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

Refer to the securitization transaction described in Notes 1 and 8, representing the Company's obligation to deliver receivables denominated in foreign currency that were generated or will be generated by the Company against Visa International Service Association, arising mainly from purchases of goods/services with VISA credit and debit cards at Brazilian merchant outlets by individuals residing and domiciled abroad, which were the subject matter of an agreement for assignment of future flow of receivables to Brazilian Merchant Voucher Receivables Limited, a special purpose company established in Grand Cayman, which issued securities in the international market, backed by receivables assigned by the Company.

Pursuant to the indenture, Brazilian Merchant Voucher Receivables Limited will pay total obligations in connection with the securitization transaction with the flow of receivables in foreign currency from Visa International Service Association.

The banks participating in this transaction (Banco Bradesco S.A. and Banco do Brasil S.A.) entered into a cross guarantee agreement whereby, in the event of default by one of the parties, the other party guarantees the transaction and has the right to exercise the stock option for all or a part of the interest held by the default bank in the Company.

The amortization period of the amount recorded in noncurrent liabilities as of December 31, 2009, is until 2011 and the payment schedule of the long-term portion is the same as shown in Note 8.