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<SEC-DOCUMENT>0001292814-08-002386.txt : 20080821
<SEC-HEADER>0001292814-08-002386.hdr.sgml : 20080821
<ACCEPTANCE-DATETIME>20080821110435
ACCESSION NUMBER:		0001292814-08-002386
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080930
FILED AS OF DATE:		20080821
DATE AS OF CHANGE:		20080821

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP
		CENTRAL INDEX KEY:			0001170858
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31317
		FILM NUMBER:		081031476

	BUSINESS ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
		BUSINESS PHONE:		011-55-11-3388-8000

	MAIL ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>sbs20080820_6ka.htm
<DESCRIPTION>BOARD OF DIRECTORS PROPOSAL
<TEXT>
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<BODY style="font-family: 'Times New Roman, Times, Serif'; font-size:11px; text-align:justify" bgcolor="#ffffff">
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<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>Washington, DC 20549 </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<HR align="center" WIDTH="25%" size=1 NOSHADE COLOR="#000000">
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>FORM 6-K/A</B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>REPORT OF FOREIGN ISSUER </B> <BR>
      <B>PURSUANT TO RULE 13a-16 OR 15d-16 OF THE</B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>SECURITIES EXCHANGE ACT OF 1934</B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center">
  <div><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B> For August 21, 2008</B></FONT></DIV>
  <p></p>
  <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B> (Commission File No. 1-31317) </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<HR align="center" WIDTH="25%" size=1 NOSHADE COLOR="#000000">
<DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B> Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><i>(Exact name of registrant as specified in its charter) </i></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"> </DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B> Basic Sanitation Company of the State of Sao Paulo - SABESP </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><i>(Translation of Registrant's name into English) </i></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<HR align="center" WIDTH="25%" size=1 NOSHADE COLOR="#000000">
<BR>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B> Rua Costa Carvalho, 300 <BR>
  S&#227;o Paulo, S.P., 05429-900 <BR>
  Federative Republic of Brazil </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><i> (Address of Registrant's principal executive offices) </i></FONT></DIV>
<BR>
<HR align="center" WIDTH="25%" size=1 noshade COLOR="#000000">
<BR>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Indicate by check mark whether the registrant files or will file <br>
  annual reports under cover Form 20-F or Form 40-F. <BR>
  <br>
  Form 20-F ___X___ Form 40-F ______</font></div>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Indicate by check mark if the registrant is submitting the Form 6-K <BR>
  in paper as permitted by Regulation S-T Rule 101(b)(1)__.</font></div>
<P>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Indicate by check mark if the registrant is submitting the Form 6-K <BR>
  in paper as permitted by Regulation S-T Rule 101(b)(7)__.</font></div>
<P align=center><FONT FACE="'Times New Roman, Times, Serif'" SIZE=2>Indicate by check mark whether the registrant by furnishing the <BR>
  information contained in this Form is also thereby furnishing the <BR>
  information to the Commission pursuant to Rule 12g3-2(b) under <BR>
  the Securities Exchange Act of 1934. <BR>
  <BR>
  Yes ______ No ___X___</font></p>
<P>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> If "Yes" is marked, indicated below the file number assigned to the<BR>





  registrant in connection with Rule 12g3-2(b):</font>
    <p></p>
</DIV>

<hr size="2" noshade color="#000000" align="left">
<H5 align="left" style="page-break-before:always"></H5>

<A name="page_1"></A>

<P align="center">
<IMG src="sbslogo.gif" width="87" height="102" border=0></P>
<P align="center">
<B>COMPANHIA DE SANEAMENTO B&Aacute;SICO DO ESTADO DE S&Atilde;O PAULO &#150; SABESP </B></P>
<P align="center">
<B>PUBLICLY-HELD COMPANY <br>
</B><B>CORPORATE TAXPAYER&#146;S ID (CNPJ) 43.776.517/0001-80 <br>
CORPORATE REGISTRY ID (NIRE) 35.3000.1683 -1 <br>
SUBSCRIBED AND PAID-UP CAPITAL: R$6,203,688,565.23 </B></P>
<P align="center"><b>BOARD OF DIRECTORS PROPOSAL </b></P>
<P align="left">Dear Shareholder, </P>
<P>
  The Board of   Directors of Companhia de Saneamento B&aacute;sico do Estado de S&#227;o Paulo &#150; SABESP is   pleased to submit to the appreciation of its Shareholders, pursuant to the   Company&#146;s Bylaws and to article 135 of Law 6404/76 and amendments, the present   Proposal, which is included in the Call Notice to the Extraordinary General   Meeting to be held on July 28, 2008, at 3:00 pm, to   discuss the following matters: </P>
<P align="center">
<B>Extraordinary General Meeting: </B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD nowrap valign=top>
I.&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
Proposal of amendment to the Bylaws, which will amend and renumber the chapters and articles as follows: Chapter I, articles 1 and 2, Chapter II, articles 3 and 4, Chapter III, article 5, Chapter IV, article 6, Chapter V, articles 7, 8, 9, 10, 11,
12, 13 and 14, Chapter VI, articles 15, 16, 17, 18 and 19, Chapter VII, articles 20, 21 and 22, Chapter VIII, articles 23, 24, 25, 26 and 27, Chapter IX, articles 28 and 29, Chapter X, article 30, Chapter XI, article 31, Chapter XII, articles 32,
33, 34, 35, 36 and 37, Chapter XIII, article 38, Chapter XIV, articles 39, 40, 41, 42 and 43, Chapter XV, article 44, Chapter XVI, articles 45 and 46.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
II.&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=100%>
Election of a member of the Board of Directors.	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="justify">
The documents concerning the matters to be resolved at the General Meeting will be available to Shareholders at the Company&#146;s headquarters. </P>
<P align="justify">The Board of directors remains at the Shareholders' entire disposal for any additional clarifications. </P>
<P align="center">
S&atilde;o Paulo, June 26, 2008. </P>
<P align="center">
<B>Dilma Seli Pena <br>
</B>Chairman of the Board of Directors </P>
<P align="center">
<IMG src="rodapegif.gif" width="589" height="104" border=0></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>

<P align="center">&nbsp;</P>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:9px">

  <tr>
    <td width="25%" valign="top"><p align="center"><strong>EFFECTIVE BYLAWS</strong><strong><u> </u></strong></p></td>
    <td width="50%"><p align="center"><strong>PROPOSED AMENDMENTS</strong><strong><u> </u></strong></p></td>
    <td width="25%" valign="top"><p align="center"><strong>CLARIFICATIONS / JUSTIFICATIONS </strong></p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p align="center"><strong><u>CHAPTER    I</u></strong><br>
            <strong>NAME,    TERM, HEADQUARTERS, JURISDICTION AND PURPOSE</strong><strong><u> </u></strong></p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER    I</strong><br>
            <strong>NAME,    TERM, HEADQUARTERS, JURISDICTION AND PURPOSE<u></u></strong></p></td>
    <td width="25%" valign="top"><p align="center">Change in wording. </p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE 1 - </strong><em>COMPANHIA DE SANEAMENTO B&Aacute;SICO DO    ESTADO DE S&Atilde;O PAULO </em>&ndash;<br>
      SABESP    (the &ldquo;Company&rdquo;), a corporation whose incorporation was authorized by State    Law n.<br>
      119,    dated June 29, 1973, as amended by State Laws n. 6,851, dated May 3, 1990 and    n.<br>
      12,292,    dated March 2, 2006, shall be ruled by these Bylaws and the applicable legal<br>
      provisions. </p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 1 </strong>- The joint stock company called Companhia de    Saneamento B&aacute;sico do Estado de S&atilde;o Paulo &ndash; SABESP is an integral part of the    indirect management of the State of S&atilde;o Paulo, being ruled by these Bylaws,    by Federal Law no.&nbsp; 6,404/76 and other applicable    legal provisions. </p></td>
    <td width="25%" valign="top"><p align="center">Change in wording. </p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Sole Paragraph </strong>&ndash; The Company resulted from the    consolidation of <em>CompanhiaMetropolitana de &Aacute;gua de S&atilde;o Paulo </em>- COMASP    and <em>Companhia Metropolitana de Saneamento de S&atilde;o Paulo </em>&ndash; SANESP.<strong> </strong></p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Paragraph exclusion.</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 1 </strong>&ndash; The Company shall exist for an indefinite    term. </p></td>
    <td width="25%" valign="top"><p align="center">Replaced as of the previous Art. 4</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 2 </strong>&ndash; The Company&rsquo;s headquarters are located at Rua    Costa Carvalho, 300, in the capital of the state of S&atilde;o Paulo.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced as of the previous Art. 3 / Change in    wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 3 </strong>&ndash; Whenever necessary to achieve the corporate purpose and in view of    its operation area, the Company may open, institute, maintain, transfer or    close down branches, facilities, agencies, offices, main branches,    representation or yet designate representatives, in respect to the legal    provisions and regulations. </p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced as of the previous Art. 3 / Change in    wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    2 </strong>- Company&rsquo;s    purpose is the following: (i) the planning, provision and operation of    sanitation services throughout the territory of the state of S&atilde;o Paulo, (ii) the marketing of these    services and the benefits directly or indirectly arising out of its    enterprises.<strong> </strong></p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 2 </strong>&ndash; &nbsp;The Company&rsquo;s main corporate purpose is to render    basic sanitation services in view of its universal service in the state of S&atilde;o    Paulo, without losing long-term financial sustainability, comprising the    following activities: water supply, sanitary sewage, drainage and handling of    urban rain water, urban cleaning and handling of solid waste, in addition to other    related activities, including the planning, operation and maintenance of    production systems, storage, preservation and trading of energy, to itself or    third parties and trading of services, products, benefits and rights that,    direct or indirectly, result from its assets, projects and activities, and it    may also&nbsp; operate as a subsidiary    anywhere in the country or abroad providing the services mentioned above.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Change in wording </p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    1 </strong>- The Company may provide, in Brazil and    abroad, the services provided<br>
      for    in the main paragraph of this article, as well as services in connection with    its purpose, also being able to hold equity interest, as long as authorized    by government&rsquo;s Executive branch, in public (state-owned) corporations or    national mixed corporations, benefiting from the tax incentives, pursuant to    the applicable legislation, and to take part in national or international    conventions or consortia.<strong></strong></p></td>
    <td width="50%" valign="top"><p><strong>Sole Paragraph </strong>&ndash;    In order to carry out the corporate purpose, the Company may constitute wholly-owned    subsidiaries, have a stake in investment funds and enter into a joint venture    with, by any mean, other public or private corporations, including upon the    acquisition of consortium or subscription of a minority or majority    installment of the capital stock.<strong> </strong></p></td>
    <td width="25%" valign="top"><p align="center">Change in wording </p></td>
  </tr>
</table>
<p>&nbsp;</p>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>

<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:9px">

  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    2 </strong>- The Company may, upon legislative authorization,    for each case,<br>
      incorporate    a subsidiary, benefiting from the tax incentives, pursuant to the applicable    legislation, or under the same condition and outside the State, be an    affiliate of or with respect to another entity, or hold interest in any    private company connected to the sanitation sector.<strong></strong></p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Paragraph replaced, with changes in wording from    the current Art 2, sole paragraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    3 </strong>- The Company has its headquarters and jurisdiction    in the capital of the state S&atilde;o      Paulo, and may institute, maintain or close down    branches, agencies or offices in any part of the national territory and    abroad, by resolution of the Board of Directors.<strong></strong></p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced article, with changes in wording, from    the current Art. 1, &sect;&sect; 2 and 3</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    4 </strong>- The    Company shall exist for an indefinite term.<strong></strong></p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced to the current Art 1, &sect; 1</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p align="center"><strong>CHAPTER II</strong><br>
            <strong>CAPITAL    STOCK, SHARES AND SHAREHOLDERS </strong></p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER II</strong><br>
            <strong>CAPITAL    STOCK AND SHARES </strong></p></td>
    <td width="25%" valign="top"><p align="center">Changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    5 </strong>- The Company&rsquo;s subscribed and totally paid-in    capital stock corresponds to<br>
      R$6,203,688,565.23    (six billion, two hundred three million, six hundred eighty-eight thousand,<br>
      five    hundred sixty-five Brazilian reais, twenty three cents) represented by    227,836,623 (two<br>
      hundred    twenty-seven million, eight hundred thirty-six thousand, six hundred    twenty-three)<br>
      book-entry    registered common shares, with no par value.<strong></strong></p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 3 </strong>&ndash;    The capital stock is six billion, two hundred and three million, six hundred    and eighty-eight thousand, five hundred and sixty-five reais and twenty-three    centavos (R$6,203,688,565.23), divided in two hundred and twenty-seven    million, eight hundred and thirty-six thousand, six hundred and twenty-three    (227,836,623), exclusively one-class common shares, all registered with no    par value.<strong> </strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Renumbered article, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 1 </strong>&ndash;    Regardless of a statutory amendment, the capital stock may be increased up to    the limit of ten billion reais (R$10,000,000,000.00), upon resolution of the    Board of Directors and authorization of the Fiscal Council.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, as of Art 7, main    section</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 2 </strong>&ndash;    The issuance of founder&rsquo;s shares and preferred shares is forbidden.</p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, as of the    previous Art 6, &sect; 1 </p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 3 </strong>&ndash;    The Company may directly charge the shareholder the cost for the share    transferring service, in view of the maximum limits established by the    legislation in force, as well as authorize the very collection per trustee in    charge of the maintenance of book-entry shares.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, as of the    previous Art 5, &sect; 2 </p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 1</strong> <strong>- </strong>The capital stock shall be exclusively    represented by common shares. The<br>
      shares    shall be indivisible with respect to the Company and each common share grants    its<br>
      owner    the right of one (1) vote in the resolutions within the Shareholders&rsquo; General    Meetings.</p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 4 </strong>&ndash;    Each common share is entitled to one vote at the Shareholders&rsquo; General    Meeting&rsquo;s resolutions.<strong> </strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 2</strong> <strong>- </strong>The Company may charge or authorize the    transfer agent which is in<br>
      charge    of the registration of the book-entry shares to charge the shareholder for    the<br>
      cost    of the share ownership transfer service, subject to the limits fixed by the <em>Comiss&atilde;o    de Valores Mobili&aacute;rios </em>- CVM (Brazilian Securities and Exchange    Commission (&ldquo;CVM&rdquo;)</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced, with changes in wording, to the current    Art. 3, &sect; 3</p></td>
  </tr>
</table>

