<SEC-DOCUMENT>0001292814-14-000860.txt : 20140408
<SEC-HEADER>0001292814-14-000860.hdr.sgml : 20140408
<ACCEPTANCE-DATETIME>20140408124023
ACCESSION NUMBER:		0001292814-14-000860
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140630
FILED AS OF DATE:		20140408
DATE AS OF CHANGE:		20140408

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31317
		FILM NUMBER:		14750513

	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
<SEQUENCE>1
<FILENAME>sbs20140408_6k.htm
<DESCRIPTION>EXCERPT FROM THE MINUTES OF THE 786TH BOARD OF DIRECTORS MEETING
<TEXT>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Washington, DC 20549 </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORM 6-K</B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><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 color=#000000 size=3 face="Times New Roman"><B>SECURITIES EXCHANGE ACT OF 1934</B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;April 8, 2014</B></FONT></DIV><FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><I>(Exact name of registrant as specified in its charter) </I></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Basic Sanitation Company of the State of Sao Paulo - SABESP </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><I>(Translation of Registrant's name into English) </I></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><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 color=#000000 size=2 face="Times New Roman"><I>(Address of Registrant's principal executive offices) </I></FONT></DIV><BR>

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<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">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 color=#000000 size=2 face="Times New Roman">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>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">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></P>

<P align=center><FONT size=2 face="'Times New Roman, Times, Serif'">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>

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<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">If "Yes" is marked, indicated below the file number assigned to the<BR>registrant in connection with Rule 12g3-2(b):</FONT> </DIV>

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   <TD width="50%" align=right>&nbsp;<FONT face=verdana,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=verdana,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo</FONT></FONT>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT face=verdana,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=verdana,sans-serif>Board of Directors</FONT></FONT></P></DIV></TD></TR></TABLE></DIV><FONT face="folio md bt,sans-serif"><FONT style="FONT-SIZE: 14pt" lang=PT-BR face="folio md bt,sans-serif">&nbsp;</FONT></FONT>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Arial,sans-serif><BR clear=all></FONT><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;</FONT></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 32.4pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 32.4pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Corporate Taxpayer&#8217;s ID (CNPJ): 43.776.517/0001-80</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 32.4pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Company Registry (NIRE): 35.3000.1683-1</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=verdana,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>EXCERPT FROM THE MINUTES OF THE 786<SUP>TH</SUP> BOARD OF DIRECTORS&#8217; MEETING</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=verdana,sans-serif>On March 27, 2014, at 9:00 a.m., the Chairman of the Board of Directors, Edson de Oliveira Giriboni, pursuant to the caput of Article 12 of the Company&#8217;s Bylaws called for an ordinary meeting, which was held in the conference room of the Company&#8217;s headquarters located at Rua Costa Carvalho n&#186; 300, in the city of S&#227;o Paulo, and was attended by the appointed and undersigned members of the Board of Directors of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP.</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU color=black face=verdana,sans-serif> </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=verdana,sans-serif>Installing the meeting, Dr. Edson Giriboni greeted everyone and justified the absence of Board Member Alexander Bialer.</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU color=black face=verdana,sans-serif> </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US color=black face=verdana,sans-serif>(...) </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=verdana,sans-serif>At the end of the meeting, Dr. Edson de Oliveira Giriboni also informed the attending Board members and executive officers of his decision to resign from his position in this Board, as of today, in accordance with the terms of the letter presented now, due to personal reasons, and thanked everyone for their support, attention and trust while he was in the exercise of his activities as Chairman of Sabesp&#8217;s Board of Directors.</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU color=black face=verdana,sans-serif> </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=verdana,sans-serif>In view of this decision and in accordance with paragraph 3, of Article 12 of the Company&#8217;s Bylaws, he </FONT><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=verdana,sans-serif>appointed Board member Alberto Goldman, to temporarily take over the position of Chairman of the Board of Directors,</FONT></B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=verdana,sans-serif> up to the Annual Shareholders&#8217; Meeting scheduled for April 30, 2014, a proposal which was </FONT><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=verdana,sans-serif>accepted by unanimous vote</FONT></B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU color=windowtext face=verdana,sans-serif>.&nbsp;</FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US color=black face=Cambria>&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=verdana,sans-serif>(...)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 3.95pt 0pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>These minutes, after being approved, were signed by the attending members of the Board of Directors. Edson de Oliveira Giriboni, Alberto Goldman, Claudia Polto da <FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Cunha, Dilma Seli Pena, Francisco Vidal Luna, Jer&#244;nimo Antunes, Reinaldo Guerreiro and Walter Tesch.</FONT></FONT>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=Arial,sans-serif>1</FONT></B><FONT style="DISPLAY: none"><B><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=Arial,sans-serif></FONT></B></FONT></P></DIV></DIV>

