SIGNATURE)               (ILLEGIBLE SIGNATURE)
================================================================================

TELE NORTE CELULAR PARTICIPACOES S.A.

(ILLEGIBLE SIGNATURE)               (ILLEGIBLE SIGNATURE)
================================================================================

TELEPARA CELULAR S.A.

(ILLEGIBLE SIGNATURE)               (ILLEGIBLE SIGNATURE)
================================================================================

TELAMAZON CELULAR S.A.

(ILLEGIBLE SIGNATURE)               (ILLEGIBLE SIGNATURE)
================================================================================

TELEAMAPA CELULAR S.A.

(ILLEGIBLE SIGNATURE)               (ILLEGIBLE SIGNATURE)
================================================================================

TELAIMA CELULAR S.A.

(ILLEGIBLE SIGNATURE)               (ILLEGIBLE SIGNATURE)
================================================================================

                                     E-190
<PAGE>   15
TELPART CELULAR S.A.

WITNESSES:

(ILLEGIBLE SIGNATURE)               (ILLEGIBLE SIGNATURE)
VICENTE  PAULO CAIXETA      LARA RADLER DOS GUARANYS
SECRETARY
CPF 359.247.137-68          CPF: 826.519.817-53

================================================================================
TELMA- Contract BNDES TELMA

                                     E-191
<PAGE>   16
         FINANCING CONTRACT THROUGH TRANSFER OF THE CONTRACTED LOAN WITH
       BANCO NACIONAL DE DESENVOLVIMENTO ECONOMICO E SOCIAL - BNDES FINEM
                            TJLP/CM-No. 066/2000-IC

Name of the FINANCIAL AGENTS:

BANCO ITAU S.A., a financial institution with headquarters at Rua Boa Vista 176,
Centro, in the City of Sao Paulo, State of Sao Paulo, registered at the General
Taxpayer's Registry CNPJ under No. 60.701.190/0001-04, represented in this act
by the persons signing below on the signature's page; and

BANCO BRADESCO S.A., a financial institution with headquarters at the City of
Osasco, State of Sao Paulo, at Cidade de Deus, registered at the General
Taxpayer's Registry CNPJ under No. 60.746.948/0001-12, represented in this act
by the persons signing on the signature's page; and

BANCO ALFA DE INVESTIMENTOS S.A., a financial institution with headquarters at
the City of Sao Paulo, State of Sao Paulo, at Alameda Santos No. 466 - 4(0)
andar, registered at the General Taxpayer's Registry CNPJ under No.
60.770.336/0001-65, represented in this act by the persons signing on the
signature's page; and

Designated jointly as "Financial Agents" due to the constitution of the
Consortium Contract signed between the Financial Agents on November 9th, 2000,
and of which this Instrument is an inseparable and integrating part, it was
established that the BANCO ITAU S.A, is determined to be the Leader of the
Consortium, hereinafter so called, and which may be substituted, at any time by
determination of the BNDES.

NAME OF THE BENEFICIARY

TELMA CELULAR S.A., hereafter referred to as BENEFICIARY, a joint stock company
with head offices in the City of Sao Luiz do Maranhao, at Avenida Colares
Moreira, Quadra 01, Lote 02, Ed. Planta Tower, Jardim Renascenca, registered
with CNPJ under no. 02.340.278/0001-33, hereby represented by the undersigned
representatives, and appearing also, in the capacity of INTERVENIENTS:

NAME OF THE INTERVENIENT AND GUARANTOR

      TELE NORTE CELULAR PARTICIPACOES S.A., stock company, with head office in
      the City of Brasilia, Distrito Federal, at SCN Quadra 03 Bloco A, Sobre
      Loja, Asa Norte, registered with CNPJ under no. 02.558.118/0001-65;

NAME OF THE COLLATERAL GUARANTORS

      TELEPARA CELULAR S.A. a stock company with head office in the City of
      Belem, in the State of Para, at Travessa Rui Barbosa 931, 8(0)andar,
      Reduto, registered with CNPJ under No. 02.361.554/0001-40, hereby
      represented by the undersigned representatives.

      TELAMAZON CELULAR S.A. a stock company with head office in the City of
      Manaus, in the State of Amazonas, at Avenida Guilherme Moreira No. 147,
      Centro, registered with CNPJ under No. 02.322.103/0001-01, hereby
      represented by the undersigned representatives.

      TELEAMAPA CELULAR S.A. a stock company with head office in the City of
      Macapa, in the State of Amapa, at Avenida General Gurjao No. 45, Centro,
      registered with CNPJ under No. 02.333.355/0001-28, hereby represented by
      the undersigned representatives.

      TELAIMA CELULAR S.A. a stock company with head office in the City of Boa
      Vista, in the State of Roraima, at Avenida Capitao Ene Garcez No. 154,
      Centro, registered with CNPJ under No. 02.369.651/0001-89, hereby
      represented by the undersigned representatives.

                                     E-192
<PAGE>   17
      referred to as the COLLATERAL GUARANTORS, hereby represented by the
      undersigned representatives;

The Intervenient and the Intervenient Guarantor, when jointly mentioned, shall
be called simply Intervenients.

                                     E-193
<PAGE>   18
1)      DATA FROM THE CREDIT OPENING
        1.1)    Date: December 14th, 2000
        1.2)    Value of the deferred credit: Total amount of the Sub-credit
                "A", and "B"
                1.2.1)  Sub-credit "A": R$ 80,936,100.00
                1.2.2)  Sub-credit "B": R$ 32,882,500.00
        1.3)    Maturity date: January 15th, 2006
        1.4)    Term for use: 12/31/2000
                1.4.1)  Sub-credit "A": until 12/15/2002
                1.4.2)  Sub-credit "B": until 12/15/2002
        1.5)    Grace periods:
                1.5.1)  Sub-credit "A" and "B": Up to 12 [twelve months]
        1.6)    Decision DIR No.; date: Annex I of 609/2000 of 11/13/2000
        1.7)    Interest rate: 3.8% [three point eight per cent] p.a.,
                equivalent to 0.3113% per month.
        1.8)    Commission of the Financial Agents: 1.3% [one point three per
                cent] p.a. already included into the Interest Rate.
        1.9)    Credit reserve commission: 0.1% [one tenth] p.a.
        1.10)   Destination of the financing
                Transfer of the funds to the Beneficiary, for the purpose of
                financial support for the investments necessary for the
                expansion and modernization project of the Mobile Cell
                Telephony, Band "A", in the states of Amapa, Amazonas, Maranhao,
                Para and Roraima, as well as the payment of the Bridge Loan
                granted through the Contracts No. 502/99-IC, executed between
                the Banco Alfa de Investimentos S.A. and Telma Celular S.A.,
                Telepara Celular S.A., Telamazon Celular S.A., Teleamapa Celular
                S.A. and Telaima Celular S.A., on November 8th, 1999, in the
                amount of R$ 36,942,000.00 [thirty six million, nine hundred and
                forty two thousand Reais].
        1.11)   Guarantees:
                1.11.1) Guarantee granted by the Intervenient Guarantor above
                        qualified, in the quality of joint debtors and main
                        payees of the obligations derived from this Contract, as
                        defined in Sub-item 21.1;
                1.11.2) Pledging part of the invoicing derived from the
                        collection of the cell telephone services, as
                        established in Sub-item 21.1;
                1.11.3) 03 [three] Promissory Notes issued by the Beneficiary
                        for the benefit of the Financial Agents, maturity at
                        sight, in an amount corresponding to 130% [one hundred
                        and thirty per cent] of the credit granted, by each one
                        of the Financial Agents, as defined in Sub-item 21.3;

2)      NATURE AND ORIGIN OF THE CREDIT
        2.1)    The credit now granted, divided into 02 [two] Sub-credits, in
                the amounts mentioned in the Sub-item 1.2, for the account of
                the Credit Opening Contract No. 91.2.149.6.1.013, executed on
                July 19th, 1991, between the BNDES and the Financial Agents,
                shall be funded by:
                2.1.1)  Sub-credits "A": with ordinary resources from BNDES
                        which are composed, among other sources, of funds from
                        the Fundo de Amparo ao Trabalhador - FAT (Worker's
                        Support Fund), funds from the FAT - Special Deposits and
                        from the PIS/PASEP Participation Fund, allocated in
                        accordance with the legislation applicable to each
                        individual source and in compliance with the provisions
                        of Sub-item 7.2;
                2.1.2)  Sub-credit "B": considering base date of November 15,
                        2000, to be provided from foreign currency funds
                        borrowed by BNDES and assigned according to Resolution
                        no. 635/87 of January 13, 1987 issued by BNDES' Board of
                        Directors, subject to the provisions of Sub-item 3.1.

