(Amounts in thousands of Brazilian reais – R$, unless otherwise stated)

Refer to receivables from Banco Bradesco S.A. and Banco do Brasil S.A., contracted in July 2003, in the amount of US$500 million, divided into US$100 million and US$400 million, respectively, with interest rates of 4.777% and 5.911% per year, for quarterly payments over a period of eight years and a grace period of two years.

As of December 31, 2009, the principal receivable from Banco Bradesco S.A. and Banco do Brasil S.A. is R$206,295 (R$484,979 as of December 31, 2008).

The balances receivable were segregated into current and noncurrent according to the flow of receipts, i.e., R$163,850 (R$207,979 as of December 31, 2008) and R$42,445 (R$277,000 as of December 31, 2008), respectively.

Interest is received and paid in advance, on a quarterly basis, and recorded under "Interest receivable – securitization abroad" and "Interest payable – securitization abroad", in the amount of R$2,914 (R$6,341 as of December 31, 2008).

These receivables were contracted at the same rates and terms as the Company's obligation to Brazilian Merchant Voucher Receivables Limited, a special purpose entity established in Grand Cayman (Note19).

The long-term portion, as of December 31, 2009, will be fully settled in 2011.