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   <TD width="50%" align=right>&nbsp;<FONT face=verdana,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=verdana,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo</FONT></FONT>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0pt 0pt 0cm" align=right><FONT face=verdana,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=verdana,sans-serif>Board of Directors</FONT></FONT></P></DIV></TD></TR></TABLE></DIV><FONT face="folio md bt,sans-serif"><FONT style="FONT-SIZE: 14pt" lang=PT-BR face="folio md bt,sans-serif">&nbsp;</FONT></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.95pt 0pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>This is a free English translation of the excerpt of the original Minutes drawn up in the Book of Minutes of the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 32.3pt 0pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>S&#227;o Paulo, March 27, 2014.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 32.4pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Edson de Oliveira Giriboni</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 32.4pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Sandra Maria Giannella</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 32.4pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Chairman of the </FONT></P>

   <P style="MARGIN: 0cm 32.4pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Board of Directors</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 32.4pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Executive Secretary of the </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 32.4pt 0pt 0cm"><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Board of Directors</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 32.4pt 0pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 32.4pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 32.4pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Corporate Taxpayer&#8217;s ID (CNPJ): 43.776.517/0001-80</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 32.4pt 0pt 0cm" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Company Registry (NIRE): 35.3000.1683-1</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=verdana,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>EXCERPT FROM THE MINUTES OF THE 786<SUP>TH</SUP> BOARD OF DIRECTORS&#8217; MEETING</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>On March 27, 2014, at 9:00 a.m., the Chairman of the Board of Directors, Edson de Oliveira Giriboni, pursuant to the caput of Article 12 of the Company&#8217;s Bylaws called for an ordinary meeting, which was held in the conference room of the Company&#8217;s headquarters located at Rua Costa Carvalho n&#186; 300, in the city of S&#227;o Paulo, and was attended by the appointed and undersigned members of the Board of Directors of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP. Installing the </FONT>


<FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>meeting, Dr. Edson Giriboni greeted everyone and justified the absence of Board Member Alexander Bialer. </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=verdana,sans-serif>(...) </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Dilma Pena asked to take the floor to inform the Board that theyof thehad received letter OF.T-14/14 dated March 27, 2014, signed by Dr. Jo&#227;o Paulo Tavares Papa, who communicated his resignation, due to personal reasons, from the position as Sabesp&#8217;s Chief Technology, Enterprises and Environment Officer as of April 02, 2014. She asked to be register her personal recognition of his loyalty and professionalism in the minutes and, on behalf of the other Board members, thanked Dr. Papa for the effort and complete availability during the entire period he served Sabesp in this position. Due to the vacant position, she proposed that the Chief Metropolitan Officer, Paulo Massato Yoshimoto, becomes cumulatively responsible for the Department until the election of a new officer for the position. The attending Board members acknowledged Dr. Jo&#227;o Papa&#8217;s request and thanked him for his dedication and competence.</FONT></P>

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   <TD width="50%" align=right>&nbsp;<FONT face=verdana,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=verdana,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo</FONT></FONT>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Arial,sans-serif><BR clear=all></FONT><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;</FONT></P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=verdana,sans-serif>(...)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 3.95pt 0pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>These minutes, after being approved, were signed by the attending members of the Board of Directors. Edson de Oliveira Giriboni, Alberto Goldman, Claudia Polto da Cunha, Dilma Seli Pena, Francisco Vidal Luna, Jer&#244;nimo Antunes, Reinaldo Guerreiro and Walter Tesch.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.95pt 0pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=verdana,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.95pt 0pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>This is a free English translation of the excerpt of the original Minutes drawn up in the Book of Minutes of the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 32.3pt 0pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>S&#227;o Paulo, March 27, 2014.</FONT></P>

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   <TD width="50%" align=right>&nbsp;<FONT face=verdana,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=verdana,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo</FONT></FONT>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 32.4pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Edson de Oliveira Giriboni</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 32.4pt 0pt 0cm"><B><FONT style="FONT-SIZE: 11pt" lang=EN-AU face=verdana,sans-serif>Sandra Maria Giannella</FONT></B></P></TD></TR>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE&nbsp;</U></B></FONT><FONT size=1>&nbsp;</FONT></DIV></U></B></FONT>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">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. <BR></FONT></DIV>

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;April 8, 2014</FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"><B>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </B></FONT></DIV></TD></TR>

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   <TD vAlign=top align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></TD>

   <TD vAlign=bottom align=left>/s/&nbsp;&nbsp;<FONT style="COLOR: #000000" size=3>Rui de Britto &#193;lvares Affonso</FONT><FONT style="COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp; </FONT>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Name: Rui de Britto &#193;lvares Affonso </FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Title: Chief Financial Officer and Investor Relations Officer </FONT></DIV></TD>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="'Times New Roman, Times, Serif'">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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