3)      UPDATING SUB-CREDIT "B"
        3.1)    From the base date mentioned in Sub-item 2.1.2, in accordance
                with the weighed average of the exchange variations applicable
                to the funds borrowed by BNDES in foreign currency without

                                     E-194
<PAGE>   19
            connection to loans under specific conditions, subject to the
            provisions of Sub-item 4.1, below falling upon the credit not drawn.

4)      UPDATING SUB-CREDIT "B" DEBT VALUE
        4.1)    The debtor balance of the Beneficiary, included there the
                principal, interests, compensatory and default interests,
                expenses, commissions and all other charges, shall be updated
                every day by the weighed average of the exchange variations
                applicable to the funds borrowed by BNDES, in foreign currency,
                without connection to loans under specific conditions, subject
                to the specific provisions, determined in accordance with the
                following criteria:
                (I)     daily determination by BNDES of its liabilities payable
                        in foreign currency without connection with loans under
                        specific conditions for the purpose of calculating the
                        weighed averages to be applied to the exchange
                        variations;
                (II)    based on the liabilities position determined as provided
                        for under item I, taking into account the closing sales
                        rates of foreign currencies disclosed by the Brazilian
                        Central Bank in the previous day.
        4.2)    The weighed average of exchange rates referred to in this
                Article will be published by BNDES in the Official Daily
                Government Gazette (Diario Oficial da Uniao) (Section 3) on the
                10th (tenth) and 25th (twenty-fifth) day of each month or in the
                first edition subsequent to those days in case the
                above-mentioned official Gazette is not published on those
                dates.

5)      CHANGE OF THE LEGAL CRITERIA FOR REMUNERATION OF FUNDS
        5.1)    In the hypothesis the legal criterion for remunerating the
                resources allocated to BNDES from the PIS/PASEP Participation
                Fund and Work Support Fund - FAT is changed, the remuneration
                set forth in Item 09 [nine] may be, at BNDES' discretion,
                calculated according to the new remuneration criterion
                applicable to such resources or such other criterion indicated
                by BNDES that, besides preserving the actual value of the
                transaction, remunerates it at the same previous level. In such
                a case, the Financial Agents will advise the BENEFICIARY, in
                writing, about the change.

6)      PURPOSE
        6.1)    The funds object of this present Contract shall be used by the
                Beneficiary in accordance with the purpose stipulated in
                Sub-item 1.10 [Destination of the financing] of the preamble.

7)      CREDIT AVAILABILITY
        7.1)    The resources shall be made available to the Beneficiary, in
                installments and in accordance with the projects needs,
                respecting the financial programming of the BNDES, which is
                subordinated to the resources definition, for its application,
                by the National Monetary Council, and the availability of the
                resources derived from the Credit Opening Contract No.
                91.2.149.6.1.013, referred in Sub-item 2.1, above mentioned.
        7.2)    The amount of each installment of the Sub-Credit "A", made
                available to the Beneficiary shall be calculated in accordance
                with the criteria established in the law instituting the Long
                Term Interest Rates - TJLP, for the determination of the debtor
                balances of the financings contracted by the BNDES System until
                November 30th, 1994.
        7.3)    The resources shall be transferred by the Financial Agents to
                the Beneficiary, in the following proportions, as agreed upon in
                the Consortium Constitution Agreement, integrating this
                Instrument:

<TABLE>
<CAPTION>
      AGENTS                      PARTICIPATION IN R$
----------------------------------------------------------------------------
                     SUB-CREDIT A    SUB-CREDIT B        TOTAL       PERCENT
                                                       "A" + "B"
----------------------------------------------------------------------------
<S>                 <C>             <C>              <C>              <C>
Banco Itau S.A.     42,491,452.50   17,263,312.50    59,754,765.00    52.50%
Banco Bradesco      18,210,622.50   7,398,562.50     25,609,185.00    22.50%
Banco Alfa de       20,234,025.00   8,220,625.00     28,454,650.00    25.00%
Investimento S.A.
----------------------------------------------------------------------------
TOTAL               80,936,100.00   32,882,500.00   113,818,600.00   100.00%
</TABLE>

                                     E-195
<PAGE>   20
        7.4)    The resources shall be transferred by the Financial Agents to
                the Beneficiary on the third [3rd] working day after receiving
                date the resources of the Sub-Credits "A", and until the second
                [2nd] working day after the receiving date of the Sub-Credits
                "B" resources.
        7.5)    No liberation shall be made before the disbursement by BNDES to
                the Financial Agents, the amounts corresponding to each one of
                them, being hereby established that no responsibility shall fall
                upon the Financial Agents in the case BNDES interrupts the
                disbursements, or makes them only partially, or subordinates
                them to conditions not foreseen in this contract, or also,
                cancels, totally or partially, the credits granted to the
                Financial Agents, without their fault.
        7.6)    If, for any reason, BNDES should not transfer to the Financial
                Agents the amounts necessary for the loan, or suspends any
                resources liberation for the transfer to the Beneficiary, this
                contract shall be rescinded, totally or partially, completely
                legally and independently of any judicial or extra-judicial
                interpellation, there being no rights against the Financial
                Agents by the Beneficiary, and consequently any pretension of
                indemnification or refunding of any damage derived from the
                same, or loss of profits because of the non concession of the
                credits, remaining in force, in the case of disbursement having
                been made, until its total settlement, all obligations until
                that date assumed, due to the force of the respective Contract.

8)      TERMS FOR USE, GRACE PERIOD AND AMORTIZATION
        8.1)    The term for use of the resources shall be the one stipulated in
                Sub-Item 1.4.1, for the Sub-Credits "A" and the one stipulated
                in Item 1.4.2, for the Sub-Credits "B" and "C".
        8.2)    The grace period shall be the one stipulated on Sub-item 1.5.1
                for the Sub-Credit "A", and the one stipulated in the Sub-item
                1.5.1, for the Sub-Credit "B", and shall be counted from the
                15th, [fifteenth] subsequent day to the execution date of this
                Contract, extending to the nearest 15th [fifteenth] days of one
                of the following months: January, April, July and October.
        8.3)    The amount of the debt shall be paid by the Beneficiary to the
                Financial Agents, in the term and form established as follows:
                (I)     SUB-CREDIT "A": in 48 (forty eight) successive monthly
                        installments, each one in the amount of the due
                        principal of the debt under this Sub-credit divided by
                        the number of amortization installments still not due,
                        being the first installment due on January 15 (fifteen),
                        2002 and the last one on December 15 (fifteen) 2005,
                        subject to the provisions of Sub-item 14.1 and
                        following.
                (II)    SUB-CREDIT "B": in 48 (forty eight) successive monthly
                        installments, each one in the amount of the due
                        principal of the debt under this Sub-credit divided by
                        the number of amortization installments still not due,
                        being the first installment due on February 15
                        (fifteen), 2002 and the last one on January 15 (fifteen)
                        2006, subject to the provisions of Sub-item 14.1 and
                        following;
                8.3.1)  The Beneficiary commits itself to settle on January 15
                        (fifteen) 2006, jointly with the last installment of the
                        amortization, all obligations of this Contract.

9)      INTERESTS ACCRUING ON SUB-CREDIT "C"
        9.1)    For the use of this Sub-credit, the Beneficiary is subject to
                interest at the interest rate determined in Sub-item 1.7, over
                the variable rate readjusted on a quarterly basis on the 16th
                (sixteenth) day of January, April, July and October on the basis
                of the weighed average cost of all fees and expenses incurred by
                BNDES in borrowing foreign currency funds without connection
                with loans under specific conditions in the civil quarter
                immediately prior to the month of readjustment of the
                above-mentioned interest rate. The interests shall be calculated
                day by day, by the proportional system, calculated on the debt
                balance updated as provided on the 15th [fifteenth] of January,
                April, July and October of each year, in the period comprised
                between December 15th, 2000 and January 15th, 2002, and every
                moth from February 15th, 2002 inclusive, jointly with the

                                     E-196
<PAGE>   21
                installments of the amortization of the principal and at the
                settlement of the debt in accordance with Sub-item 14.1, and
                following.

