Securitization program structured by Banco Bradesco

The third tranche of a securitization program structured by Banco Bradesco S.A. (?Bradesco?), backed by diversified payment rights originated from payment orders (MT-100) generated through its foreign correspondent banks, was closed on July 28, 2004. The value of the transaction was US$ 100 million.

This tranche involved the issuance by International Diversified Payment Rights Company (?SPC?) of US$ 100,000,000 4.685% Floating Rate Notes (?Notes?). The Notes were enhanced by a financial guaranty insurance policy provided by MBIA Insurance Corporation (?MBIA?).

ABN AMRO Bank N.V. was the arranger for the transaction.

Pinheiro Neto Advogados, through José Carlos Junqueira S. Meirelles (partner), Guilherme F. de Almeida Leite (associate) and Bruno Dalarossa Amatuzzi (associate), acted as Bradesco?s counsel as to Brazilian law.

Dewey Ballantine LLP, through Emil Arca (partner), Stephen A. Hofmann (associate) and Guilherme Forbes (associate), acted as Bradesco?s counsel as to United States law.

Mayer, Brown, Rowe & Maw LLP, through James P. Patti (partner) and Paulo Calil Franco Padis (associate), was the Arranger´s counsel as to United States law.

Sidley Austin Brown & Wood, through Jenna Janss (partner) and Robert Gross (associate), acted as MBIA?s counsel as to United States law.

Thacher, Proffit & Wood LLP, through partner Charles A. Dietzgen, represented the Bank of New York (trustee) as to United States law.

Walkers, through John Culliname (partner) and Timoty Bridges (associate), acted as Bradesco?s and SPC?s counsel as to Cayman Islands law.

Priscilla Bevilacqua was the in-house lawyer of Bradesco working on the transaction.