<p>&nbsp;</p>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<p>&nbsp;</p>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:9px">

  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    6 - </strong>S&atilde;o Paulo State Treasury shall always hold the    absolute majority of Company&rsquo;s<br>
      common shares.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Paragraph exclusion.</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 1</strong> - The issuance of founder&rsquo;s shares in favor of    shareholders or any third<br>
      parties is forbidden.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, to the current    Art. 3, &sect; 2</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 2</strong> <strong>- </strong>Subject to the provisions of this Article,    individuals or private or stateowned<br>
      legal    entities may hold interest in Company&rsquo;s capital stock.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Paragraph exclusion.</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    7 </strong>- As per    resolution of the Board of Directors, after hearing the Fiscal Council, the<br>
      Company    will be able to issue shares up to the limit of R$ 7.000.000.000,00 (seven    billion<br>
      Brazilian    reais), irrespective of amendments in the Bylaws, pursuant to legal    limitations of this<br>
      Bylaws.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced, with changes in wording, to the current    Art. 3, &sect; 1</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    1</strong> <strong>- </strong>Subject to the legal and bylaws&rsquo;    provisions, it shall fall to the Board of Directors<br>
      to    make resolutions on the conditions of issue, placement, subscription in cash    or credit and<br>
      payment    of the shares, expressly indicating the following:<br>
      a)    the number of shares that will be issued;<br>
      b)    subscription forms and conditions;<br>
      c)    the conditions of payment, term and number of installments, subject to the    provisions of the main paragraph of article 8;<br>
      d)    the minimum price for which the shares may be placed or subscribed, subject    to the legislation in force; and<br>
      e)    the term for the placement or subscription of the issue.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Paragraph exclusion.</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    2</strong> - The issue of shares to be paid in assets shall be    contingent on the prior approval of the Shareholders&rsquo; General Meeting.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Paragraph exclusion.</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    3</strong> - The Company shall indicate the amount of capital    effectively subscribed and paid in all publications of documents in which its    authorized capital is disclosed.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Paragraph exclusion.</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    8 - </strong>The payment of the shares acquired or subscribed in    a capital increase of the Company shall be made in accordance with the    conditions set by the Board of Directors, the<br>
      payment    in installments being allowed.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of the articles&rsquo;    main section</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Sole    Paragraph - </strong>The shareholder that fails to pay in the    capital under the terms and<br>
      conditions    provided for in the subscription list shall be deemed in default, and shall<br>
      accordingly    be subject to the payment of interest at a one per cent (1%) monthly rate,<br>
      monetary    adjustment pursuant to the same index applicable to Company&rsquo;s capital stock,<br>
      and    fine equivalent to ten per cent (10%) of the delinquent amount.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Paragraph exclusion.</p></td>
  </tr>
</table>
<p>&nbsp;</p>
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    <td width="25%" valign="top"><p><strong>ARTICLE    9 - </strong>In the case of capital increase, issue of    convertible debentures and/or<br>
      subscription    warrants through private subscription, the shareholders shall have the    preemptive right proportionally to the number of shares they then hold,    subject to the provisions of Article 171 of Law 6,404/76. The preemptive    right shall be exercised within thirty (30) days as of the publication of the    Minutes of the Shareholders&rsquo; General Meeting or as of notices in the State    Official Gazette and in wide circulation newspapers.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Exclusion of the    article</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Sole    Paragraph - </strong>Once the term for the exercise of the    preemptive right referred to in<br>
      the    main paragraph of this Article has expired and in case there are unsubscribed    securities, the body that has resolved on the issue thereof shall make a    resolution on their destination.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Exclusion of paragraph / Check Art 171, &sect; 7, of    the Brazilian Corporate Law </p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    10 - </strong>Through a resolution of the Board of Director, once    the Fiscal Council has<br>
      expressed    its opinion, the Company may acquire its own shares for the purpose of cancellation    or to be held as treasury stock, determine its resale or new market    placement, subject to the rules issued by CVM and other applicable legal    provisions.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced, with changes in wording, to the current    Art. 14, inc. XVIII</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p align="center"><strong>CHAPTER III</strong><br>
            <strong>SHAREHOLDERS&rsquo; GENERAL MEETING</strong> </p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER III</strong><br>
            <strong>SHAREHOLDERS&rsquo;    GENERAL MEETING </strong></p></td>
    <td width="25%" valign="top"><p align="center">No changes</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    11 - </strong>The Shareholders&rsquo; General Meeting shall be held on    an ordinary basis within the first four (4) months following the end of the    fiscal year, for the purposes provided for in the law and in the Bylaws, and,    extraordinarily, whenever corporate interests so require, upon call made by    the Board of Directors, the Executive Board, the Fiscal Council or the    shareholders, pursuant to the law.</p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 5 </strong>&ndash; The Shareholders&rsquo; General Meeting shall be    called, instated and shall resolve, pursuant to the law, on all matters of    the Company&rsquo;s interest.</p>
        <p><strong>Paragraph 1 </strong>&ndash;    The Shareholders&rsquo; General Meeting shall also be called by the Chairman of the    Board of Directors or by the majority of acting board members.</p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Renumbered, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    1</strong> <strong>- </strong>The Shareholders&rsquo; General Meeting shall be    called through a call notice<br>
      published    at least fifteen days (15) in advance in first call, and eight days (8) in    advance<br>
      in second call.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check Art. 124, &sect; 1, inc.    II of the Brazilian Corporate Law</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 2 </strong>&ndash; The Shareholders&rsquo; General Meeting shall be    chaired by the Chairman of the Board of Directors or, in case of absence, by    any other attending member; the Board of Director&rsquo;s Chairman is responsible    for appointing the member who shall replace him at presiding the    Shareholders&rsquo; General Meeting.</p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, as from Art 11,    &sect; 3</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 3 </strong>&ndash; The chairman of the general meeting will    choose, among the attendees, one or more secretaries, being allowed the use    of own advisement in the company.</p>
        <p><strong>Paragraph 4 </strong>&ndash; The minutes of the general meeting shall be    drawn up in the summary format, as provided for in article 130, paragraph 1,    of Law no.6,404/76.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of    paragraphs</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 2</strong> <strong>&ndash; </strong>All documents to be analyzed or discussed in the General Meeting    shall<br>
      be    made available by the shareholders at the <em>Bolsa de Valores de S&atilde;o Paulo </em>&ndash;<br>
      <em>BOVESPA </em>(S&atilde;o Paulo Stock Exchange) (&ldquo;BOVESPA&rdquo;), as well as    at the Company&rsquo;s<br>
      headquarters,    as of the date of publication of the first call notice referred to in the    previous paragraph.</p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 5 </strong>&ndash;    All documents to be analyzed or discussed at the general meeting must be    available to the shareholders at the Company&rsquo;s headquarters and at the S&atilde;o    Paulo Stock Exchange &ndash; BVSP (BOVESPA), as from the publishing date of the first call.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced, with    changes in wording</p></td>
  </tr>
</table>
<p>&nbsp;</p>
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  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 3</strong> <strong>- </strong>The Shareholders&rsquo; General Meeting shall be instituted and presided<br>
      over    by the Chairman of the Board of Directors or its substitute holding office,    who shall<br>
      choose    the secretary among the present.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, to the current    Art 5, &sect; 2</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 6 </strong>&ndash; The proof of the conditions of shareholder    may occur at any moment until the start of the general meeting, by means of    the presentation of the identity document, the receipt issued by the    depositary financial institution of the book-entry shares informing the    respective number and, in the event of constitution of an attorney-in-fact, of    the competent power of attorney with the notarized signature and granted for    less than one year.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Inclusion of paragraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p align="center"><strong>CHAPTER IV</strong><br>
            <strong>MANAGEMENT</strong> </p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER IV</strong><br>
            <strong>MANAGEMENT </strong></p></td>
    <td width="25%" valign="top"><p align="center">Changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    12 - </strong>The following are Company&rsquo;s management bodies::<br>
      I    &ndash; The Board of Directors; and<br>
      II    - The Executive    Board.<strong> </strong></p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 6 </strong>&ndash; The Company may be managed by the Board of    Directors or by the Executive board.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p align="center"><strong>TITLE I</strong><strong> </strong><br>
            <strong>BOARD    OF DIRECTORS</strong> </p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER V</strong><br>
            <strong>BOARD    OF DIRECTORS </strong></p></td>
    <td width="25%" valign="top"><p align="center">Changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p align="center"><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 7 </strong>&ndash; The board of directors is the joint resolution committee responsible    for the superior guidance of the company.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of article</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    13 - </strong>The Board of Directors shall be composed of a    minimum of five (5) and maximum of eleven (11) members, all of them    shareholders of the Company, appointed by the<br>
      General    Meeting, which shall fix their remuneration and other benefits.</p></td>
    <td width="50%" valign="top"><p><strong><u>Members, investiture and term of office</u></strong></p>
        <p><strong>ARTICLE 8 </strong>&ndash; The Board of Directors shall be composed of    a minimum of five (5) and maximum of&nbsp;    fifteen (15) members, elected by the General Meeting, all with a two    (2)-year unified term of office as from the election date. Reelection is    allowed.</p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording / Also note the    change in the term of office in comparison to the previous Art. 14</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 1 </strong>&ndash; The Company&rsquo;s CEO shall integrate the board    of directors, upon election of the general meeting.<strong></strong></p>
        <p><strong>Paragraph 2 </strong>&ndash; It will be incumbent upon the general    meeting electing the board of directors to establish the total number of    positions to be filled, within the maximum limited provided for in these    Bylaws, and to appoint its chairman, who may not be the company&rsquo;s CEO elected    as board member.</p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Inclusion of paragraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 1 - </strong>At    least twenty per cent (20%) of the Board Members appointed shall be<br>
      Independent Members.<strong></strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 3 </strong>&ndash; At least twenty percent (20%) of the board    of directors&rsquo; members shall be independent, as per BOVESPA&rsquo;s Novo Mercado    Listing Rules, being also considered an independent board member the one elected    by minority shareholders, pursuant to the legislation in force.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording / Also check    previous Art. 13, &sect; 3</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 2 - </strong>Whenever    the compliance with the minimum percentage referred to in<br>
      the    previous paragraph results in a fraction number of board members, such number<br>
      shall    be rounded: (i) to the immediately higher number, when the fraction is equal    to or<br>
      greater    than zero point five (0.5); or (ii) to the immediately lower number, when the<br>
      fraction    is lower than zero point five (0.5).</p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 4 </strong>&ndash; When the application of the minimum    percentage referred to in the previous paragraph result in a fraction number    of board members, such number shall be rounded to the immediately higher    number, when the fraction is equal to or greater than zero point five (0.5),    or immediately lower number, when the fraction is lower than zero point five    (0.5).</p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording</p></td>
  </tr>
</table>
<p>&nbsp;</p>
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  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 3 - </strong>The    Board Member appointed pursuant to the right provided for in article<br>
      141,    paragraphs 4 and 5 or in the main paragraph of article 239 of Law 6,404/76,    shall<br>
      be    considered an Independent Member.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check current &sect; 3 of Art.    8</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 4 - </strong>The    Board Member that is not appointed in accordance with what is<br>
      provided    for in the previous paragraph shall be deemed Independent, as long as<br>
      he(she)    complies with the following requirements:<br>
      a)    he(she) does not have any connection with the Company, except for the    interest in the capital stock and the condition of user of public services; <br>
      b)    he(she) is not a Controlling Shareholder, married to or a second degree    relative of the Controlling Shareholder, or is not or has not been, in the    past three (3) years, connected to the Company or to an entity related to the    Controlling Shareholder (people connected to public education and/or research    institutions are excluded from this restriction);<br>
      c)    he(she) has not been, in the past three (3) years, an employee or officer of    the Company, of the Controlling Shareholder or of a company controlled by the    Company;<br>
      d)    he(she) is not a supplier or purchaser, direct or indirect, of services    and/or products of the Company, in a such magnitude that results in loss of    independence; <br>
      e)    he(she) is not an employee or manager of a company or a entity that is    offering to or<br>
      demanding services and/or products    from the Company; <br>
      f)    he(she) is not married to or a second degree relative of any manager of the    Company; and <br>
      g)    he(she) does not receive any other remuneration from the Company other than    the<br>
      Board    Member&rsquo;s or Audit Committee Member&rsquo;s remuneration (remuneration in cash    deriving from any interest in the capital are excluded from this    restriction).</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Exclusion of paragraph / Check current Art. 8, &sect; 3</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 5 - </strong>The    condition of Independent Member(s) shall be expressly declared in<br>
      the    minutes of the General Meeting that appoints him/her(them).<strong></strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 5 </strong>&ndash; The condition of independent board of    directors&rsquo; member shall be expressly stated at the minutes of the    Shareholders&rsquo; General Meeting that elect him.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with    changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 6</strong> <strong>- </strong>The Shareholders&rsquo; General Meeting shall appoint, among the members<br>
      of    the Board of Directors, one (1) Chairman, one (1) Vice-Chairman, who shall    replace the Chairman in his(her) absences or impediments.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check current Art. 8,    main section and &sect;&sect; 1 and 2</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 7</strong> <strong>- </strong>The participation of a representative of the employees in the    Company&rsquo;s Board of Directors, with the same term of office as the other    Members, is ensured.</p>
    </td>
    <td width="50%" valign="top"><p><strong>ARTICLE 9 </strong>&ndash; The participation of a representative of    the employees in the Company&rsquo;s Board of Directors, with the same term of    office as the other Members, is ensured.</p>
    </td>
    <td width="25%" valign="top"><p align="center">Paragraphs replaced to the current 1 and 2 and    main section of Art. 9</p></td>
  </tr>
</table>
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<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:9px">