10)     INTERESTS ACCRUING ON SUB-CREDIT "A"
        10.1)   Over the principal of the debt of the Beneficiary, interests
                shall accrue at the rate determined in Sub-item 1.7, over the
                Long Term Interest Rate, hereinafter designated TJLP, divulged
                by the Banco Central do Brasil [Brazil's Central Bank] included
                into the same the commission determined in Sub-item 1.8,
                observing the following determinations:
                10.1.1) When TJLP is higher than 6% (six percent) per annum:
                a)      The amount corresponding to the TJLP portion above 6%
                        (six percent) per annum shall be capitalized on the 15th
                        (fifteenth) day of each month during the effectiveness
                        of this Contract and on its expiry or settlement,
                        subject to the provisions of Sub-Item 14.1, and
                        calculated according to the following capitalization
                        term, taking into consideration all the financial events
                        occurred in the period:
                        TC = [(1 + TJLP)/1.06]N-360 - 1 (capitalization term
                        equals to, open brackets, ratio of TJLP plus the unit to
                        one and six hundredth, close brackets, raised to the
                        power corresponding to the ratio of "n" to three hundred
                        sixty, and deducting one unit from such a result),
                        where:
                        TC - capitalization term;
                        TJLP - Long Term Interest Rate published by Brazilian
                        Central Bank; and
                        n - number of days between the financial event date and
                        the date of capitalization, maturity or settlement of
                        the obligation, being considered a financial event any
                        and all facts of financial nature from which the debt
                        balance under this Contract is or may be changed.
                b)      The percentage above the TJLP (spread) mentioned in the
                        caption of the Sub-item 1.7 plus the non-capitalized
                        portion of the TJLP of 6% (six percent) per annum shall
                        be calculated on the debit balance on the interest
                        maturity dates mentioned in Sub-item 10.3 or on the date
                        of expiry or settlement of this Contract, subject to the
                        provision of item "a" and considering, for the purpose
                        of calculation the daily interest, the number of days
                        between the date of each financial event and the
                        above-mentioned maturity dates.
                10.1.2) When TJLP is equal to or lower than 6% (six percent) per
                        annum:
                        The percentage above the TJLP (spread) mentioned in the
                        caption of the Sub-item 1.7, plus the TJLP shall be
                        calculated on the debit balance on the interest maturity
                        dates mentioned in Sub-item 10.3 or on the date of
                        expiry or settlement of this Contract, being considered,
                        for the purpose of calculating the daily interest, the
                        number of days between the date of each financial event
                        and the above-mentioned maturity dates.
        10.2)   The amount referred to in Sub-item 10.1.1, sub-paragraph "a", to
                be capitalized and incorporated into the principal of the debt
                shall be payable in accordance with sub-paragraphs "a" and "b"
                of sub-item 8.3.
        10.3)   The amounts determined in the grace periods in accordance with
                the terms of Sub-item 10.1.1, sub-paragraph "b", or Sub-item
                10.1.2, shall be demanded quarterly, on the 15th [fifteenth] of
                March, July, September and December of each year, in the period
                comprised between December 15th, 2000 and December 15th, 2001,
                and monthly during the amortization period, jointly with the
                installments of the principal, and at the maturity or settlement
                of the Contract, observing the determinations of Sub-item 14.1.
        10.4)   The commission of the Financial Agents is included into the
                interest rate of Sub-item 1.7, consisting of a differential
                indicated in Sub-item 1.8, being calculated over the liabilities
                in accordance with the same criteria for the interest payments.

11)     AMENDMENT OF THE INTERESTS RATE ACCRUING ON SUB-CREDITS "A" AND "B".
        11.1)   From the 49th, [forty ninth] month of the term of the Contract,
                the interests foreseen in the Sub-items 9 and 10 shall accrue
                and be charged from the Beneficiary at a rate of 5.8% [five
                point eight percent] p.a., above the variable rate and the Long
                Term Interest Rate - TJLP, respectively, being hereby agreed
                upon among the parties, the restatement of the rate determined
                in Item 1.7, being

                                     E-197
<PAGE>   22
                nevertheless maintained the commission of the Financial Agents
                foreseen in Item 1.8, above mentioned.
        11.2)   The Beneficiary may, nevertheless, make an anticipated payment
                of the total its debt on the 48th [forty eighth] month of the
                term of this contract.

12)     DEBT PROCESSING AND COLLECTION
        12.1)   The Beneficiary shall amortize or settle the debt now assumed,
                through a debit into the bank account of its ownership,
                maintained before each one of the Financial Agents, obeying the
                proportions mentioned in Sub-Item 7.3. The amortization may be
                executed also through a bank cheque, bank compensation slip or
                Credit-into-Account document - DOC, since informed with at least
                5 [five] working days in advance by the Beneficiary.
        12.2)   The Financial Agents are hereby authorized by the Beneficiary,
                on the maturity date of the commitment, in a irrevocable and
                unappealable form to make the debit on its bank account, all
                amounts due derived from this contract, the settlement of these
                amounts remaining conditioned to the effective availability of a
                balance on the bank account where the debits are to be made. The
                insufficiency of balance in the bank account, shall be stated as
                a delay in the payment.
        12.3)   At the criterion of each Financial Agent, the collection of the
                principal and the charges derived from the Sub-credits "A" and
                "B", shall be made through a collection advice, issued by the
                Financial Agents, with advance, so the Beneficiary may settle
                its obligations on the maturity dates.
        12.4)   The Beneficiary may consult its balances on its bank accounts
                "Future Entries", on which the collection of the principal and
                charges shall be stated, with at least 05 [five] days in
                advance, who shall inform the amount due to settle the
                commitments on the maturity dates.
        12.5)   Considering that the debt resulting from Sub-credit "B" is
                subject to daily updating as provided for in Item 4, above
                mentioned, the Collection Advice referred to in Item 12.3, shall
                be issued by BNDES showing a reference value in BNDES's Monetary
                Unit - UMBND, which quotation shall be obtained in BNDES'
                Financial Management Department of the International Financing
                Area - DEFIN/AF, being the value for payment in Brazilian
                currency calculated on the basis of the quotation valid for the
                actual payment date.
        12.6)   The non-receipt of the Collection Advice shall not exempt the
                BENEFICIARY from its obligation to pay the principal and the
                charges on the dates established in this Contract.

13)     CREDIT RESERVE COMMISSION
        13.1)   The BENEFICIARY shall pay to Financial Agents, in the proportion
                stipulated on Sub-item 7.3, the Credit Reserve Commission,
                determined in Sub-item 1.9, due every 30-day (thirty) period or
                fraction thereof, calculated on:
                a)      the balance not drawn of each credit parcel, as of the
                        day subsequent to the credit parcel availability up to
                        the drawing date, when its payment will be due; and
                b)      on the credit not drawn as of the day subsequent to its
                        availability up to the cancellation date upon request by
                        the BENEFICIARY or by initiative of BNDES, which payment
                        will be due on the request date or on the date of BNDES
                        decision, as the case may be;
                13.1.1) The incidence of the commission of the cases "a" and
                        "b", above mentioned, shall depend on the determination
                        of the scheme of availability of resources by the BNDES.

14)     MATURITY ON BANK HOLIDAY
        14.1)   The financial commitment relative to the amortization of the
                principal and charges falling due on Saturdays, Sundays or
                national holidays, including bank holiday, shall be transferred,
                for all the purposes and effects of this Contract, to the first
                subsequent working day, being the charges calculated up to such
                date, and starting from this date the subsequent period for
                charges determination and calculation hereunder.

