Brazil - Interest Due & Unpaid Bond

Issuer: Republica Federativa do Brasil
Guarantor: None
Issue Size: USD 7,200,000,000
Outstanding Amount: USD 7,128,000,000
Maturity: January 1, 2001
Interest Rate: 6-month LIBOR plus 13/16%
Coupon Frequency: Semi-annual
Coupon Dates: January 1 & July 1
Day Count: Actual/360
Issue Date: November 20, 1992 (retrospective to January 1, 1991)
Amortisation: Repayable in 15 unequal semi-annual installments beginning January 1, 1994

Installments 1 to 3: ........................1% of principal
Installments 4 to 6: ........................2% of principal
Installment 7: .................................4% of principal
Installments 8 to 10: ......................8 1/2% of principal
Installments 11 to 15: ....................12.3% of principal

Par Amount: 98% @ May 1, 1995
Options: Callable at par plus accrued interest on coupon dates
Currency: US Dollar only
Form: Bearer and registered securities
Denominations: $1,000 and integral multiples thereof
Credit Rating: Moody's
Principal Collateral: None
Interest Payment Collateral: None