  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 8</strong> <strong>- </strong>The representative of the employees shall be chosen by the    employees&rsquo;<br>
        votes,    in a direct election organized by the unions that represent them, with the<br>
        collaboration    of the Company whenever requested. Only those who have been<br>
        Company&rsquo;s    employees for more than two (2) years may be appointed as Employees&rsquo;<br>
        Representative Board Member.</p>
    </td>
    <td width="50%" valign="top"><p><strong>Paragraph 1 </strong>&ndash; The representative member of the employees    shall be chosen by the employees&rsquo; votes, in a direct election organized by    the unions that represent them, with the collaboration of the Company    whenever requested. <strong></strong></p>
        <p><strong>Paragraph 2 </strong>&ndash; The internal regulation of the board of    directors may set forth the eligibility requirements and other conditions for    the exercise of the representative of employees position.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 9</strong> <strong>- </strong>A member of the Board may be appointed in a separate voting session<br>
      in    the Shareholders&rsquo; General Meeting, by the majority of holders of at least    fifteen per<br>
      cent    (15%) of Company&rsquo;s total shares, excluding the controlling shareholder and    subject<br>
      to    the provisions of paragraph 4 of Article 141 of Law 6,404/76.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check current Art. 8, &sect; 3</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 10</strong> <strong>- </strong>Even if the minority shareholders are not able to reach the    percentage referred to in paragraph 9 above, their representation in the    Board of Directors shall always be ensured, pursuant to Article 239 of Law    6,404/76.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check current Art. 8, &sect; 3</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    14 - </strong>The unified term of office of the Board of Directors    shall be of one (1) year, the<br>
      re-election being allowed.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, to the current    Art. 8, main section / Changes in the term of office for 2 years</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 1</strong> <strong>- </strong>The Members of the Board of Directors shall be vested with their    office<br>
      upon    the execution of the Managers&rsquo; Consent Instrument (<em>Termo de Anu&ecirc;ncia dos</em><br>
      <em>Administradores</em>)    required by the applicable regulations and of the instrument of<br>
      investiture    in the book of Minutes of Board of Directors&rsquo; Meetings. The members of the<br>
      Board    of Directors shall, in the beginning and at the end of their terms of office,    submit a<br>
      statement    of assets, pursuant to the provisions of the legislation in force.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Exclusion of paragraph / Check current Art. 24</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 2</strong> <strong>- </strong>Once their term of office ends, the members of the Board of    Directors<br>
      shall    remain in their offices until the investiture of their successors.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check current Art. 25</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 10 </strong>&ndash; The investiture in the position of board of    directors member is subject to the execution of the Instrument of Commitment    before the State, by means of the State Council for the Protection of the    Capital of the State (<em>Conselho de    Defesa dos Capitais do Estado)</em> &ndash; CODEC, for purposes of article 118,    paragraphs 8 and 9, of Law no.&nbsp;    6,404/76.</p>
        <p><strong>Sole paragraph </strong>&ndash; The provisions in this article do not apply    to the board of directors&rsquo; member who represents employees, to that elected    by minority shareholders and to that, notwithstanding elected by the State,    is considered independent pursuant to these bylaws or the specific    legislation. <strong></strong></p>
      <p><strong>ARTICLE 11 </strong>&ndash; The board of directors member who receives,    free of charge, from the State, on a fiduciary basis, any share issued by the    company to comply with the requirement of article 146 of Law no. 6,404/76, is    hindered from selling it or encumbering it to third parties, repaying it    immediately after he leaves the position, under penalty of undue    appropriation.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Inclusion of    articles </p></td>
  </tr>
</table>
<p>&nbsp;</p>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