15)     SPECIAL OBLIGATIONS OF THE BENEFICIARY
        15.1)   Without prejudice to all other Items, the Beneficiary commits
                itself also:
                (a)     to comply, as applicable, until the final settlement of
                        the debt arising out of this Contract, with the
                        "PROVISIONS APPLICABLE TO BNDES' CONTRACTS" as approved
                        by

                                     E-198
<PAGE>   23
                        Resolution no. 665 of December 10, 1987 and partially
                        amended by Resolution no. 775 of December 16, 1991,
                        Resolution 863 of March 11, 1996, Resolution no. 878 of
                        September 4, 1996, Resolution no. 894 of March 6, 1997
                        and Resolution 927 of April 1, 1998 all issued by
                        BNDES's Board of Directors and published in the Official
                        Daily Government Gazette (Section I) of December 29,
                        1987, December 27, 1991, April 8, 1996, September 24,
                        1996, March 19, 1997, and April 15, 1998, respectively;
                (b)     to invest the resources obtained only in the execution
                        of the project, object of this Contract and in
                        accordance with the Table of Uses and Sources [Annex
                        Iii]
                (c)     to invest its own resources, foreseen for the execution
                        of the project, in the amounts and terms defined in the
                        Table of Uses and Sources [Annex III], as well as in its
                        totality, the resources necessary for the coverage of
                        eventual insufficiencies or accruals of the global
                        budged of the project.
                (d)     To communicate to the leader, any matters, which could
                        take to changes of the project or the Table of Uses and
                        Sources, indicating the measures, which the Beneficiary
                        considers, should be taken.
                (e)     To adopt, during the term of this Contract, measures and
                        actions to be taken in order to avoid or correct damages
                        to environment, safety and medicine at work, which may
                        be caused by the project now financed.
                (f)     To maintain in a regular form its commitments before the
                        environmental organs, during the term of this Contract.
                (g)     to provide training focused on job opportunities
                        existing in the region and/or reemployment program to
                        employ the workers in other companies if, as a function
                        of the project referred to, the BENEFICIARY reduces its
                        personnel during the validity of this Contract; for that
                        purpose the BENEFICIARY must submit to Financial Agents
                        appreciation a document specifying and evidencing the
                        conclusion of negotiations with the dismissed workers'
                        competent representation(s);
                (h)     to maintain updated its commitments before ANATEL during
                        the term of this Contract;
                (i)     to forward correspondence, with copy to the Financial
                        Agents and to BNDES, to the Granting Power, with copy to
                        BNDES, requesting the inclusion of its debt with BNDES
                        in the procedures relative to eventual indemnity
                        calculation and that BNDES should be informed about any
                        fact that could impair the purpose of the present
                        transaction; a copy of this Contract must be attached to
                        such correspondence;
                (j)     to authorize the direct payment by the Granting Power to
                        BNDES of indemnity due to the BENEFICIARY as provided
                        for in the Concession Contract in such an amount so as
                        to cover the Beneficiary's debt under this transaction
                (k)     [Intentionally omitted]
                (l)     in case such indemnity mentioned in Item "I" above is
                        not due, or insufficiency of resources derived from the
                        mentioned indemnity, to pay directly to Financial Agents
                        the financial obligations for the full settlement of the
                        debt arising out of this transaction;
                (m)     not to assign to nor commit with another creditor,
                        without the previous agreement by the Financial Agents
                        and BNDES, the revenues assigned as provided for in the
                        "Contract for Collection, Deposit, with Intervention and
                        other Agreements", hereinafter called "Bank
                        Contract"[Annex I], remaining nevertheless valid and
                        executable the pledge made in the scope of the Opening
                        of Fixed Credits Contract [Program, Bridge Loan -
                        DIR-502/99, executed between the Banco Alfa de
                        Investimentos S.A., as Financial Agent and Telma Celular
                        S.A., Telepara Celular S.A., Telamazon Celular S.A.,
                        Teleamapa Celular S.A. and Telaima Celular S.A., as
                        beneficiaries, dated November 8th 1999, in the amount of
                        R$ 36,942,000.00.
                (n)     to issue securities at BNDES's discretion at any time
                        during the validity of this Contract, being such
                        securities fully subscribed by the Financial Agents and
                        the BNDES with the partial or full utilization of the
                        debt balance on the issuance date, subject to terms and
                        average interest rate equivalent to those of the
                        originally contracted transaction, as well as to agree
                        with the subsequent public placement of such securities
                        on the market, committing to perform all the acts
                        required for such placement;

                                     E-199
<PAGE>   24
                (o)     to comply with the Brazilian legislation applicable to
                        foreign personnel and consultancy contracting;
                (p)     to respect the minimum nationalization indexes in the
                        project referred to in Article One, SOLE PARAGRAPH, as
                        required in BNDES's Telecommunication Investment Support
                        Program (consubstantiated through excerpt of Minutes of
                        Meeting of BNDES' Board of Director no. 08/99 of
                        29.03.99) for the acquisition of equipment, and
                        installation and erection services relative to the
                        implantation project of cellular mobile telephone
                        service (Band A) in the Beneficiary's concession area as
                        described under Article One, SOLE PARAGRAPH, to be
                        approved from time to time by FINAME;
                (q)     not to provide privileged guarantees to other creditors
                        without the agreement by BNDES;
                (r)     from the date of the signature of this Contract, to link
                        the revenues derived from the rendering cellular
                        telephone services, to be deposited at the Trustee Bank,
                        chosen in a common agreement between the Parties in
                        order to warrant the accomplishment of the financial
                        commitments derived from this operation, as determined
                        in the above mentioned "Bank Contract";
                (s)     to pay to the Financial Agents, for the sake of
                        Performance Premium an amount corresponding to 0.5%
                        (half percent) on the debt balance under this Contract
                        calculated on the closing date of the Yearly Balance
                        Sheet, to be paid in case the Item "Net Sales" (Net
                        Operating Revenue) is equal to or higher than 110% (one
                        hundred ten percent) of the Project's planned outcome
                        according to the Projected Cash Flow in real terms
                        (IGP-M) included as Annex II to this Contract, subject
                        to the following:
                        s.1)    the Performance Premium will be paid in the year
                                subsequent to its determination in four equal
                                installments, together with the payment of the
                                debt principal;
                        s.2)    the Performance Premium shall be apportioned
                                between BNDES and the FINANCIAL AGENTS in the
                                proportion of their individual participation in
                                the transaction;
                        s.3)    the Yearly Balance Sheet adopted as a basis for
                                calculating the Performance Premium must be
                                audited by independent auditors registered with
                                Comissao de Valores Mobiliarios - CVM
                                (Securities and Exchange Commission)
                (t)     to accept the inclusion in the "Contract for Collection,
                        Deposit, with Intervention and other Agreements", which
                        draft is in Annex I hereto, of a mechanism of guarantee
                        account under withholding of 140% of the value
                        corresponding to the next installment falling due in the
                        period if the company's "Net Sales" is lower than 70% of
                        that foreseen in the cash flow agreed upon , in real
                        terms (IGP-M), included in Annex V hereto, until such
                        Net Sales becomes equal to or higher than the foreseen
                        value;
                (u)     to keep, during the validity of this Contract and until
                        its final settlement, the following minimum financial
                        indexes: of capitalization, current liquidity, EBITDA
                        margin and debt coverage as calculated on the annual
                        balance sheet or trial balance audited by independent
                        auditors registered with the Securities and Exchange
                        Commission:

                        i)      capitalization index (PL/AT): stockholder's
                                equity divided by total assets, equal to or
                                higher than 35% (thirty five percent);
                        ii)     EBITDA margin: (EBITDA/ROLT): operating earnings
                                before interest, income tax, depreciation and
                                amortization divided by the net operating
                                revenues, equal to or higher than 32% (thirty
                                two percent);
                        iii)    Debt coverage index (EBITDA/PC): operating
                                earnings before interest, taxes, depreciation
                                and amortization divided by the current
                                liabilities, equal to or higher than 1.0 [one]
                                in year 2001, and equal to or higher than 1.2 in
                                year 2002, inclusive, until the final settlement
                                of all obligations arising out of the present
                                Contract;
                        iv)     current liquidity index (AC/PC): current assets
                                divided by current liabilities, equal to or
                                higher than 1.10 in year 2000, equal to or
                                higher than 0.80 in year 2001, and equal to or
                                higher than 1.10 in year 2002 and after, until
                                the final settlement of all obligations arising
                                out of the present transaction;

                                     E-200
<PAGE>   25
                        v)      Bank indebtedness index [DB/(EBITDA-IR)];
                                relation between the bank debts and the EBITDA,
                                discounting the Income Tax, equal or less than
                                3.0, during the whole term of the Contract:
                                Where:
                                PL = stockholder's equity, AC = current assets,
                                PC = current liabilities (including financing
                                for periods equal to or lower than 12 months);
                                EBITDA = operating earnings before interest,
                                taxes, depreciation and amortization, ROL = net
                                operating revenues, AT = total assets
                (v)     to constitute the guarantees, in behalf of the BNDES and
                        the Financial Agents, the guarantees foreseen in Item
                        19, Guarantee Conditions;
                (w)     [Intentionally omitted]
                (x)     to authorize the Collateral Guarantors, TELEPARA CELULAR
                        S.A., TELAMAZON CELULAR S.A., TELEAMAPA CELULAR S.A. and
                        TELAIMA CELULAR S.A., to withdraw from their bank
                        accounts, opened in function of this present operation,
                        the funds derived from this present operation, for the
                        investment in the Project;
                (x)     to submit to the Leader, in 150 [one hundred and fifty]
                        days, from the date of delivery of the last installment
                        of the credit, a project conclusion report, in
                        accordance with the model to be supplied by the BNDES;

