Except for (i) the registration of the Pledge Agreement which creates the pledge

over Pledged Quotas with the competent Registry of Deeds and Documents,
and (ii) the registration of the amendment to the articles of association
evidencing the pledge over the Pledged Quotas, as described in Section 3 of
this Pledge Agreement, no registration, recordation or filing with any
governmental body, agency or official is required in connection with the
execution or delivery of this Pledge Agreement or is necessary for the validity or
enforceability thereof or for the perfection or due recordation of the security
interests created hereunder or for the enforcement of the pledge created
hereunder pursuant to the laws of Brazil.