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  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 3</strong> <strong>- </strong>In the event of a vacancy, under any title, in the Board of    Directors, the<br>
      Shareholders&rsquo;    General Meeting shall be called for the appointment of a substitute for<br>
      the    remaining term of office.<strong></strong></p></td>
    <td width="50%" valign="top"><p><strong><u>Vacancy and Replacements</u></strong></p>
        <p><strong>ARTICLE 12 </strong>&ndash; In the event of vacancy in any position of    board of directors&rsquo; member before the end of the term of office, the general    meeting shall be called to elect the substitute, who shall complete the term    of office of the replaced person.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced, with    changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 4</strong> <strong>- </strong>The Chairman of the Board of Directors shall be replaced during    his(her)<br>
      temporary    impediments with the Vice Chairman, or, in the absence of the latter, with    other Member that he(she) indicates.</p></td>
    <td width="50%" valign="top"><p>&nbsp;</p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check current Art. 13, &sect;    3</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph</strong><strong> 5</strong> <strong>- </strong>In case there is a vacancy in the office of Chairman of the Board of    Directors, the Vice Chairman shall replace him(her), and shall remain in    office until the General Meeting chooses the new person to hold the office of    Chairman of the Board of Directors.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check current Art. 13, &sect;    3</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    15 - </strong>The Board of Directors shall meet monthly, on an    ordinary basis, and<br>
      extraordinarily,    whenever called by its Chairman or by resolution of the majority of its    members,<br>
      or    even at the Executive Board&rsquo;s request.</p></td>
    <td width="50%" valign="top"><p><strong><u>Operation </u></strong></p>
        <p><strong>ARTICLE 13 </strong>&ndash; The board of directors will meet, on an    ordinary basis, once a month and, on an extraordinary basis, whenever    necessary to the company&rsquo;s interests. <strong></strong></p>
      <p><strong>Paragraph 1 </strong>&ndash; The board of directors&rsquo; meetings shall be    called by its chairman, or by the majority of acting members, upon writing or    electronic correspondence to all board members and also to the State, by    means of the State Council for the Protection of the Capital of the State (<em>Conselho de Defesa dos Capitais do Estado)</em> - CODEC, in, at least, ten (10) days in advance and the agenda shall be    pointed.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced, with    changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 2 </strong>&ndash; The chairman of the board of directors    shall supervise so that the board members individually receive, with the due    antecedence in relation to the date of the meeting, the documentation with    the necessary information to allow the discussion and resolution of the    agenda, including, when the case may be, the proposal of the executive board    and the manifestation of technical and legal character.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of    paragraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Sole    paragraph - </strong>The Board of Directors&rsquo; meetings shall only be    instituted upon<br>
      attendance    by the majority of its members, and the resolutions shall be made by majority    of votes of the members present thereat, the casting vote falling to the    Chairman or his/her substitute, in case of a draw.</p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 3 </strong>&ndash; The board of directors&rsquo; meetings shall be    instated upon the attendance of the majority of its acting members, being the    Chairman incumbent of presiding the activities or, in his absence, another    board member appointed by him.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording / Also check    current 13, &sect; 5</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 4 </strong>&ndash; In the event of urgency, the chairman of    the board of directors may call the extraordinary meeting with any    antecedence, and the meeting is allowed to be held by means of    teleconference, videoconference or other qualified means of will    manifestation of the absent board member, whose vote will be considered valid    for all effects, without adverse effects to the subsequent drawing up and    execution of the respective minutes.</p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of    paragraph </p></td>
  </tr>
</table>
<p>&nbsp;</p>
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    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 5 </strong>&ndash; The Board of Directors shall resolve by    majority of votes of the attending members, prevailing, in case of tie, the    proposal that counts on the vote of the board member presiding the    activities.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording / Also check    previous Art. 15, sole paragraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 6 </strong>&ndash; The meetings of the board of directors will    have as secretary whoever their chairman appoints and all resolutions will be    recorded in minutes drawn up and registered in the company&rsquo;s records, and a    copy of them must be submitted to the State, by means of the State Council    for the Protection of the Capitals if the State (<em>Conselho de Defesa dos Capitais do Estado)</em> &ndash; CODEC, within five    (5) days counted from their approval. <strong></strong></p>
        <p><strong>Paragraph 7 </strong>&ndash; The extract of the minutes shall be filed    in the trade board and published, whenever it has resolutions destined to    produce effects before third parties.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Inclusion of    paragraph </p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    16 - </strong>It shall fall to the Board of Directors:</p></td>
    <td width="50%" valign="top"><p><strong><u>Duties </u></strong></p>
        <p><strong>ARTICLE 14 </strong>&ndash; In addition to the duties set forth by the    Law, the Board of Directors is also responsible for:<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with    changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>I    - to set the general guidelines of the Company&rsquo;s businesses;</p></td>
    <td width="50%" valign="top"><p>&nbsp;</p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of subparagraph / Check Art. 142, subparagraph    I of the Brazilian Corporate Law</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>&nbsp;</p></td>
    <td width="50%" valign="top"><p>I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve the strategic planning with the action    guidelines, result targets and performance evaluation indexes; <br>
      II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve annual and multi-year programs, with    indication of the respective projects; <br>
      III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve the budget of expenditures and investment    of the company, with indication of the sources and uses of funds; <br>
      IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to supervise the execution of the plans, programs,    projects and budgets; <br>
      V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to define goals and priorities of public policies    compatible with the company&rsquo;s operation area and its corporate purpose; <br>
      VI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on the policy of prices and tariffs of goods    and services rendered by the company, respecting the regulatory framework of    the respective sector.</p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Inclusion of subparagraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>II    - to appoint and remove the Company&rsquo;s Officers and to set their duties,    subject to the provisions of these Bylaws;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of subparagraph / Check Art. 142, subparagraph    II of the Brazilian Corporate Law</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>III    - to inspect the Officers&rsquo; management, to examine Company's books and    documents at any time, to request information on executed agreements or those    about to be executed, and any other acts;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of subparagraph / Check Art. 142,    subparagraph II of the Brazilian Corporate Law</p></td>
  </tr>
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    <td width="25%" valign="top"><p>IV    - to call the Shareholder&rsquo;s General Meeting, whenever it deems convenient, or    in the case provided for in Article 132 of the Law n. 6,404/76.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of subparagraph / Check Art. 142,    subparagraph IV of the Brazilian Corporate Law </p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>V    - to express its opinion on the management report and on the Executive    Board's accounts, including annual and multi-annual economic &amp; financial    budgets and works execution plans;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of subparagraph / Check Art. 142,    subparagraph V of the Brazilian Corporate Law</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>&nbsp;</p></td>
    <td width="50%" valign="top"><p>VII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to authorize, the opening, installation and    extinguishment of branches, facilities, agencies, mains branches, offices and    representations;</p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of subparagraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>VI    - to resolve on the shares issue pursuant to the provisions of Article 7 of    these Bylaws;</p></td>
    <td width="50%" valign="top"><p>VIII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; resolve on the capital stock increase within the limit    authorized by these bylaws, establishing the respective subscription and    payment conditions;</p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with    changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>&nbsp;</p></td>
    <td width="50%" valign="top"><p>IX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the maximum indebtedness limit of the    company;</p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of subparagraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>VII    - to authorize the disposition of real property, pursuant to the provisions    of the applicable legislation, as well as the creation of collateral security    and liens and the granting of guarantees to third parties&rsquo; obligations;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of subparagraph / Check current    subparagraph XIII</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>VIII    - to appoint and remove the independent auditors;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of subparagraph / Check Art. 142, subparagraoph    IX of the Brazilian Corporate Law</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>IX    - to resolve on the issue of unsecured debentures, non-convertible into    shares, registered or in book-entry form, issue opportunity, amount, number    of securities, issue date and maturity date, payment and remuneration    conditions, interests, premium, debentures&rsquo; redemption and other applicable    items,&nbsp; pursuant to the terms    previously resolved at a Shareholders&rsquo; General Meeting;</p></td>
    <td width="50%" valign="top"><p>X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; resolve on the issuance of common debentures    non-convertible into shares and without real security and, the other types of    debentures, on the conditions mentioned in paragraph 1 of article 59 of Law    6,404/76;</p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>X    - to assign an officer the investors relations function, to be filled whether    or not cumulatively with any other executive functions, falling to him the    provision of information to investors, to the CVM and to the Stock Exchanges    in which the<br>
      Company    has its securities traded, pursuant to the applicable legislation;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Exclusion of subparagraph / Check current Art 15,    &sect; 3</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>XI    - to make resolutions on the Executive Board&rsquo;s recommendation in connection    with financial funding.</p></td>
    <td width="50%" valign="top"><p>&nbsp;</p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of subparagraph / Check current cubparagraph    IX and XIII</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>&nbsp;</p></td>
    <td width="50%" valign="top"><p>XI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on the declaration of interest on own    capital or distribution of dividends due to the result for the current year,    for the year ended or profit reserve, without adverse affects to the    subsequent ratification of the general meeting; <br>
      XII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on the personnel policy, including the    determination of the staff, plan of positions and salaries, general    collective negotiation conditions, opening of a selective process to fill    positions vacant and Profit Sharing Program; <br>
      XIII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to previously authorize the execution of any legal    businesses when the amount involved exceeds seventy million reais    (R$70,000,000.00), including the acquisition, sale or encumbrance of assets,    the obtainment of loans and financings, the assumption of obligations in    general and also the association with other legal entities; <br>
      XIV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to authorize the incorporation of a wholly-owned    subsidiary or the interest in the capital of other companies, except the    competence of the general meeting provided for in article 256 of Law no.    6,404/76;<br>
      XV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve the hiring of civil liability insurance in    favor of the members of the statutory bodies, employees, agents and    mandataries of the company; <br>
      XVI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to grant licenses to officers, in compliance with the    pertinent regulation; <br>
      XVII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve its internal regulation and the internal    regulation of the executive board and of the audit committee; <br>
      XVIII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to authorize the company to acquire its own shares, in    compliance with the legislation in force and previously listening to the    fiscal council; <br>
      XIX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to previously express itself about any proposal of the    board of executive officer or issues to be submitted to the general meeting; <br>
      XX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to call the examination of any issues comprised in the    competence of the executive board and issue a binding guidance on it; <br>
      XXI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to determine the guidance to be followed by the    representative of the company at the general meetings of the companies in    which it holds an interest; <br>
      XXII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to evaluate the main risks of the company and verify the    efficiency of the management and control procedures.</p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of subparagraph</p></td>
  </tr>
</table>
<p>&nbsp;</p>
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    <td width="25%" valign="top"><p><strong>ARTICLE    17 - </strong>The Company shall have an Audit Committee composed    of three Board of<br>
      Directors&rsquo;    Members, who shall cumulatively comply with the requirements of (i)    independence, (ii) technical expertise, and (iii) availability of time.</p>
        <p><strong>Paragraph    1 &ndash; </strong>All members of the Audit Committee shall comply with    the<br>
          Independence    requirements provided for in the applicable legislation, without prejudice<br>
          to    any allowed exoneration,</p>
      <p><strong>Paragraph    2- </strong>All members of the Audit Committee shall have    sufficient technical<br>
        knowledge    in accounting and financial matters being advisable that at least one of them<br>
        has    also good knowledge of the accounting rules used in the United States of America,<br>
        the    United States    Generally Accepted Accounting Principles (US-GAAP) and<br>
        experienced    in analysis, preparation and evaluation of financial statements, with<br>
        knowledge    of internal controls and policy of disclosure of information to the market .      </p>
    </td>
    <td width="50%" valign="top"><p><strong><u>&nbsp;</u></strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p>Previous    articles 17 to 22, that discussed Audit Committe, were replaced by articles    32 to 37, maintaining previous wording, except for small changes as follows:<br>
          - Art.    17, &sect; 2 (current Art. 32, &sect; 2)<br>
          - Art.    19, items &ldquo;a&rdquo; and &ldquo;h&rdquo; (current Art. 34, subparagraph I and VIII)</p></td>
  </tr>
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<p>&nbsp;</p>
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    <td width="25%" valign="top"><p><strong>Paragraph  3 &ndash; </strong>The minimum availability required from each member of  the Audit<br>
Committee  shall correspond to thirty (30) hours per month.<strong> </strong></p>
      <p><strong>ARTICLE  18 </strong>&ndash; The Audit Committee&rsquo;s members may be designated  simultaneously with their<br>
        appointment  to the Board of Directors, or by later resolution of the Board of Directors  itself.</p>
      <p><strong>Sole  paragraph </strong>&ndash; The Audit Committee&rsquo;s members shall exercise their  function for the<br>
        same  period as the respective term of office of the Board of Director&rsquo;s Member, or  until<br>
        otherwise  resolved by the Shareholders&rsquo; General Meeting or the Board of Directors<br>
        itself.<strong> </strong></p>
      <p><strong>ARTICLE  19 &ndash; </strong>It shall fall to the Audit Committee:<br>
        a)  to evaluate and recommend to the Board of the Director the hiring of an  independent audit company, as well as the parameters to fix the respective  remuneration and other conditions for service provision;<br>
        b)  to justifiably propose the replacement of the independent audit company;<br>
        c)  to express prior opinion on the hiring of other services from the independent  audit company, or companies related thereto, that are not comprised in  audittypical activities;<br>
        d)  to express its opinion, at any time, about the performance of the accounting  and internal audit departments, proposing to the Executive Board the measures  that it deems appropriate;<br>
        e)  to deal directly with the internal audit department and the independent  auditors, following up on the respective work, together with the Economic &amp;  Financial Executive Board;<br>
        f)  to analyze the internal audit&rsquo;s and the independent auditors&rsquo; reports before  they are submitted to the Board of Directors;<br>
        g)  to see that the material resources made available to the internal audit are  adequate;<br>
        h)  to follow up on the preparation of and to express its opinion on the quarterly  balance sheets and the financial statements, seeking to ensure their integrity  and quality;<br>
        i)  to constantly evaluate the accounting practices, the internal controls and  processes adopted by the Company, seeking to identify critical issues,  financial risks and potential contingencies, and proposing such improvements as  they deem necessary;<br>
        j)  to follow up on Company&rsquo;s compliance activities;<br>
        k)  to request the hiring of specialized services to support the Audit Committee&rsquo;s  activities, whose remuneration shall be borne by the Company, within its annual  approved budget;<br>
      l)  to receive and handle denunciations and complaints from third parties on issues  related to accounting, internal accounting controls and audit.</p>
      <p><br>
      </p></td>
    <td width="50%" valign="top">&nbsp;</td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<hr size="2" noshade color="#000000" align="left">
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    <td width="25%" valign="top"><p>&nbsp;</p>
        <p><strong>Paragraph  1 </strong>- Resolutions of the Audit Committee shall made by the  majority of its<br>
members,  without prejudice to the right of its members to individually request<br>
information  and examine Company&rsquo;s books, documents and papers.</p>
        <p><strong>Paragraph  2</strong> <strong>- </strong>Reports made by the internal audit  department and by the independent<br>
          audit  company shall always be simultaneously submitted to the Executive Board and<br>
          the Audit Committee&rsquo;s members.</p>
        <p><strong>ARTICLE  20 &ndash; </strong>The Audit Committee shall draft its Internal  Regulations, and submit them to<br>
          Board  of Directors&rsquo; approval.</p>
        <p><strong>Sole  paragraph </strong>&ndash; The Internal Regulations may expand the powers of  the Audit<br>
          Committee,  and shall also provide for the holding of periodic meetings, the form of<br>
          registration  of its opinions and resolutions, in addition to other issues deemed<br>
          appropriate  to the good development the work.<strong></strong></p>
        <p><strong>ARTICLE  21 &ndash; </strong>The remuneration of the Audit Committee&rsquo;s members  shall be differentiated from that of the other Board of Directors&rsquo; Members, by  virtue of their greater dedication and responsibilities undertaken.</p>
        <p><strong>ARTICLE  22 &ndash; </strong>The Audit Committee shall have its own annual budget  approved by the Board of<br>
          Directors.</p>
        <strong>Sole paragraph </strong>-  The Executive Board shall promptly make available the financial resources  requested by the Audit Committee for the performance of its duties, within the  limit of the approved budget.
        <p><br>
      </p></td>
    <td width="50%" valign="top">&nbsp;</td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p></td>
  </tr>
</table>
<p>&nbsp;</p>
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    <td width="25%" valign="top"><p><strong>ARTICLE    23 &ndash; </strong>Through a resolution of the Board of Directors,    other Committees may be<br>
      instituted    with a specific scope, under the coordination of a Board of Directors&rsquo;    member, the participation of persons other than Board Members also being    allowed.</p></td>
    <td width="50%" valign="top"><p>&nbsp;</p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Exclusion of article</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p align="center"><strong>TITLE II</strong><br>
            <strong>EXECUTIVE BOARD</strong> </p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER VI</strong><br>
            <strong>EXECUTIVE BOARD</strong></p>
        <p><strong><u>Members and term</u></strong></p></td>
    <td width="25%" valign="top"><p align="center">Changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    24 &ndash; </strong>The Executive Board shall be composed of six (6)    Officers, resident in the<br>
      country,    shareholders or not, appointed by the Board of Directors, one of which being    designated as Chief Executive Officer and the others being officers without    specific office, who<br>
      shall    perform their functions pursuant to the duties assigned to them by the Board    of Directors.</p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 15 </strong>&ndash; The Executive Board shall be composed of    six (6) members, all with a two (2)-year unified term of office, reelection    is allowed.</p>
        <p><strong>Paragraph 1 </strong>&ndash; The CEO is responsible for:</p>
      <p>I - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; representing the Company, as plaintiff or defendant, in    or out of court, and may constitute, for such purpose, attorney with special    powers, including powers to receive initial summons and notifications,    pursuant to article 19 of these bylaws<br>
        II - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; call and preside the executive board&rsquo;s meetings;<br>
        III - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; coordinate the executive board&rsquo;s    activities;<br>
        IV - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issue acts and resolutions that are related to or    resulting from the executive board&rsquo;s resolutions;<br>
        V - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; coordinate the Company&rsquo;s ordinary management, including    the implementation of policies and the execution of resolutions taken by the    shareholders&rsquo; general meeting, board of directors and joint executive board;<br>
        VI - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; coordinate the activities of other executive officers;<br>
        VII - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; coordinate, evaluate and control    duties related to:<br>
        a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEO office;<br>
        b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; integrated planning, corporate management and    structuring;<br>
        c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; communication;<br>
        d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; negotiation of concessions contracts;<br>
        e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; regulatory issues;<br>
        f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; auditing; and<br>
        g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ombudsman.</p>
      <p><strong>Paragraph 2 </strong>&ndash; The Corporate Management Officer is    responsible for:</p>
      <p>I - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; marketing;<br>
        II - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; human resources, quality and social responsibility;<br>
        III - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; information technology;<br>
        IV - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; property;<br>
        V - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; legal affairs; and<br>
        VI - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; supplies and contracts.</p>
      <p><strong>Paragraph 3 &ndash;</strong>The Chief Financial Officer and Investor Relations    Officer shall be responsible for: </p>
      <p>I - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; planning, raising and allocating financial resources; <br>
        II - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; control department;<br>
        III - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accounting;<br>
        IV - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investor relations; <br>
        V - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; operations in the capital markets and other financial    operations; <br>
        VI - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; indebtedness control; <br>
        VII - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; corporate governance. </p>
      <p><strong>Paragraph 4 &ndash; </strong>The Technology, Enterprises and Environment Officer    shall be responsible for: </p>
      <p>I - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; environment;<br>
        II - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; operational and technological development; <br>
        III - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; quality control of water and sewage    products; <br>
        IV - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; special investment program; and<br>
        V - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; special projects. </p>
      <p><strong>Paragraph 5 &ndash;</strong>The Metropolitan Officer, in the metropolitan    area of S&atilde;o Paulo,    and the Regional Systems Officer, in the other areas of company operation in    the State of S&atilde;o Paulo&nbsp; shall be    responsible for: </p>
      <p>I - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; operation, maintenance and execution of works and    services in the system of water supply, sewage collection and treatment,    including in wholesale; <br>
        II - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; commercial relations and customer service; <br>
        III - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; control of the economic-financial    and operational performance of its business units; <br>
        IV - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; advisement to autonomous municipalities of water supply and    sanitary sewage systems; <br>
        V - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; negotiation of concessions with holders of services; and <br>
        VI - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; negotiation with the community and city halls, aiming at aligning    the interests of its clients and of the company. </p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording / Inclusion of    the attributions of each executive</p></td>
  </tr>
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    <td width="25%" valign="top"><p><strong>Sole    paragraph &ndash; </strong>The remuneration and other benefits of the    members of the Executive Board shall be fixed by the General Meeting.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check current Art. 26, main    section</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    25 &ndash; </strong>The term of office for the members of the Executive    Board shall be of two (2) years, re-election being permitted.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, to the current    Art. 15 / maintained the 2 years term of office</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    1 </strong>- The members of the Executive Board shall be vested    with their office<br>
      upon    the execution of the Managers&rsquo; Consent Instrument (<em>Termo de Anu&ecirc;ncia dos</em><br>
      <em>Administradores</em>)    required by the applicable regulations and of the instrument of<br>
      investiture,    in the Book of Minutes of the Executive Board&rsquo;s Meetings. The members of<br>
      the    Executive Board shall, in the beginning and at the end of their terms of    office,<br>
      submit    a statement of assets, pursuant to the provisions of the legislation in    force.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check current Art. 24</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    2 &ndash; </strong>Once their term of office ends, the members of the    Executive Board<br>
      shall    remain in their offices until the investiture of their successors.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check current Art. 25</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    3 &ndash; </strong>In the event of a vacancy, under any title, in the Executive    Board, the<br>
      Board    of Directors shall appoint the substitute for the office, provided that the    end of<br>
      his/her    term of office shall coincide those of the other members of the Executive    Board.</p></td>
    <td width="50%" valign="top"><p><strong><u>Vacancy and Replacements</u></strong></p>
        <p><strong>ARTICLE 16 </strong>&ndash; In the absences or temporary impediments of    any officer, the CEO shall appoint another member of the executive board to    cumulate the functions. </p>
      <p><strong>Sole paragraph </strong>&ndash; In his absences and temporary impediments,    the CEO will be replaced by the officer appointed by him and, if there is no    appointment, by the officer responsible for the financial area. </p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with    changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    26 - </strong>The Executive Board shall meet at least once a    month, and whenever called by<br>
      the    Chief Executive Officer or by the majority of its members.</p></td>
    <td width="50%" valign="top"><p><strong><u>Operation</u></strong></p>
        <p><strong>ARTICLE 17 </strong>&ndash; The executive board will meet, on an    ordinary basis, at least twice a month and, on an extraordinary basis, by    call of the CEO or of other two officers. </p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording</p></td>
  </tr>
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    <td width="25%" valign="top"><p><strong>Sole    paragraph - </strong>The Executive Board&rsquo;s resolutions shall be    made by majority of votes<br>
      of    the members present at the meeting, the casting vote falling to the Chief    Executive<br>
      Officer    or his/her substitute, in case of a draw. The presence of at least half of    the appointed Officers is required for the validity of the resolutions of the    Executive Board,</p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 1 </strong>&ndash; The meetings of the joint executive board    will be instated with the attendance of at least half of the acting officers,    considering approved the matter with the agreement of the majority of the    attendees; in the event of a tie, the proposal with the vote of the CEO will    prevail. <strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 2 </strong>&ndash; The resolutions of the executive board will    be recorded in minutes drawn up in the company&rsquo;s records and signed by all    attendees. <strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of    paragraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 3 </strong>&ndash; The CEO may, in the call for the meeting,    allow the participation of the officers by telephone, videoconference, or    other means of communication which may ensure the effective participation and    the authenticity of their vote; the officer who virtually participates in the    meeting will be considered present and his vote will be valid for all legal    effects, without adverse effects to the subsequent drawing up and signature    of the respective minutes. <strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Inclusion of    paragraph </p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    27 &ndash;</strong>The Executive Board shall have extensive powers to    administer and manage the<br>
      corporate    businesses and may carry out all operations in connection with the purpose of    the<br>
      Company,    including to take out loans, dispose of assets, open, operate and close    accounts in<br>
      credit    institutions, draw, endorse and accept negotiable instruments (notes), issue    and endorse promissory notes and, subject to the provisions of Article 16,    item XI, when the latter are securities (regulated by the <em>Conselho    Monet&aacute;rio Nacional - </em>Brazilian Monetary Council), issue and endorse    checks and other securities, waive rights and transact, provide collateral    security, suretyship and guaranties in operations of the Company&rsquo;s interest,    subject to the applicable provisions provided for herein.</p></td>
    <td width="50%" valign="top"><p><strong><u>Duties</u></strong></p>
        <p><strong>ARTICLE 18 &ndash;</strong> In addition to the duties set forth by Law,    it is incumbent upon the joint executive board: </p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p>I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to prepare and submit to the approval of the board of    directors: <br>
      a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the bases and guidelines for the preparation of the    strategic plan, as well as the annual and multi-year programs; <br>
      b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the strategic plan, targets and indexes, as well as the    respective multi-year plans and annual programs of expenditures and    investments of the company with the respective projects; <br>
      c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the company&rsquo;s budget, with the indication of the    sources and uses of funds, as well as their changes;&nbsp; <br>