16)     OBLIGATIONS OF THE INTERVENIENT GUARANTOR AND THE INTERVENIENT TELEPART
        PARTICIPACOES S.A.
        16.1)   The Intervenient Guarantor, qualified in the preamble of this
                Contract and the Intervenient TELEPART PARTICIPACOES S.A.,
                qualified at the end of this Contract, assumes in this act the
                obligation of:
                (a)     to take all the necessary steps to assure the compliance
                        with the purpose of the present Contract;
                (b)     to implement all the required acts to assure the
                        execution of the investment plan as submitted to BNDES;
                (c)     to immediately advise the Financial Agents and the BNDES
                        about any fact or act that could hinder the compliance
                        with the purpose referred to in Sub-item 1.10, of the
                        present Contract, particularly as far as the agreed
                        guarantees are concerned;
                (d)     to previously advise the Financial Agents and the BNDES
                        about any change that could take place in the ownership
                        of the BENEFICIARY and the INTERVENIENT GUARANTOR;
                (e)     to exert its direct or indirect controlling power over
                        the BENEFICIARY so as to comply with the concession
                        contract with the "Agencia Nacional de Telecomunicacoes
                        ANATEL" [National Telecommunication Agency];
                (f)     to fulfill its duties and responsibilities before the
                        BENEFICIARY in accordance with articles 115, 116 and 117
                        of Law no. 6404 of 15.12.76.

17)     SPECIAL COMMITMENTS OF THE COLLATERAL GUARANTORS
        17.1)   The Collateral Guarantors, TELEPARA CELULAR S.A., TELAMAZON
                CELULAR S.A., TELEAMAPA CELULAR S.A. and TELAIMA CELULAR S.A.,
                qualified in the Preamble of this Contract, assume the following
                obligations:
                (a)     to comply with the determinations of the "Dispositions
                        Applicable to BNDES' Contracts", which is referred in
                        Item "a", of Sub-item 15.1;
                (b)     to invest the resources received from this present
                        operation, solely in the execution of the project,
                        object of this Contract;
                (c)     to pledge the revenues derived from services rendered
                        from cellular telephone, from the date of the signature
                        of this Contract, to be deposited, exclusively, in the
                        Banco Itau S.A., in order to guarantee the fulfillment
                        of the financial obligations derived from this
                        operation, as determined in the "Bank Contract".

18)     ACCELERATED MATURITY

                                     E-201
<PAGE>   26
        18.1)   The Parties may declare the anticipated expiry of this Contract
                being the debt payable and any disbursement immediately
                suspended if, besides the hypotheses contemplated by Law,
                specially the non fulfillment of any obligation here agreed upon
                by the Beneficiary and/or Intervenients, before any of the
                Financial Agents, or also if the following should occur:
                (a)     In case of application of funds granted by this Contract
                        in an activity other than that set forth in Article One,
                        BNDES shall advise the Federal Department of Justice
                        (Ministerio Publico Federal) about such fact for the
                        sake of application of Law no. 7.492 of 16.06.86,
                        without prejudice of the provisions of this article's
                        caption.
                (b)     inclusion in the articles of association, by-laws or
                        certificate of incorporation of the BENEFICIARY or the
                        controlling companies of a provision according to which
                        special quorum would be required for deciding or
                        approving matters that impose limitations or hindrances
                        to the control of any of these companies by the
                        respective controllers, or the inclusion in those
                        documents of a provision that imply in:
                        i)      restrictions to the Beneficiary's growth
                                capacity or to its technological development;
                        ii)     restrictions to the Beneficiary's access to new
                                markets; or
                        iii)    restrictions to or loss of capacity of paying
                                the financial obligations arising out of this
                                transaction.
                (c)     Company's reorganization process [split-up,, merger,
                        incorporation, etc.], change of the main activity or the
                        modification of the effective control, either directly
                        or indirectly, of the Beneficiary, of any of the
                        Intervenients, after the contracting of the operation,
                        without the previous and express authorization of the
                        BNDES and the Financial Agents, represented by the
                        Leader.
                (d)     personnel reduction by the BENEFICIARY without complying
                        with the provisions of item "g" of Sub-item 15.1,
                        above.;
                (e)     non-compliance with the financial indexes set forth in
                        item "p" of Sub-item 16.1 and 17.1, above by the
                        Intervenient Guarantor and the Collateral Guarantors;
                (f)     accelerated maturity of the Financing Contract signed
                        between the Beneficiary and the BNDES on December 14th,
                        2000, object of the Decision No. DIR/608/2000-BNDES;
                (g)     non fulfillment of any obligations by the Beneficiary,
                        regarding any of the assumed commitments of the "Bank
                        Contract"[Annex I], to this present contract;
                (h)     judicial process, with decision in court, which could
                        impair the accomplishment of the obligations and/or the
                        assumed and constituted guarantees;
                (i)     in the case of bankruptcy request or the request of a
                        preventive forced agreement of the Beneficiary and/or
                        any of the Intervenients.
                (j)     If the financial indexes foreseen in Item "U', of the
                        Sub-item 15.1, above, are not reached.

19)     FURTHER OBLIGATIONS FOR THE USE OF THE CREDIT
        19.1)   Besides the fulfillment of the conditions foreseen in the
                "Dispositions" previously mentioned, and in the Follow-up Norms
                and Instructions referred in Article 2nd, of the same
                Dispositions, the use of the credits is subject, also, to the
                performance, by the Beneficiary and/or the Intervenients, of the
                following:
                (I)     FOR THE USE OF THE FIRST INSTALLMENT OF THE CREDIT:
                        (a)     presentation of this Contract and its annexes,
                                duly registered in the competent Public
                                Registries;
                        (b)     execution of the contract related to the direct
                                financing of BNDES, for this present operation;
                        (c)     deliver of the correspondence mentioned in
                                Sub-item 14.1, Paragraph "i".
                        (d)     Presentation of the Bank Contract [Annex IV],
                                duly executed and registered;
                        (e)     submission of evidence of hiring an audit
                                firm/specialized consultancy to attest the
                                accomplishment of the financial indexes referred
                                to in Sub-item 15.1, Paragraph "u".
                (II)    FOR THE USE OF EACH INSTALLMENT OF THE CREDIT:

                                     E-202
<PAGE>   27
                        a)      Non existence of any fact of
                                financial-economical nature, which at criteria
                                of the Financial Agents and/or BNDES may impair
                                the execution of the business now financed,
                                which could change or make unfeasible its
                                execution, in the terms foreseen in the project
                                approved by the BNDES;
                        (b)     submission by the BENEFICIARY of Social Security
                                Contributions Clearance (Certidao Negativa de
                                Debito - CND) issued by Instituto Nacional do
                                Seguro Social - INSS (Social Security Institute)
                                obtained by the BENEFICIARY through the INTERNET
                                and checked by BNDES in the site
                                www.mpas.gov.br;
                        (c)     proof that the beneficiary invested in the
                                project the installment of the credit previously
                                used, and that the same invested its part, in
                                accordance with the values established in the
                                Table Uses and Sources of the Annex I.
                        (d)     submission of declaration that the BENEFICIARY
                                fulfils the Brazilian legislation applicable to
                                foreign labor and consultancy contracting
                (III)   FOR THE USE OF THE RESOURCES FORESEEN FOR THE SETTLEMENT
                        OF THE BRIDGE LOANS WHICH ARE REFERRED IN SUB-ITEM 1.10;
                        (a)     Statement of proof, by the Financial Agents and
                                by the BNDES, of the fulfillment by the
                                Beneficiary of the conditions foreseen in the
                                Credit Opening Contract mentioned in the
                                referred Sub-item.

20)     RESPONSIBILITY FOR THE CHARGES AND EXPENSES
        20.1)   It shall be in account of the Beneficiary, all charges,
                tributes, contributions and taxes falling upon this Contract and
                on the collection and execution of the guarantees related to the
                same, which the Financial Agents may be obliged to pay or
                support, since duly demonstrated, even in the hypotheses of a
                partial or total canceling of the opened credit, inclusive the
                expenses related to the registers/ entries at the competent
                Notary Public for Registers.
        20.2)   The Beneficiary is hereby obliged to pay to the Financial
                Agents, as reimbursement of expenses, the Income Tax referring
                to the Sub-Credit "B", a percentage on the Interests referred in
                Sub-Item 9.1, corresponding to the weighed average rate of the
                Income Tax due over the charges remitted by BNDES to the
                creditors from foreign resources, without relationship to
                transfer in specific conditions, in the civil quarter preceding
                the months of readjustment of this percentage, to be determined,
                readjusted and requested the reimbursement in the same time as
                the interests referred in the above mentioned Sub-Item 9.1.

