AGREEMENT REGARDING THE INSURANCE POLICY
FOR EXPROPRIATION AND CURRENCY INCONVERTIBILITY
This Agreement Regarding the Insurance Policy for Expropriation and Currency Inconvertibility, dated as of
September 18, 2003 (the "Agreement"), is entered into by and among (i) The Bank of New York, not in its
individual capacity, but solely in its capacity as trustee under the Indenture (as defined below) (the "Insured"), (ii)
Companhia de Bebidas das Americas (the "Guarantor"), (iii) Companhia Brasileira de Bebidas (the "Issuer") and
(iv) Steadfast Insurance Company (the "Underwriter"). The Insured, the Guarantor, the Underwriter and the
Issuer are herein referred to collectively as the "Parties."
A. The Parties contemplate that the Issuer will issue and sell certain Insured Notes (the "Insured Notes") to a
number of institutional investors (the "Noteholders").
B. In connection with the issuance and sale of the Insured Notes, the Insured and the Issuer will enter into a trust
indenture (the "Indenture"), dated as of September 18, 2003, providing for the issuance of the Insured Notes.
C. In order to guaranty the payment of the Insured Notes, the Guarantor will issue a guaranty (the "Guaranty"),
dated as of September 18, 2003, providing for the guaranty by the Foreign Enterprise of the Issuer's payment
obligation under the Indenture.
D. In connection with the execution and delivery of the Indenture, the Underwriter has issued an Insurance Policy
for Expropriation and Currency Inconvertibility (Policy No. 38-14-578), dated as of September 18, 2003
(which, together with the Declarations thereto, constitutes the "Insurance Policy"), the beneficiary of which is the
Insured, for the benefit of the Noteholders.
E. The Parties wish to set forth herein certain agreements in connection with the Insurance Policy.
The Parties, with the intention of being legally bound, agree as follows:
1. DEFINED TERMS.
Capitalized terms used in this Agreement and not otherwise defi