      d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the evaluation of the performance result of the    company&rsquo;s activities;&nbsp; <br>
      e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; quarterly reports of the company jointly with the    financial statements; <br>
      f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annually, the management report together with the    balance sheets and other financial statements and respective notes, with the    report of independent auditors and of the fiscal council and the proposal of    allocation of the income for the year; <br>
      g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interim balance sheets, quarterly; <br>
      h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; proposal of capital increase and of amendment to the    bylaws, listening to the fiscal council, when the case may be; <br>
      i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; proposal of the personnel policy; <br>
      j)&nbsp;&nbsp; the internal regulation of the executive    board; </p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of    subparagraph and items</p></td>
  </tr>
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<p>&nbsp;</p>
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    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p>II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve:<br>
      a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the technical-economic evaluation criteria for    investment projects, with the respective responsibility delegation plans for    their execution and implementation; <br>
      b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the plan of accounts;<br>
      c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the company&rsquo;s annual insurance plan; <br>
      d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; residually, within the statutory limits, everything    related to the company&rsquo;s activities which is not of private competence of the    CEO, of the board of directors or of the general meeting; <br>
      e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other company&rsquo;s regulations, which are not of the    private competence of the board of directors; </p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of subparagraph and items</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p>III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to authorize, respecting the limits and guidelines    established by the Law and by the board of directors, acts of resignation or    judicial or extrajudicial transaction, to end litigations or holdovers,    establishing amount limits for the delegation of the practice of these acts    by the CEO or any other officer; </p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of subparagraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p>IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to previously authorize the execution of any legal    businesses when the amount involved exceeds ten million reais    (R$10,000,000.00), without adverse effects to the competence attributed by    the bylaws to the board of directors, including the acquisition, sale or    encumbrance of assets, the obtainment of loans and financings, the assumption    of obligations in general and also the association with other legal entities.</p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of subparagraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Sole paragraph &ndash;</strong> The internal regulation of the executive    board may show in details the individual attributions of each officer, as    well as to subject the practice of certain acts comprised in the specific    competence areas to the previous authorization of the joint executive board.</p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of paragraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    1 - </strong>The disposition of and the creation of liens on    Company's real property<br>
      shall    be contingent on the prior approval of the Board of Directors.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of subparagraph / Chack current Art. 14,    subparagraph XIII</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    2 - </strong>The acts and documents that involve the financial    liability of the<br>
      Company    or hold third parties harmless from any liability with respect to the    Company,<br>
      shall    have the joint signatures of (i) two Officers or (ii) one Officer and one    attorney-infact,<br>
      or    (iii) two attorneys-in-fact, vested with special powers.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check current Art. 19</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    28 &ndash; </strong>The Company, represented by (i) its Chief Executive    Officer together with<br>
      another    Officer or, (ii) in the absence or impediment of the Chief Executive Officer,    by two of its Officers, may appoint attorneys-in-fact &ldquo;<em>ad-judicia</em>&rdquo; or    &ldquo;<em>ad-negotia</em>&rdquo;, specifying in the respective granting instrument the    powers to be granted and the means of exercising such powers; provided that    with regard to the &ldquo;<em>ad negotia&rdquo; </em>powers-of-attorney, the term of the    respective mandate shall be specified therein, which shall be no longer than    the last day of the calendar year in which they were granted.</p>
        <p><strong>Paragraph    1 &ndash; </strong>The Executive Board may exceptionally authorize the    appointment of<br>
          one    single attorney-in-fact to represent the Company before public administration<br>
          bodies.</p>
      <p><strong>Paragraph    2 &ndash; </strong>Without prejudice to the provisions of paragraph 2    of article 27 of these<br>
        Bylaws,    the attorneys-in-fact with &ldquo;ad-judicia&rdquo; powers may act jointly or severally.</p></td>
    <td width="50%" valign="top"><p><strong><u>Representation of the company</u></strong></p>
        <p><strong>ARTICLE 19 </strong>&ndash; The company bound before third parties (i)    by the signature of two officers, one necessarily the CEO or the officer    responsible for the financial area; (ii) by the signature of an officer and    one attorney-in-fact, according to the powers in the respective power of    attorney; (iii) by the signature of two attorneys-in-fact, according to the    powers in the respective power of attorney; (iv) by the signature of one    attorney-in-fact, according to the powers in the respective power of    attorney, in this case exclusively for the practice of specific acts. <strong></strong></p>
      <p><strong>Sole paragraph </strong>&ndash; The powers of attorney will be granted with    a determined term, and will specify the powers granted; only the powers of    attorney for the forum in general shall have an undetermined term. </p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced, with changes in wording</p></td>
  </tr>
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    <td width="25%" valign="top"><p><strong>ARTICLE    29 - </strong>Without prejudice to the provisions of Article 28    herein, it shall fall to the<br>
      Executive Board:</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, to the current    18</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>I    &ndash; to perform all the necessary acts for Company&rsquo;s regular operation;<strong></strong></p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with    changes in wording, to the current 18</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>II    &ndash; to approve Company's Internal Rules and Regulations;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, to the current    18, subparagraph I item &ldquo;j&rdquo;, and II, item &ldquo;e&rdquo;</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>III    &ndash; to propose to the Board of Directors the fundamental guidelines of the    corporate businesses;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, to the current    18, subparagraph I item &ldquo;a&rdquo;</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>IV    &ndash; to submit to the Shareholders' General Meeting capital increase proposals    and amendments to Company&rsquo; Bylaws, after the approval of the Board of    Directors and after the Fiscal Council has expressed it opinion, when the    case shall be, subject to any other applicable legal provisions;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, to the current    18, subparagraph I item &ldquo;h&rdquo;</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>V    &ndash; to propose to the Board of Directors the disposition of or creation of    liens on<br>
      Company's real property; </p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of subparagraph / Check current Art. 14,    subparagraph XIII</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>VI    &ndash; to submit to the Board of Directors the annual and multi-annual economic    &amp;<br>
      financial    and works execution plans and budgets;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, to the current    18, subparagraph I item &ldquo;c&rdquo;</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>VII    &ndash; to make resolutions on the designation by the Chief Executive Officer of    the substitute of the other Officers in case of temporary impediment and    leave of absence;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of    subparagraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>VIII    &ndash; to make resolutions on the assets&rsquo; write-off;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of    subparagraph </p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>IX    &ndash; to designate a substitute for the Chief Executive Officer during his(her)    occasional impediments, if by any reason the Chief Executive Officer    himself(herself) has not done so pursuant to the provisions of Article 30,    item<br>
      &ldquo;f&rdquo;;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of    subparagraph </p></td>
  </tr>
</table>
<p>&nbsp;</p>
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  <tr>
    <td width="25%" valign="top"><p>X    &ndash; to submit the Annual Report and Executive Board&rsquo;s accounts to the Ordinary    Shareholders' General Meeting, after the Board of Directors and the Fiscal    Council have expressed their opinions.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, to the current    18, subparagraph I item &ldquo;f&rdquo;</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    30 </strong>- It shall fall to the Chief Executive Officer:<br>
      a)    to represent the Company, as plaintiff or defendant, in and out of court;<br>
      b)    to call and presiding over the Executive Board&rsquo;s meetings;<br>
      c)    to create and suppress offices or functions, fixing their respective    remunerations;<br>
      d)    to coordinate and supervise the various corporate areas and to provide    general<br>
      guidance    to all economic and financial studies in connection with the corporate    purposes;<br>
      e)    to submit the assignment of duties among the Officers to the Board of    Directors;<br>
      f)    to indicate his(her) substitute in the case of occasional impediments;<br>
      g)    to submit to the Executive Board the designation of the Officers&rsquo; substitutes    in the cases of temporary impediment and leave of absence</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Exclusion of article</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    31 </strong>&ndash; It shall fall to each of the Officers:<br>
      a)    to participate in the Executive Board&rsquo;s meetings;<br>
      b)    to perform the duties that are determined by the Board of Directors and the    Executive<br>
      Board;<br>
      c)    to execute, together with another Officer, the papers and acts that require    the joint<br>
      signature of two Officers.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of article </p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p align="center"><strong>CHAPTER V</strong><br>
            <strong>FISCAL    COUNCIL</strong> </p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER VII</strong><br>
            <strong>FISCAL COUNCIL</strong></p></td>
    <td width="25%" valign="top"><p align="center">Change in the    chapter number</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    32 - </strong>The Company shall have a permanent Fiscal Council,    with the duties provided for by the law, composed of three (3) to five (5)    effective members and an equal number of substitute members, resident in the    country, shareholders or not, appointed by the Ordinary<br>
      Shareholders'    Meeting, subject to the provisions of Article 240 of Law n. 6,404/76,    re-election<br>
      being permitted.</p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 20 </strong>&ndash; The company shall have a permanent fiscal    council, with the competences and duties provided for by the law.<strong></strong></p>
        <p><strong>ARTICLE 21 </strong>&ndash; The fiscal council shall be composed of at    least three (3) and at most five (5) sitting members, and the same number of    deputies, annually elected by the shareholders&rsquo; general meeting. Reelection    is allowed.&nbsp; </p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    33 &ndash; </strong>The remuneration of the Fiscal Council&rsquo;s Members    shall be fixed by the Ordinary Shareholders&rsquo; Meeting that appoints them.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of article / Check current Art. 26</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    34 &ndash; </strong>In the case of a vacancy, absence or impediments of    the effective members, the respective substitutes shall be called.</p></td>
    <td width="50%" valign="top"><p><strong>Sole paragraph </strong>&ndash; In the event of vacancy or impediment of    the sitting member, the respective deputy will assume. </p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    35 -</strong>The Fiscal Council&rsquo;s members shall be invested with    their offices upon the<br>
      execution    of the Fiscal Council&rsquo;s Members&rsquo; Consenting Instrument required by the    applicable regulations and of the instrument of investiture Book of Minutes    and Opinions of the Fiscal Council. The members of the Fiscal Council shall,    in the beginning and at the end of their terms of office, submit a statement    of assets, pursuant to the provisions of the legislation in force.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Exclusion of article / Check current Art. 24</p></td>
  </tr>
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    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 22 </strong>&ndash; The fiscal council will meet, on an    ordinary basis, once a month and, on an extraordinary basis, whenever called    by any of its member or by the executive board, drawing up the minutes in the    company&rsquo;s records.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of article</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER VIII</strong><br>
            <strong>COMMON RULES TO THE STATUROTY BODIES</strong></p>
        <p><strong><u>Investiture, Impediments and Prohibitions</u></strong></p>
      <p><strong>ARTICLE 23 </strong>&ndash; The members of the statuary bodies shall    prove, by means of presentation of their resume to the State Council for the    Protection of the Capital of the State (<em>Conselho    de Defesa dos Capitais do Estado</em>) &ndash; CODEC, that they have professional,    technical or administrative capacity, experience compatible with the    position, moral credibility and immaculate reputation. </p>
      <p><strong>Sole paragraph </strong>&ndash; The provisions in this article are only    applied to the members elected by the controlling shareholder. <strong></strong></p>
      <p><strong>ARTICLE 24 </strong>&ndash; The members of the statutory bodies will be    invested in their positions upon the execution of the instrument of    investiture drawn up in the respective book of minutes, and of the respective    Instrument of Consent, according to the model established in the BOVESPA&rsquo;s    Novo Mercado Listing Rules.</p>
      <p><strong>Paragraph 1 </strong>&ndash; The instrument of investiture shall be    signed in within thirty (30) days following the election, under penalty of    its inefficiency, except for a justification accepted by the body for which    the member has been elected, and shall contain the indication of at least one    domicile to receive notifications and summons of administrative and judicial    procedures, related to acts of his management, and the change of the domicile    indicated is allowed only by means of a written communication.</p>
      <p><strong>Paragraph 2 </strong>&ndash; The investiture will be subject to the    presentation of the declaration of assets and values, as provided for in the    state legislation, which shall be annually updated and at the end of the term    of office. </p>
      <p><strong>ARTICLE 25 </strong>&ndash; Except in the assumption of resignation or    dismissal, the term of office of the members of the statutory bodies is    considered automatically postponed, until the investiture of the respective    replacements. </p>
      <p><strong><u>Compensation, Licenses, Loss of Position</u></strong></p>
      <p><strong>ARTICLE 26 </strong>&ndash; The compensation of the members of the    statutory bodies shall be established by the general meeting and there shall not    be accumulation of earnings or any advantages due to the replacements    occurring by virtue of vacancy, absences or temporary impediments, pursuant o    these bylaws. <strong></strong></p>
      <p><strong>Sole paragraph </strong>&ndash; It is allowed to the officer, who on the    date of the investiture belongs to the company&rsquo;s staff, to opt for the    respective salary. </p>
      <p><strong>ARTICLE 27 </strong>&ndash; The officers may request to the board of    directors removal by unpaid leave, as long as for a term not longer than    three (3) months, which shall be recorded in minutes.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of articles </p></td>
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    <td width="25%" valign="top"><p align="center"><strong>CHAPTER VI</strong><br>
            <strong>FISCAL YEAR, BALANCE SHEET AND    INCOME DISTRIBUTION</strong> </p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER IX</strong><br>
            <strong>FISCAL YEAR    AND FINANCIAL STATEMENTS</strong><br>
            <strong>PROFITS,    RESERVES AND DIVIDEND DISTRIBUTION </strong></p></td>
    <td width="25%" valign="top"><p align="center">Change in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    36 - </strong>The fiscal year shall begin on January 1st and shall    end on December 31st of<br>
      each    year, when the following financial statements shall be prepared:<br>
      I    - Balance sheet;<br>
      II    - Statement of Changes in Shareholders&rsquo; Equity;<br>
      III - Income statement;<br>
      IV    - Statement of the changes in financial position.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p>
        <p><strong>ARTICLE 28 </strong>&ndash; The fiscal year shall match the calendar    year, and after the closing of the fiscal year, the executive board shall    require the preparation of the financial statements, pursuant to the law.</p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording / Check Art. 176    of the Brazilian Corporate Law</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    37 &ndash; </strong>The following rules shall be observed with regard to    the income deriving from<br>
      the    corporate activities, ascertained in the balance sheet:<br>
      I    &ndash; The accrued losses and the provision for income tax shall be deducted from    the fiscal<br>
      year&rsquo;s    income, before any participation;<br>
      II    &ndash; The net income so ascertained shall have the following destination:<br>
      a)    5% for the institution of the statutory reserve until it reaches the limits    fixed by the law;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Exlucion of article / Check Arts. 189 and 193 of the    Brazilian Corporate Law</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>b)    allocation of dividends to the shareholders in an amount not lower than 25%    of the net<br>
      income    ascertained in accordance with the law and these Bylaws;</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p>
        <p><strong>ARTICLE 29 </strong>&ndash; Common shares shall be entitled to the    minimum mandatory dividends of twenty-five percent (25%) of the fiscal year&rsquo;s    net income, after the deductions established or authorized by law.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p>c)    the remaining balance shall be allocated as determined by the Shareholders'    General<br>
      Meeting,    based on a proposal of the Executive Board, once the Board of Directors and<br>
      the    Fiscal Council have expressed their opinion.<strong></strong></p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Exclusion of item / Check Art. 192 of the    Brazilian Corporate Law</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Paragraph    1 &ndash; </strong>Whenever the amount of the compulsory minimum dividend    exceeds the<br>
      realized    portion of the net income of the fiscal year, the management may propose, and<br>
      the    Shareholders&rsquo; General Meeting may approve, the allocation of such excess to    the<br>
      realizable profits reserve.</p></td>
    <td width="50%" valign="top"><p>&nbsp;</p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of paragraph / Check Art. 197 of the    Brazilian Corporate Law</p></td>
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    <td width="25%" valign="top"><p><strong>Paragraph    2 - </strong>The Executive Board, once the Board of Directors and    the Fiscal Council<br>
      have    expressed their opinion, may authorize the payment of interest on equity    reserve to the shareholders, pursuant to the legislation in force, which may    be attributed to the dividend amount provided for in these Bylaws, such    amount being composed of the dividends distributed by the Company for all    legal purposes.</p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 1 </strong>&ndash; Dividends may be paid by the company as    interest on equity.</p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    38 - </strong>The dividends shall be distributed to the    shareholders no later than sixty (60)<br>
      days    as of the publication of the Minutes of the Shareholders&rsquo; Meeting that    approved them.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of article</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 2 </strong>&ndash; The company may draw interim balance    sheets, quarterly, for purposes of payment of dividends or payment of    interest on equity.</p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of    paragraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Sole    paragraph &ndash; </strong>The approved dividends shall not accrue    interest and those that are not<br>
      claimed    within three (3) years as of the date of the Shareholders&rsquo; General Meeting    that<br>
      approved    them, shall lapse in favor of the Company.</p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 3 </strong>&ndash; The approved dividends    shall not accrue interest and those that are not claimed within three (3)    years as of the date of the Shareholders&rsquo; General Meeting that approved them,    shall lapse in favor of the Company. </p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>Paragraph 4 </strong>&ndash; The board of directors may propose to the    general meeting that the remaining balance of the income for the year, after    the deduction of the legal reserve and of the minimum mandatory dividend, is    destined to the creation of a investment reserve, which will comply with the    following principles: </p>
        <p>I - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its balance, jointly with the balance of the other    profit reserves, except the reserves for contingencies and of unrealized    profits, may not exceed the capital stock; <br>
          II - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the reserve has as purpose to ensure the investment plan    and its balance may be used: <br>
          a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the absorption of losses, whenever necessary;&nbsp; <br>
          b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the payment of dividends, at any moment; <br>
          c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the operations of redemption, reimbursement or    purchase of shares, authorized by law; <br>
          d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the incorporation to the capital stock.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of    paragraph</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p align="center"><strong>CHAPTER    VII</strong><br>
            <strong>WINDING    UP</strong> </p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER X</strong><br>
            <strong>WINDING UP </strong></p></td>
    <td width="25%" valign="top"><p align="center">Chapter renumbering</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    39 - </strong>The Company shall enter into liquidation in the    cases provided for by the law,<br>
      falling    to the Shareholders&rsquo; General Meeting to determine the means of liquidation    and to<br>
      appoint    the liquidator, fixing his(her) remuneration.</p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 30 </strong>&ndash; The company shall enter into liquidation in    the cases provided for by law, and the Shareholders&rsquo; general meeting shall be    responsible, as the case may be, for determining the means of liquidation and    appointing the liquidator, fixing his/her remuneration.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Renumbered, with    changes in wording</p></td>
  </tr>
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<p>&nbsp;</p>
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    <td width="25%" valign="top"><p align="center"><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER XI</strong><br>
            <strong>DEFENSE MECHANISM</strong></p>
        <p><strong>ARTICLE 31 </strong>- The company shall ensure the members of its    statutory bodies, through external legal counsel, the technical defense in    legal and administrative lawsuits proposed during or after their respective    terms of office, for acts related to the performance of their duties.</p>
      <p><strong>Paragraph 1 </strong>&ndash; The same protection is extended to the    company`s employees, representatives and proxies who have acted to the extent    of the powers conferred upon them, pursuant to Article&nbsp;19 of these    Bylaws.</p>
      <p><strong>Paragraph 2 </strong>&ndash; The company shall keep a permanent contract    with one or more preeminent reputed law firms, or have preapproved law firms,    with the purpose of being ready to undertake, at any time, the technical    defense of the agents encompassed by this article.</p>
      <p><strong>Paragraph 3 </strong>&ndash; The contracting shall seek to ensure that    the technical defense is continued by the same law firm that started the    defense of an agent until the end of said proceeding, unless the agent elects    another law firm that shall be hired by company for the same purpose.</p>
      <p><strong>Paragraph 4 &ndash; </strong>If, by any reason, no preapproved or hired    law firm has been hired by the company, the agent may hire a legal counsel he    trusts and have the legal fees or any other expenses incurrent in his    technical defense paid to him in advance or reimbursed by the company, after    presenting evidence that such expenses have been or will be incurred,    provided that the amounts involved have been approved by the Board of    Directors as to their reasonableness.<strong> </strong></p>
      <p><strong>Paragraph 5 &ndash; </strong>The company shall ensure the technical    defense as well as access in real time to all required documentation for this    effect. It shall also bear all legal costs, charges of any nature,    administrative expenses and court deposits.<strong></strong></p>
      <p><strong>Paragraph 6 </strong>- Agents found guilty or held liable, with a    final and unappealable decision, shall be obliged to reimburse the company    for the amounts effectively disbursed, except when it is evidenced that they    acted in good faith and in pursue of corporate interest. </p>
      <p><strong>Paragraph 7 &ndash; </strong>The company may contract insurance on behalf    of the members of its statutory bodies, as well as of its employees,    representatives and proxies, for covering liabilities arising from the    performance of their duties.</p></td>
    <td width="25%" valign="top"><p align="center">Replaced, with changes in wording, as of the    previous Art. 49</p></td>
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    <td width="25%" valign="top"><p align="center"><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER XII</strong><br>
            <strong>AUDIT COMMITTEE</strong></p>
        <p><strong>ARTICLE 32 </strong>- The Company shall have an    Audit Committee composed of three Board of Directors&rsquo; Members, who shall    cumulatively comply with the requirements of (i) independence, (ii) technical    expertise, and (iii) availability of time.<strong> </strong></p>
      <p><strong>Paragraph 1 &ndash; </strong>All    members of the Audit Committee shall comply with the Independence requirements provided for in    the applicable legislation, without prejudice to any allowed exoneration,<strong> </strong></p>
      <p><strong>Paragraph 2 -</strong> All members of the Audit Committee shall have sufficient technical knowledge    in accounting and financial matters, being advisable that at least one member    has also good knowledge of the internationally-accepted accounting standards,    besides having experience in analysis, preparation and evaluation of    financial statements and having knowledge of internal controls and policies    for disclosing information to the market.</p>
      <p><strong>Paragraph 3 &ndash; </strong>The    minimum availability required from each member of the Audit Committee shall    correspond to thirty (30) hours per month.</p>
      <p><strong>ARTICLE 33 </strong>- The Audit    Committee&rsquo;s members may be designated simultaneously with their appointment    to the Board of Directors, or by later resolution of the Board of Directors    itself.</p>
      <p><strong>Sole paragraph </strong>&ndash; The    Audit Committee&rsquo;s members shall exercise their function for the same period    as the respective term of office of the Board of Director&rsquo;s Member, or until    otherwise resolved by the Shareholders&rsquo; General Meeting or the Board of    Directors itself.<strong> </strong></p>
      <p><strong>ARTICLE 34 </strong>- It shall fall to the Audit    Committee: </p>
      <p>I - to evaluate the    guidelines of the hiring process of an independent audit company, as well as    other conditions for service provision, recommending the hiring to the board    of directors;<br>
        II- to justifiably propose    the replacement of the independent audit company;<br>
        III- to express prior    opinion on the hiring of other services from the independent audit company,    or companies related thereto, that are not comprised in audittypical    activities;<br>
        IV- to express its opinion,    at any time, about the performance of the accounting and internal audit    departments, proposing to the Executive Board the measures that it deems    appropriate;<br>
        V- to deal directly with the    internal audit department and the independent auditors, following up on the    respective work, together with the Economic-Financial and Investor Relations    Office;<br>
        VI- to analyze the internal    audit&rsquo;s and the independent auditors&rsquo; reports before they are submitted to    the Board of Directors;<br>
        VII- to see that the material    resources made available to the internal audit are adequate;<br>
        VIII - to follow up on the    preparation of the quarterly, interim and annual financial statements,    seeking to ensure their integrity and quality, informing the board of    directors when necessary;<br>
        IX- to constantly evaluate the accounting    practices, the internal controls and processes adopted by the Company,    seeking to identify critical issues, financial risks and potential    contingencies, and proposing such improvements as they<br>
        deem necessary;<br>
        X- to follow up on Company&rsquo;s compliance    activities;<br>
        XI- to request the hiring of specialized    services to support the Audit Committee&rsquo;s activities, whose remuneration    shall be supported by the Company, within its annual approved budget;<br>
        XII- to receive and handle denunciations and    complaints from third parties on issues related to accounting, internal    accounting controls and audit. </p>
      <p><strong>Paragraph 1 &ndash; </strong>Resolutions    of the Audit Committee shall made by the majority of its members, without    prejudice to the right of its members to individually request information and    examine Company&rsquo;s books, documents and papers.<br>
            <strong>Paragraph 2 &ndash; </strong>Reports    made by the internal audit department and by the independent audit company    shall always be simultaneously submitted to the Executive Board and the Audit    Committee&rsquo;s members.<strong> </strong></p>
      <p><strong>ARTICLE 35 </strong>&ndash; The Audit    Committee shall draft its Internal Regulations, and submit them to Board of    Directors&rsquo; approval.</p>
      <p><strong>Sole paragraph &ndash;</strong> The Internal Regulations may expand the    powers of the Audit Committee, and shall also provide for the holding of    periodic meetings, the form of registration of its opinions and resolutions,    in addition to other issues deemed<br>
        appropriate to the good    development the work.</p>
      <p><strong>ARTICLE 36 - </strong>The    remuneration of the Audit Committee&rsquo;s members shall be differentiated from<br>
        that of the other Board of Directors&rsquo; Members,    by virtue of their greater dedication and responsibilities undertaken.</p>
      <p><strong>ARTICLE 37 - </strong>The Audit    Committee shall have its own annual budget approved by the Board of    Directors.</p>
      <p><strong>Sole paragraph </strong>- The    Executive Board shall promptly make available the financial resources    requested by the Audit Committee for the performance of its duties, within    the limit of the approved budget.<strong> </strong></p></td>
    <td width="25%" valign="top"><p>&nbsp;</p>
        <p>Previous    articles 17 to 22, that discussed Audit Committe, were replaced by articles    32 to 37, maintaining previous wording, except for small changes as follows:<br>
          - Art.    17, &sect; 2 (current Art. 32, &sect; 2)<br>
          - Art. 19, items &ldquo;a&rdquo; and &ldquo;h&rdquo; (current Art. 34,    subparagraphs I and VIII)</p></td>
  </tr>
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<p>&nbsp;</p>
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    <td width="25%" valign="top"><p align="center"><strong>CHAPTER    VIII</strong><br>
            <strong>ARBITRATION</strong></p>
        <p><strong>ARTICLE    40 </strong>&ndash; The Company, its shareholders, Managers and the members of the Fiscal    Council undertake to submit to arbitration any and all dispute or controversy    that may arise between them, related to or caused by, particularly, the    application, validity, effectiveness,interpretation, violation and its    effects, of the provisions set forth in Law 6,404/76, in these Bylaws, in the    rules issued by the <em>Conselho Monet&aacute;rio Nacional </em>(National Monetary    Council), by the Central Bank of Brazil, and by the <em>Comiss&atilde;o de Valores    Mobili&aacute;rios</em>, as well as in the other rules applicable to the operation of    the capital market in general, besides those provided for in the <em>Regulamento    de Listagem do Novo Mercado </em>(New Market Listing Regulations), the <em>Contrato    de Participa&ccedil;&atilde;o do Novo Mercado </em>(New Market Participation Agreement) and    the Arbitration Regulations of the <em>C&acirc;mara de Arbitra