21)     GUARANTY CONDITIONS
        In order to assure the payment of any of the obligations derived from
        this contract, such as the principal of the debt, interests,
        commissions, conventional penalty and fines, the following guarantees
        are given to the Financial Agents, being considered as a whole,
        indivisible in relation to the debt value, agreeing expressly the
        Intervenient Guarantor regarding the conditions now agreed upon,
        answering jointly with all obligations assumed by the Beneficiary.

        21.1)   GUARANTEE: The Intervenient Guarantor, duly qualified in the
                caption hereto, accepts the present Contract in its capacity of
                guarantor and main payer, and hereby expressly waives the
                benefits of articles 1.491, 1.499 and 1.503 of the Civil Code,
                and 261 and 262 of the Commercial Code, being jointly liable, up
                to the final settlement of this Contract, for the full and
                faithful fulfillment of the BENEFICIARY'S obligations hereunder
                by the Beneficiary, including the principal, interests, monetary
                restatement and further compensatory or default charges,
                judicial expenses, attorney's fees, and all other amounts which
                may be due in accordance with the terms of this Contract. The
                responsibility of the Guarantor shall not suffer any impairment,
                limitation or restriction derived from any type of agreement,
                postponement or decrease in the terms or indulgencies eventually
                granted by the Financial Agents to the Beneficiary, and it shall
                not be necessary that the Financial Agents make any type of
                notice regarding the matter to the Intervenient Guarantor.
                21.1.1) Should a partial or total default of the Beneficiary
                        occur, the Financial Agents shall collect the amounts
                        due from the Intervenient Guarantor, who shall pay the
                        same in a

                                     E-203
<PAGE>   28
                        maximum term of 48 [forty eight] hours, from the
                        delivery of the notice by the Leader, after the elapsing
                        of this term, the Intervenient Guarantor authorizes the
                        Financial Agents to make the debit of the amounts due
                        [principal] and charges] on its bank account.
                21.1.2) In the hypothesis that the Intervenient Guarantor
                        requests a preventive forced agreement, has its
                        bankruptcy or insolvency determined, as well as
                        execution of a merger, split-up, incorporation or
                        transference of its shareholdings, without previous
                        notice to the Financial Agents, it shall imply in the
                        right of the Financial Agents to request the
                        substitution of the guarantees, which shall be done by
                        the Beneficiary within 48 [forty eight] hours, from the
                        date of delivery of the registered letter by mail or
                        personally, under the penalty of acceleration of the
                        maturity of the obligations foreseen in this contract.
                21.1.3) For all legal purposes, inclusive in the penal sphere,
                        the Intervenient Guarantor declares that it is duly
                        empowered to constitute this present guarantee, and that
                        all obligations commit not only the Intervenient
                        Guarantor, as its heirs and successors, of any kind, in
                        accordance with Law.
        21.2)   PLEDGING OF REVENUES: The Beneficiary and the Intervenient
                Guarantor pledge as guarantee, for the benefit of the Financial
                Agents, in an irrevocable and unappealable form, until the
                settlement of this Contract, inclusive during the grace period,
                its revenues derived from the rendering of cellular telephone
                services, collected by the Collecting Banks, listed in the Annex
                1, through transference of the amounts in Reais, derived from
                these services, to the pledged account opened by the Beneficiary
                and by the Collateral Guarantors before the Leader, and the
                funds deposited in the referred account shall be used by the
                Financial Agents in the hypothesis of default of any obligation
                assumed by the Beneficiary in this contract, in the case an
                accelerated maturity is declared, as well as in the hypothesis
                that the determined percentage of Item "t" of Sub-item 15.1, is
                not reached.
                21.2.1) For the perfect consecution of the guarantee here
                        contracted, the Beneficiary and the Collateral
                        Guarantors commits themselves to notify the Collecting
                        Banks listed in the Annex 1, in the form of the
                        correspondence as stated in Annex 2, so the same may
                        transfer every day the totality of the collection, into
                        the pledged account below specified of the Leader, who
                        is nominated in this act as Centralizing Bank of these
                        resources. For these purposes, the Beneficiary shall
                        sign, in the same day, with the Centralizing Bank, the
                        Financial Agents and the BNDES, the Bank Contract, as
                        Annex I, through which the Leader shall remain
                        responsible for the administration and centralization of
                        the funds derived from the collection of the cellular
                        phone bills from the consumers;
                21.2.2) In the hypothesis of default of the Beneficiary, the
                        Leader, in the quality of Mandatary Bank, is hereby
                        authorized by the Beneficiary to block and to transfer,
                        totally or partially, to the Financial Agents, in the
                        proportion of the credits of each one of them, the funds
                        deposited in the Pledged Account, through Credit Order
                        Documents - DOC, of any type or nature, Payment orders
                        or nominative cheques, who shall use the amounts
                        transferred by the Mandatary Bank, obligatorily for the
                        amortization or settlement of the quarterly and monthly
                        amounts of the parcels of the principal plus charges,
                        during the grace term and amortization, due by force of
                        this Contract, accrued by the penalties stipulated in
                        Sub-item 20 and sequence, remaining the Beneficiary
                        personally responsible for any eventual remaining debtor
                        balance, should the amounts retained not be sufficient
                        to settle the totality of the debt; 21.2.3) This present
                        Guarantee is given to the BNDES and to the Financial
                        Agents in the proportion of 30% [thirty per cent] and
                        70% [seventy per cent] respectively.
        21.3)   PROMISSORY NOTES: 01 [one] Promissory Note issued by the
                Beneficiary, pledged to the terms of this present contract, in
                an amount corresponding 130% [one hundred and thirty per cent]
                of the credit granted by each one of the Financial Agents, with
                maturity at sight, and presentation term of up to 01 [one] year
                after the maturity of this contract, remaining therefore,
                extended the term for presentation determined by Article 34 of
                the Uniform Law of Geneva, and Article 21 of Law 2044 of
                December 31st, 1908. On the Promissory Note must be placed the
                clause with the wording "not to the order".

                                     E-204
<PAGE>   29
                21.3.1) The Beneficiary commits to substitute the Promissory
                        Notes given in guarantee, by another one with an
                        equivalent amount of 130% [one hundred and thirty per
                        cent] of the debtor balance determined, every time and
                        always when the amount of the same does not correspond
                        to the percentage above determined, in 10 [ten] days
                        terms from the date of the written request made by the
                        Leader, under the penalty of an acceleration of the
                        maturity of this Contract.

22)     INDEMNIFICATION PAYMENT AUTHORIZATION
        22.1)   The Beneficiary in this act, in an irrevocable and unappealable
                form, authorizes the payment to the Financial Agents, by the
                National Telecommunications Agency - ANATEL, of the
                indemnifications due by the same, in the hypothesis of
                extinction of its concession, as foreseen in the Concession
                Contracts signed between that Regulatory Agency and the
                Beneficiary, in an amount sufficient as to settle the debt
                derived from this Contract.
        22.2)   The payment authorization referred in Sub-item 22.1, is given to
                the BNDES and to the Financial Agents, in the proportion of 30%
                [thirty per cent] and 70% [seventy per cent] respectively.

23)     PAYMENT DELAY AND PENALTIES
        23.1)   Should there be any default or accelerated maturity, the
                Beneficiary shall pay interests on late payment of 12% [twelve
                per cent] per year, plus the permanence commission, calculated
                at the market rate of the payment day, and the same shall not be
                lower than the highest charges rate collected during the
                duration of this contract;
        23.2)   The market rate shall the highest rate effectively executed in
                the market with juridical entities in credit operations,
                excepting credit opening in bank accounts;
        23.3)   In the case of judicial process, instead of permanence
                commission, the Beneficiary authorizes the Financial Agents to
                opt for the collection of the charges equivalent to the
                percentage of variation of the IGPM [General Market Price
                Index], published by the FGV - Getulio Vargas Foundation, or in
                its absence the IGP-DI [General Consumer Index] published by the
                FIPE - Foundation for Economic Researches of the USP;
        23.4)   The Beneficiary shall pay also a penalty of 10% [ten per cent]
                and the collection expenses, inclusive costs and lawyer's fees;
        23.5)   In case of default of any of the obligations under the
                responsibility of the Beneficiary and/or the Intervenients, or
                an accelerated maturity, the Financial Agents may:
                23.5.1) use for payment of the debit, the amounts the
                        Beneficiary may hold with the Financial Agents;
                23.5.2) retain values of its ownership.
        23.6)   The payment to the Financial Agents of the principal shall not
                signify settlement of the charges foreseen in this contract.