gem do Mercado </em>(Market    Arbitration Chamber), to be carried out by the <em>C&acirc;mara de Arbitragem do    Mercado </em>instituted by BOVESPA, pursuant to the Regulations of the    referred Chamber, subject to the reservation applicable to the inalienable    rights.</p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER XIII</strong><br>
            <strong>ARBITRATION</strong></p>
        <p><strong>ARTICLE 38 </strong>- The Company, its shareholders, Managers and    the members of the Fiscal Council undertake to submit to arbitration any and    all dispute or controversy that may arise between them, related to or caused    by, particularly, the application, validity, effectiveness,interpretation,    violation and its effects, of the provisions set forth in Law 6,404/76, in    these Bylaws, in the rules issued by the <em>Conselho Monet&aacute;rio Nacional </em>(National    Monetary Council), by the Central Bank of Brazil, and by the <em>Comiss&atilde;o de    Valores Mobili&aacute;rios</em>, as well as in the other rules applicable to the    operation of the capital market in general, besides those provided for in the <em>Regulamento de Listagem do Novo Mercado </em>(Novo Mercado Listing    Regulations), the <em>Contrato de Participa&ccedil;&atilde;o do Novo Mercado </em>(Novo    Mercado Participation Agreement) and the Arbitration Regulations of the <em>C&acirc;mara    de Arbitragem d



o Mercado </em>(Market Arbitration Chamber), to be carried out    by the <em>C&acirc;mara de Arbitragem do Mercado </em>instituted by BOVESPA, pursuant    to the Regulations of the referred Chamber, subject to the reservation    applicable to the inalienable rights.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Renumbered, with no    changes in wording</p></td>
  </tr>
</table>
<p>&nbsp;</p>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

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  <tr>
    <td width="25%" valign="top"><p align="center"><strong>CAP&Iacute;TULO    IX</strong><br>
            <strong>CHANGE OF CONTROL AND CANCELLATION    OF THE PUBLICLY-HELD COMPANY</strong><br>
            <strong>REGISTRATION </strong><br>
            <strong>ARTICLE    41 - </strong>The disposition of the    share control of the Company, either through a single transaction or through    a number of successive transactions, shall be contracted on the suspensive or    resolutory condition that the new controlling shareholder undertakes to make    a public offer for the acquisition of the shares held by the other    shareholders of the Company,subject to the terms and conditions provided for    by the legislation in force and in the <em>Regulamento de Listagem do Novo    Mercado da BOVESPA</em>, so as to ensure them equal treatment as compared to    the Controlling Shareholder.<br>
            <strong>Sole paragraph &ndash; </strong>The    Company shall not register any shares transfer to the Purchaser of the    control, or to that (those) that may hold the control, while he/she(they)    do(es) not execute the relevant Instrument of Controlling Shareholder&rsquo;s    Consent, required by the applicable regulations.</p>
        <p><strong>ARTICLE 42 - </strong>The public offer referred to in the previous article shall also take    place in the following cases:</p>
      <p>I - onerous    assignment of shares&rsquo; subscription rights and of other titles or rights in    connection with securities convertible into shares, that results in the    disposition of the Company&rsquo;s control; and</p>
      <p>II - disposition of    the control of a company that controls the Company,provided that in that    event the Seller Controlling Shareholder shall disclose to BOVESPA the value    ascribed to the Company for such disposition and attach the documents that    evidence its value.</p>
      <p><strong>ARTICLE 43 </strong>- The    shareholder that already holds shares of the Company and acquires the control    by virtue of a private share purchase agreement entered into with the    controlling shareholder, regardless of the number of shares purchased, shall:</p>
      <p>I.    make the public offer as provided for in Article 41 herein; and </p>
      <p>II. reimburse the shareholders from whom    it/he/she has purchased shares in a stock exchange within the six (6) month    period before the date of the sale of the Company&rsquo;s control, case in which    it/he/she shall pay those former shareholders any balance between the amount    paid to the seller controlling shareholder and the amounts paid in the stock    exchange for company&rsquo;s shares within the same period, monetarily adjusted    until the payment date.</p>
      <p><strong>ARTICLE    44 - </strong>Without prejudice to the    legal and bylaws&rsquo; provisions, the cancellation of Company&rsquo;s registration as a    publicly-held company shall be preceded by a shares&rsquo; public offer, to be made    by the shareholder that holds the Control (&ldquo;Offeror&rdquo;), whose minimum price    must be the economic value assessed in an appraisal report based on a    methodology recognized by the CVM or based on criteria further defined by    CVM, in accordance with the following article. <br>
            <strong>ARTICLE    45 </strong>- The appraisal report referred to in the previous    article shall be prepared by an expert company with proven background and    independent as far as Company&rsquo;s decision power,its managers and controlling    parties are concerned, besides meeting the requirements of paragraph 1 of    article 8 of Law n. 6,404/76 and it shall include the liability provided for    in paragraph 6 of the same article of the Law.</p>
      <p><strong>Paragraph 1</strong> - The choice of the expert company in charge    of the assessment of company&rsquo;s economic value shall fall to the Shareholders    General Meeting upon the submission of a list of three companies by the Board    of Directors, provided that the respective resolution shall be made by    absolute majority of votes of the outstanding shares, cast in the    Shareholders&rsquo; General Meeting that makes the resolution on such matter, the    blank votes being excluded; <br>
            <strong>Paragraph 2 - </strong>Without prejudice to the previous paragraph, in case the Shareholder&rsquo;s    General Meeting is instituted in first call, the attendance of the    shareholders representing at least twenty per cent (20%) of the total of the    outstanding shares is required. If instituted in second call, no minimum of    shareholders representing outstanding shares is required.</p>
      <p><strong>Paragraph 3</strong> <strong>- </strong>The costs of preparation of the appraisal    reports shall be fully borne by<br>
        the Offeror. </p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER XIV</strong><br>
            <strong>CHANGE OF CONTROL AND CANCELLATION    OF THE PUBLICLY-HELD COMPANY</strong><br>
            <strong>REGISTRATION</strong></p>
        <p><strong>ARTICLE 39 </strong>- The disposition of the share control of the Company, either through a    single transaction or through a number of successive transactions, shall be    contracted on the suspensive or resolutory condition that the new controlling    shareholder undertakes to make a public offer for the acquisition of the    shares held by the other shareholders of the Company,subject to the terms and    conditions provided for by the legislation in force and in the <em>Regulamento    de Listagem do Novo Mercado da BOVESPA</em>, so as to ensure them equal    treatment as compared to the Controlling Shareholder.</p>
      <p><strong>Sole paragraph &ndash; </strong>The    Company shall not register any shares transfer to the Purchaser of the    control, or to that (those) that may hold the control, while he/she(they)    do(es) not execute the relevant Instrument of Controlling Shareholder&rsquo;s    Consent, required by the applicable regulations.</p>
      <p><strong>ARTICLE 40 </strong>- The public offer referred to in the previous article shall also take    place in the following cases:</p>
      <p>I - onerous    assignment of shares&rsquo; subscription rights and of other titles or rights in    connection with securities convertible into shares, that results in the    disposition of the Company&rsquo;s control; and</p>
      <p>II - disposition of    the control of a company that controls the Company,provided that in that    event the Seller Controlling Shareholder shall disclose to BOVESPA the value    ascribed to the Company for such disposition and attach the documents that    evidence its value.</p>
      <p><strong>ARTICLE 41 </strong>- The shareholder that already holds shares of the    Company and acquires the control by virtue of a private share purchase    agreement entered into with the controlling shareholder, regardless of the    number of shares purchased, shall:</p>
      <p>I.    make the public offer as provided for in Article 41 herein; and </p>
      <p>II. reimburse the shareholders from whom    it/he/she has purchased shares in a stock exchange within the six (6) month    period before the date of the sale of the Company&rsquo;s control, case in which    it/he/she shall pay those former shareholders any balance between the amount    paid to the seller controlling shareholder and the amounts paid in the stock    exchange for company&rsquo;s shares within the same period, monetarily adjusted    until the payment date.</p>
      <p><strong>ARTICLE 42 </strong>- Without prejudice to the legal and bylaws&rsquo; provisions, the    cancellation of Company&rsquo;s registration as a publicly-held company shall be    preceded by a shares&rsquo; public offer, to be made by the shareholder that holds    the Control (&ldquo;Offeror&rdquo;), whose minimum price must be the economic value    assessed in an appraisal report based on a methodology recognized by the CVM    or based on criteria further defined by CVM, in accordance with the following    article.</p>
      <p><strong>ARTICLE 43 </strong>- The appraisal report referred to in the previous    article shall be prepared by an expert company with proven background and    independent as far as Company&rsquo;s decision power,its managers and controlling    parties are concerned, besides meeting the requirements of paragraph 1 of    article 8 of Law n. 6,404/76 and it shall include the liability provided for    in paragraph 6 of the same article of the Law. </p>
      <p><strong>Paragraph 1</strong> &ndash; The choice of the expert company in charge of the assessment of    company&rsquo;s economic value shall fall to the Shareholders General Meeting upon    the submission of a list of three companies by the Board of Directors,    provided that the respective resolution shall be made by absolute majority of    votes of the outstanding shares, cast in the Shareholders&rsquo; General Meeting    that makes the resolution on such matter, the blank votes being excluded.</p>
      <p><strong>Paragraph 2</strong> &ndash; Without prejudice to the previous paragraph, in case the    Shareholder&rsquo;s General Meeting is instituted in first call, the attendance of    the shareholders representing at least twenty per cent (20%) of the total of    the outstanding shares is<br>
        required. If    instituted in second call, no minimum of shareholders representing    outstanding shares is required.</p>
      <p><strong>Paragraph 3 </strong>&ndash; The costs of preparation of the appraisal reports shall be fully    borne by<br>
        the Offeror.<strong> </strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">&nbsp;</p>
      <p align="center">Renumbered articles, without changes in wording</p></td>
  </tr>
</table>
<p>&nbsp;</p>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:9px">