24)     FINAL DISPOSITIONS
        24.1)   If any changes should occur in the regulating norms of BNDES, so
                that the same may affect the matters agreed upon in this
                Contract, the Beneficiary will assume all the responsibility for
                its accomplishment.
        24.2)   The eventual tolerance of the Financial Agents, regarding the
                rights instituted by this contract, shall not imply in any
                change or renouncing of the referred rights, which may be
                executed at any moment.
        24.3)   The Beneficiary obliges itself not to convey or transfer the
                rights and obligations derived from this contract or in any for
                encumber the goods acquired by force of the project now
                financed, without an express authorization of the BNDES and/or
                the Financial Agents, under penalty of rescission of this
                Contract, which shall provoke the accelerated maturity of all
                obligations assumed by the same, making immediately enforceable
                the totality of the debt, comprising the principal and the
                accessories, without prejudice of all other measures and
                penalties which may be applied.
        24.4)   The Beneficiary declares that in order to contract the object of
                this present Contact, it obtained all corporations' approvals
                requested by Law, and by its corporation's acts, and that the
                signatories have the powers to sign this present Contract

                                     E-205
<PAGE>   30
        24.5)   Financial Agents are hereby allowed to mention in any
                divulgation they may make regarding their activities, the
                financial collaboration granted for the performance of this
                Contract.
        24.6)   The Beneficiary and the Intervenient do hereby authorize the
                Financial Agents, to transmit and to consult information
                regarding them and/or related to this operation to the Credit
                Risk Central, maintained by the Banco Central do Brasil, in the
                form of the Resolution No. 2724 dated May 31st, 2000.
        24.7)   The Beneficiary and the Intervenient constitute themselves,
                mutually and reciprocally, in an irrevocable and unappealable
                form, as attorney-in-fact, until the final payment of the debt
                now assumed, with powers to receive summons, notices and
                services of process, and also with the "ad judicia" powers for
                the venue in general, which may be subrogated to lawyers,
                everything related to judicial or extra-judicial procedures
                which may be brought against them by the Financial Agents,
                derived from this contract, and who may execute all acts which
                may be necessary for the good and faithful performance of this
                mandate.
        24.8)   To settle the questions derived from this Contract, the venue of
                the Judicature of the Capital of the State of Sao Paulo is
                hereby elected, the Party promoting any suit may opt for the
                venue of its domicile.

And having agreed upon, the parties hereto sign this present Instrument in 12
(twelve) copies with the same content and for the same effect in the presence of
the undersigned witnesses.

December 14th, 2000

                   [illegible signature] [illegible signature]
                                 BANCO ITAU S.A.

                                 Financial Agent

                   [illegible signature] [illegible signature]
                               BANCO BRADESCO S.A.
                                 Financial Agent

                   [illegible signature] [illegible signature]
                        BANCO ALFA DE INVESTIMENTOS S.A.
                                 Financial Agent

(illegible signature)        (illegible signature)
================================================================================
TELMA CELULAR S.A.

BENEFICIARY:

(illegible signature)        (illegible signature)
================================================================================
                      TELE NORTE CELULAR PARTICIPACOES S.A.
                             INTERVENIENT GUARANTOR:

(illegible signature)        (illegible signature)
================================================================================
                           TELPART PARTICIPACOES S.A.
                                  INTERVENIENT

(illegible signature)        (illegible signature)
================================================================================
                              TELEPARA CELULAR S.A.
                              Collateral Guarantor:

(illegible signature)        (illegible signature)
================================================================================
                             TELAMAZON CELULAR S.A.

                                     E-206
<PAGE>   31
                              Collateral Guarantor:

(illegible signature)        (illegible signature)
================================================================================
                             TELEAMAPA CELULAR S.A.
                              Collateral Guarantor:

(illegible signature)        (illegible signature)
================================================================================
                              TELAIMA CELULAR S.A.
                              Collateral Guarantor:

WITNESSES:

(illegible signature)        (illegible signature)
================================================================================

================================================================================
                       Telemig/ Contract BNDES Telma-Finem

                                     E-207<PAGE>   1
                                                                    EXHIBIT 10.2

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT is made and entered into between RONALD W. ERICKSON
(hereinafter "Employee") and MILLER, JOHNSON, STEICHEN, KINNARD, INC.
(hereinafter "MJSK") at its principal place of business at 5500 Wayzata
Boulevard, Suite 800, Minneapolis, Minnesota 55416.

         WHEREAS, Employee has acted as Senior Vice President, Director of
Retail Sales and Branch Manager of the Minneapolis office of John G. Kinnard &
Company, Incorporated since June 1, 1999 pursuant to a written Employment
Agreement;

         WHEREAS, John G. Kinnard & Company, Incorporated was acquired by MJSK's
parent company Stockwalk.com Group, Inc. in September 2000 and Employee agreed
to be employed by John G. Kinnard & Company, Incorporated following such
acquisition until December 31, 2000 pursuant to a written employment agreement;

         WHEREAS, MJSK and Employee desire to amend the terms of Employee's
employment terms and conditions.

         NOW, THEREFORE, it is agreed between the parties as follows:

         1. DUTIES. MJSK agrees to employ Employee, and Employee agrees to
perform the duties of an Executive Vice President, Director of MJSK's Retail
Equity Sales and Branch Manager of the MJSK Minneapolis office for the benefit
of MJSK on a full-time basis commencing on January 1, 2001. The parties hereto
acknowledge that effective on or about February 1, 2001, the Minneapolis office
of MJSK will include the retail sales forces of the former John G. Kinnard and
Company broker dealer and the R.J. Steichen & Company broker dealer. Employee's
duties shall be to act as Director of MJSK's Retail Equity Sales and Branch
Manager for all retail equity sales located in the MJSK Minneapolis office as
well as to oversee said office's equity trading, equity institutional and equity
research departments.

         2. COMPENSATION. For all services rendered during the term of
employment, MJSK shall compensate Employee in accordance with the schedule
attached hereto as Exhibit A. The terms and conditions of Employee's present
Employment Agreement with John G. Kinnard & Company, Incorporated shall remain
in full force and effect until December 31, 2000.

         3. BENEFITS. Employee will receive the full range of standard benefits
that accrue to MJSK employees, including 401(k) plan, retirement plan, vacation,
and medical plans, as Employee meets the eligibility criteria set forth in those
benefit plans. MJSK reserves the right to modify, change, or discontinue its
benefit plans. In such event, Employee will be eligible for such benefits as are
then afforded to other MJSK employees in positions similar to that held by
Employee.

         4. COMPLIANCE. Employee agrees to comply with and abide by all the
rules and regulations of the securities industry as set forth in state and
federal law, and in the rules and regulations of governmental agencies and
self-regulatory bodies. Employee also agrees to comply with and abide by all
internal rules and policies of MJSK as may be established and amended from time
to time.

         5. TRADE SECRETS. Employee acknowledges and agrees that the identities
of MJSK's customers and employees, and all memoranda, notes, records,
statements, reports, and documents of every kind concerning customers or
customer accounts, or concerning MJSK's internal operations and procedures,
regardless of whether such documents were created by MJSK, MJSK's clearing
broker, an employee or affiliate of MJSK, or by the Employee, and including all
originals, copies, electronic and other data compilations (the "Records") are
confidential business records and trade secrets of MJSK, and are the sole
property of MJSK. Except as otherwise expressly permitted by MJSK in writing,
Employee agrees to maintain the Records in the strictest confidence, to not
share any Records with any person outside of MJSK,

                                       46

<PAGE>   2

except as necessary in the interest of MJSK. Upon Employee's termination,
whether voluntary or involuntary, with or without cause, or whenever MJSK may
request, Employee shall immediately relinquish possession to MJSK of all
Records. Employee agrees that Employee will not at any time assert or claim an
ownership or property interest in the Records nor use information from the
Records in any manner that might adversely affect MJSK's best interests.

         6. TERM OF EMPLOYMENT. The Term of Employment under this Agreement
shall commence on January 1, 2001 and shall continue through December 31, 2001.
After the end of the Term of Employment, any continuing employment relationship
between MJSK and Employee shall then be an "employment at will" relationship.
That is, after the end of the Term of Employment, MJSK could terminate Employee
at any time for any reason, or for no reason at all, with or without notice.
Likewise, after the end of the Term of Employment, Employee could terminate his
employment with MJSK at any time for any reason, or for no reason at all, with
or without notice. Employee's employment hereunder may be terminated by MJSK
prior to the expiration of the Term of Employment upon the happening of any of
the following events: (i) expiration of the initial term of this Agreement,
without renewal; (ii) death of Employee; (iii) notice to Employee that
Employee's employment is terminated due to Employee's material inability to
perform Employee's usual and customary duties by reason of total physical or
mental disability where such disability has continued continuously for a period
in excess of six (6) continuous months; or (iv) at any time by the Company for
cause. For purposes of this Agreement, termination for cause shall mean: (i) if
Employee commits any fraud, misappropriation or embezzlement; (ii) if Employee
materially and repeatedly breaches any provision of this Agreement after notice
thereof; or (iii) for any act, or failure to act, of Employee, attributable to
his gross negligence or willful misconduct, which causes a material adverse
effect on MJSK's business, condition, prospects or reputation, as determined by
MJSK's Board of Directors in its reasonable business judgment.

         7. ARBITRATION. MJSK and Employee agree that any dispute regarding or
arising out of this Agreement, the Employee's employment at MJSK, or any event
occurring in connection with Employee's employment or termination of employment
at MJSK, including but not limited to claims of fraud in the inducement of this
contract, defamation, discrimination, or harassment, shall be submitted to
arbitration pursuant to the Federal Arbitration Act. Such arbitration will be
conducted before the National Association of Securities Dealers, Inc. ("NASD")
in accordance with the NASD Code of Arbitration Procedure, or if the NASD
refuses to accept jurisdiction, before the American Arbitration Association
("AAA") under the AAA's applicable Arbitration Rules. The award of the
arbitrator(s), or a majority of them, shall be final and judgment upon such
award may be entered in any court of competent jurisdiction. This arbitration
provision shall continue in force after the termination of employment.

         8. INJUNCTIVE RELIEF. Notwithstanding the arbitration provision
contained in this Agreement, Employee agrees that MJSK may apply for, and obtain
from any state or federal court of competent jurisdiction, appropriate
injunctive relief prohibiting, among other things, the violation of the terms of
paragraph 5 of this Agreement, and may do so pending arbitration, pending a
decision of the arbitration panel, and also for purposes of enforcing any
decision of the arbitration panel. In the event that an order or decree for
injunctive or other relief shall be granted to MJSK hereunder, Employee agrees
to pay any and all costs and expenses of MJSK, including attorney's fees,
incurred in obtaining such relief, and further, that the period from which any
injunctive relief to enforce this Agreement shall commence shall be the date of
obtaining such relief.

         9. INDEMNIFICATION. Employee agrees to indemnify and hold MJSK harmless
against any and all losses and liabilities incurred by MJSK, including attorney
fees, that result from (i) the Employee's breach of any obligation contained in
this Agreement; (ii) Employee's violation of any state or federal law; (iii)
Employee's violation of any rule or regulation of any regulatory or
self-regulatory organization; (iv) Employee's violation of MJSK's internal
policies and procedures; and (v) claims asserted against MJSK by Employee's
customers that are based upon Employee's misconduct, except to the extent that
Employee is indemnified by MJSK under its articles and by-laws.

         10. REPRESENTATIONS AND WARRANTIES. Employee hereby represents and
warrants that he has read this entire Agreement, and has had an opportunity to
ask MJSK representatives questions about it. Employee further represents and

                                       47

<PAGE>   3

warrants that he has had an opportunity to consult with an attorney (at
Employee's expense) before signing this Agreement.

         11. ATTORNEY'S FEES. If any legal action, arbitration or other
proceeding is brought for the enforcement of this Agreement, or because of an
alleged breach, default, or misrepresentation in connection with this Agreement
or any its provisions or any claims are asserted arising out of the employment
relationship between the parties hereto, then the prevailing party, in addition
to any other relief or remedy which that party may be entitled, shall be
entitled to recover reasonable attorneys' fees and costs of the action or
proceeding.

         12. ASSIGNMENT. MJSK shall have the right to assign this Agreement to
an affiliate at anytime during the term hereof and Employee hereby consents to
such assignment.

         13. GOVERNING LAW AND VENUE. This Agreement, and indeed the entire
relationship between Employee and MJSK, shall be construed, interpreted, and
enforced in accordance with the laws of the State of Minnesota. Any arbitration
or other legal proceeding that may be brought by either party against the other
shall be venued in Minneapolis, Minnesota.

         IN WITNESS WHEREOF, the parties hereto have executed this Employment
Agreement on the dates indicated below:

<TABLE>
<S>                                                  <C>

Dated:  December 20, 2000                            Miller, Johnson, Steichen, Kinnard, Inc.

                                                     By  /s/ Phil T. Colton
                                                       -----------------------------------------------------------
                                                         Its SVP/General Counsel
                                                            ------------------------------------------------------

Dated:  December 20, 2000                            By  /s/ Ronald W. Erickson
                                                       -----------------------------------------------------------
                                                         Ronald W. Erickson

</TABLE>

                                       48

<PAGE>   4

                                    EXHIBIT A

         This Exhibit sets forth the compensation for Ronald W. Erickson,
National Sales Manager, commencing on January 1, 2001 and continuing through
December 31, 2001.

         A. SALARY. A salary at the rate of Two Hundred Fifty Thousand Dollars
($250,000) per year will be paid on a semi-monthly basis. This salary is
guaranteed through December 31, 2001 so long as Employee remains employed by
MJSK.

         B. BONUS. Provided Employee is an Employee of MJSK on December 31,
2001, then Employee shall be entitled to receive a bonus payment in an amount to
be determined by the Chief Executive Officer and President of MJSK in their sole
discretion; provided, however, that in no event shall such bonus amount, if
earned, be less than Two Hundred Fifty Thousand Dollars ($250,000). Fifty
Thousand ($50,000) shall be paid as a draw on July 1, 2001 against the bonus to
be earned. In the event that the bonus is not earned by Employee, then Employee
shall repay any amounts paid as a draw by MJSK as soon as practicable after
written demand by MJSK with interest at the applicable federal rate for one year
loans.

         C. CAR ALLOWANCE. So long as Employee remains employed by MJSK, MJSK
shall pay Employee a monthly car allowance in the amount of Three Thousand and
00/100 Dollars ($3,000) per month through December 31, 2001.

         D. PARKING ALLOWANCE. So long as Employee remains in the employ of MJSK
and is required to office in the downtown Minneapolis area, MJSK shall pay
Employee a monthly parking allowance in the amount of Two Hundred Eight Dollars
($208.00).

         E. GRANT OF STOCK OPTION. Upon execution of this Agreement, MJSK shall
cause its parent corporation, Stockwalk.com Group, Inc. to grant to Employee an
option (the "Option") to purchase one hundred thousand (100,000) shares of the
Company's common stock. The Option shall have an exercise price equal to the
closing price of Stockwalk.com Group, Inc.'s common stock on the date prior to
the date this Agreement is executed. The Option shall expire five (5) years from
the date thereof and vest in accordance with the following schedule:

<TABLE>
<CAPTION>

                              Date                      Number of Shares
                      -------------------            -------------------------
                     <S>                             <C>

                        January 1, 2002                          33,333
                        January 1, 2003                          33,333
                        January 1, 2004                          33,334

</TABLE>

The Option shall be evidenced by the Option Agreement attached hereto as Exhibit
B.

         F. SEVERANCE PAYMENT. In the event Employee's employment is terminated
by MJSK hereunder prior to December 31, 2001 for any reason other than cause or
the death or disability of Employee, MJSK's sole obligation to Employee shall be
the payment of a severance amount equal to Two Hundred Fifty Thousand Dollars
($250,000) and continuation of Employee's health insurance (by COBRA benefit
extension or otherwise) for a period of no longer than one year from the date of
termination.

                                       49

<PAGE>   5

<TABLE>
<S>                                             <C>

Dated:  December 20, 2000                        MILLER, JOHNSON, STEICHEN, KINNARD, INC.

                                                     By  /s/ Philip T. Colton
                                                       ------------------------------------------------------------

                                                          Its SVP/General Counsel
                                                              -----------------------------------------------------

Dated:  December 20, 2000                            By  /s/ Ronald W. Erickson
                                                       ------------------------------------------------------------
                                                         Ronald W. Erickson

</TABLE>

                                       50

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