  <tr>
    <td width="25%" valign="top"><p align="center"><strong>CHAPTER X</strong><br>
            <strong>EXIT FROM THE NEW MARKET</strong><br>
            <strong>ARTICLE    46 </strong>- The exit of the Company from the New Market shall    be approved in a Shareholder&rsquo;s General Meeting, and such resolution shall    specify if the exit is due to the cancellation of the publicly-held company&rsquo;s    registration or because its securities will be registered for trade outside    the New Market, and shall be informed to BOVESPA in writing thirty (30) days    in advance.</p>
        <p><strong>Paragraph 1 - </strong>The Controlling Shareholder shall make a public offer for the    acquisition of shares owned by the other Company&rsquo;s shareholders, for at least    the respective economic value, to be assessed pursuant to the provisions of    article 45, if the exit of the Company from the New Market takes place:</p>
      <p>I. when the Company&rsquo;s securities will be    registered for trade outside the New Market; or<br>
        III.    by virtue of a corporate    restructuring transaction, in which the resulting company is not admitted to    trading in the New Market.</p>
      <p><strong>Paragraph    2</strong> - The news on the public    offer shall be informed to BOVESPA and disclosed to the market immediately    after the Shareholder&rsquo;s General Meeting that has approved the referred exit    or reorganization. </p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER XV</strong><br>
            <strong>EXIT FROM THE NOVO MERCADO</strong></p>
        <p><strong>ARTICLE 44 </strong>- The exit of the Company from the Novo Mercado shall    be approved in a Shareholder&rsquo;s General Meeting, and such resolution shall    specify if the exit is due to the cancellation of the publicly-held company&rsquo;s    registration or because its securities will be registered for trade outside    the Novo Mercado, and shall be informed to BOVESPA in writing thirty (30)    days in advance.</p>
      <p><strong>Paragraph 1 </strong>&ndash; The Controlling Shareholder shall make a public offer for the    acquisition of shares owned by the other Company&rsquo;s shareholders, for at least    the respective economic value, to be assessed pursuant to the provisions of    article 45, if the exit of the Company from the Novo Mercado takes place:</p>
      <p>I - when the    Company&rsquo;s securities will be registered for trade outside the Novo Mercado;    or</p>
      <p>II - by virtue of a    corporate restructuring transaction, in which the resulting company is not    admitted to trading in the Novo Mercado.</p>
      <p><strong>Paragraph 2</strong> - The news on the public offer shall be informed to BOVESPA and    disclosed to the market immediately after the Shareholder&rsquo;s General Meeting    that has approved the referred exit or reorganization.<strong> </strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Renumbered, with no    changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p align="center"><strong>CHAPTER    XI</strong><br>
            <strong>MISCELLANEOUS</strong> </p></td>
    <td width="50%" valign="top"><p align="center"><strong>CHAPTER XVI</strong><br>
            <strong>MISCELLANEOUS</strong> </p></td>
    <td width="25%" valign="top"><p align="center">Renumbered, with no changes in wording</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    47 &ndash; </strong>Pursuant to the legal provisions, the Company is the    successor of any and all<br>
      rights    and obligations of both <em>Companhia Metropolitana de &Aacute;gua de S&atilde;o Paulo </em>-    COMASP and the <em>Companhia Metropolitana de Saneamento de S&atilde;o Paulo </em>-    SANESP, whose consolidation gave rise to the Company, being liable with    respect to the aforementioned companies and with respect to third parties,    including governmental bodies and domestic and foreign entities, for any    financial obligations undertaken by them.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of article</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>Sole    paragraph - </strong>The Company is subrogated in all the rights    and obligations of<br>
            <em>Superintend&ecirc;ncia de &Aacute;gua e Esgotos    da Capital </em>(&quot;SAEC&quot;)    and <em>Fomento Estadual de</em><br>
            <em>Saneamento    B&aacute;sico </em>(&quot;FESB&quot;), pursuant to the provisions of    Articles 9 and 17 and their<br>
      respective    sole paragraphs, both of State Law n. 119, dated June 29, 1973, which authorized    its<br>
      incorporation,    as amended by State Laws n. 6,851, dated May 3, 1990, and n. 12,292, dated<br>
      March 2, 2006.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of    paragraph</p></td>
  </tr>
</table>
<p>&nbsp;</p>
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  <tr>
    <td width="25%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 45 </strong>&ndash; Until April 30 of each year, the company    will publish its table of positions and functions, filled and vacant, related    to the previous year, in compliance with the provisions in paragraph 5, of    article 115, of the State Constitution.</p></td>
    <td width="25%" valign="top"><p align="center">Inclusion of article</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    48 - </strong>As    Supporter and Sponsor of the <em>Funda&ccedil;&atilde;o SABESP de Seguridade Social </em>(&quot;SABESPREV&quot;),    whose operation is authorized by MTPS&rsquo;s Ordinance n. 3,556, dated 8/8/90, the    Company shall participate in SABESPREV, subject to the following conditions:</p>
        <p>I &ndash; The monthly contribution    of the Sponsor shall not exceed two point one per cent (2,1%) of the payroll (gross    salaries, exclusive of payroll charges), subject to the applicable social    security legislation.</p>
      <p>II - In case the resources    are not sufficient to pay the beneficiaries, the Sponsor shall not exceed    this percentage of two point one per cent (2,1%) of the payroll, in which    case SABESPREV shall adjust the Employees&rsquo; contribution, or proportionally    reduce the amount of the benefits , subject to the applicable legislation.</p>
      <p>III &ndash; SABESPREV&rsquo;s assets    shall result from its own resources or, in case the Company needs to transfer    any personal or real property, make investments, bear any costing expenses or    provide guaranties to SABESPREV, it shall have the prior and express approval    of the CODEC or of the Secretary of Finance, whose values shall be offset by the    contribution fixed in item I of this article, upon the monthly transfers.</p>
      <p>IV &ndash; In order to avoid the    indirect distribution of funds beyond the prefixed limit, the assignment of    Company&rsquo;s employees to SABESPREV or the hiring of any services between SABESPREV    and the Company, shall be subject to offset and to prior opinion to be    provided by CODEC or of the Secretary of Finance.</p>
      <p>V &ndash; The Company&rsquo;s Officers,    in addition to their responsibilities provided for by law, shall also be    liable for any failure to comply with the rules provided for in the Bylaws,    and in connection with SABESP&rsquo;s sponsorship to SABESPREV. </p></td>
    <td width="50%" valign="top"><p><strong>ARTICLE 46 </strong>- As Supporter and Sponsor of the <em>Funda&ccedil;&atilde;o    SABESP de Seguridade Social </em>(&quot;SABESPREV&quot;), whose operation is    authorized by  Ordinance n. 3,556, dated 8/8/90, of the Minist&eacute;rio de Estado do Trabalho e da Previd&ecirc;ncia Social (&quot;MPTS&quot;) - State Ministry of Labor and Social Security -, the Company shall    participate in SABESPREV, subject to the following conditions:</p>
        <p>I &ndash; The monthly contribution    of the Sponsor shall not exceed two point one per cent (2,1%) of the payroll    (gross salaries, exclusive of payroll charges), subject to the applicable    social security legislation.</p>
      <p>II - In case the resources    are not sufficient to pay the beneficiaries, the Sponsor shall not exceed    this percentage of two point one per cent (2,1%) of the payroll, in which    case SABESPREV shall adjust the Employees&rsquo; contribution, or proportionally    reduce the amount of the benefits , subject to the applicable legislation.</p>
      <p>III &ndash; SABESPREV&rsquo;s assets    shall result from its own resources or, in case the Company needs to transfer    any personal or real property, make investments, bear any costing expenses or    provide guaranties to SABESPREV, it shall have the prior and express approval    of the CODEC or of the Secretary of the State Treasury, whose values shall be    offset by the contribution fixed in item I of this article, upon the monthly    transfers.</p>
      <p>IV &ndash; In order to avoid the    indirect distribution of funds beyond the prefixed limit, the assignment of    Company&rsquo;s employees to SABESPREV or the hiring of any services between    SABESPREV and the Company, shall be subject to offset and to prior opinion to    be provided by CODEC or of the Secretary of the State Treasury.</p>
      <p>V &ndash; The Company&rsquo;s Officers,    in addition to their responsibilities provided for by law, shall also be    liable for any failure to comply with the rules provided for in the Bylaws,    and in connection with SABESP&rsquo;s sponsorship to SABESPREV.<strong></strong></p></td>
    <td width="25%" valign="top"><p align="center">Renumbered, with no changes in wording</p></td>
  </tr>
</table>
<p>&nbsp;</p>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<TABLE border=1 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:9px">

  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    49 &ndash; </strong>The Company shall ensure to its Officers, Board of    Directors&rsquo; Members, Fiscal<br>
      Council&rsquo;s    Members and employees or representatives that act by delegation of the    managers,&nbsp; the technical legal defense,    in legal proceedings and administrative proceedings, whose subject-matter are    facts resulting from or acts practiced during the performance of their legal    or institutional duties.<br>
      <strong>Paragraph    1 </strong>&ndash; The guarantee of defense is ensured even after the    agent has for any<br>
      reason    left the office, or ceased the exercise of the function.<br>
      <strong>Paragraph    2 &ndash; </strong>At the agent&rsquo;s discretion and provided that there is    no conflict of interests, the defense shall be made by the attorneys    composing Company&rsquo;s staff.<br>
      <strong>Paragraph    3 &ndash; </strong>The agent may elect to hire an attorney of his(her)    trust, whose fees shall be paid in advance or promptly reimbursed by the    Company, in accordance with the parameters set by the <em>Conselho de Defesa    dos Capitais do Estado &ndash; CODEC.</em><br>
      <strong>Paragraph    4 </strong>&ndash; Besides the legal defense, the Company shall bear    the court costs,<br>
      charges    of any nature, administrative expenses and court deposits.<br>
      <strong>Paragraph    5 </strong>&ndash; The agent that is defeated or held liable, with a    final and unappealable<br>
      decision,    shall be obliged to reimburse the Company for the amounts effectively<br>
      disbursed,    except when it is evidenced that he/she acted in good faith and aiming at the<br>
      corporate    interest.<br>
      <strong>Paragraph    6 </strong>&ndash; The provisions of this article are only applicable    provided that they are not<br>
      covered    by liability insurance taken out at Company&rsquo;s expenses.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">&nbsp;</p>
        <p align="center">Replaced, with changes in wording, to the current    Art. 31</p></td>
  </tr>
  <tr>
    <td width="25%" valign="top"><p><strong>ARTICLE    50 &ndash; </strong>The omissions in these Bylaws shall be solved by the    Shareholder&rsquo;s General<br>
      Meeting    and regulated according to the provisions of Law n. 6,404/76 as amended.</p></td>
    <td width="50%" valign="top"><p><strong>&nbsp;</strong></p></td>
    <td width="25%" valign="top"><p align="center">Exclusion of article</p></td>
  </tr>
</table>
<p>&nbsp;</p>
<H5 align="left" style="page-break-before:always"></H5>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B><u>SIGNATURE </u></B></FONT><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV align=justify><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized, in the city S&#227;o Paulo, Brazil. </FONT></DIV>
<p></p>
<DIV align=justify><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">


Date: August 21, 2008</FONT></DIV>
<p></p> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="60%" BORDER="0">
<TR>
<TD VALIGN="top" COLSPAN="3" WIDTH="50%">
<DIV align=left><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"> <b> Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </b> </FONT></DIV></TD>
</TR>
<TR>
<TD HEIGHT="16"> </TD>
</TR>
<TR>
  <TD VALIGN="top"><DIV align=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></DIV></TD>
  <TD VALIGN="bottom" ALIGN="center"><DIV ALIGN="center">
    <DIV ALIGN="center">/S/&nbsp;Rui de Britto &Aacute;lvares Affonso&nbsp;</DIV>
    <HR NOSHADE SIZE=1 COLOR="#000000" ALIGN="left">
  </DIV>      </TD>
  </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="43%">
<DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Name: Rui de Britto &#193;lvares Affonso </FONT></DIV>
<DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Title: Chief Financial Officer and Investor Relations Officer  </FONT></DIV></TD>
</TR>
</TABLE>



</DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<P>&nbsp;</P>
<P></P>

<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT FACE="'Times New Roman, Times, Serif'" SIZE=2>
This press release may contain forward-looking statements.
These statements are statements that are not historical facts, and are based on
management's current view and estimates of future economic circumstances,
industry conditions, company performance and financial results. The words "anticipates", "believes",
"estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended
to identify forward-looking statements. Statements regarding the declaration or payment of dividends,
the implementation of principal operating and financing strategies and capital
expenditure plans, the direction of future operations and the
factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking
statements. Such statements reflect the current views of management and are subject to a
number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The
statements are based on many assumptions and factors, including general economic and market conditions,
industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual
results to differ materially from current expectations.
 </FONT></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
