CVM Instruction No. 164 of November 5, 1991

CVM INSTRUCTION NO. 164, OF NOVEMBER 5, 1991.

Establishes a scale reducing, based on social capital, the minimum percentage of shareholding required to request the multiple voting process for the election of members of the Board of Directors of a public company.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on 10/31/91, and in accordance with the provisions of art. 8, I, of Law No. 6.385, of December 7, 1976, and art. 291 of Law 6.404, of December 15, 1976,

HAS RESOLVED:

Art. 1. Based on the value of the social capital of the public company, shareholders representing the voting social capital, whether or not provided for in the bylaws, are authorized to request the adoption of the multiple voting process for the election of members of the Board of Directors, observing the following table:

SOCIAL CAPITAL INTERVAL MINIMUM PERCENTAGE OF VOTING CAPITAL (In thousands of Cr$) REQUEST FOR LOWER VALUE UPPER VALUE MULTIPLE VOTE (%) 0 1,200,000 10 1,200,001 2,400,000 9 2,400,001 6,200,000 8 6,200,001 14,000,000 7 14,000,001 35,600,000 6 35,600,001 --- 5

§1. The social capital values presented in the table contained in the caput of this article are in currency as of 10/31/91 and must be considered, to produce their effects, with monetary correction based on the variation of the INPC (National Consumer Price Index) or another index that may replace it in the monetary updating of financial statements.

§2. For classification purposes, the public company will consider its social capital in effect on the date of the convening of the Shareholders' Meeting, monetarily updated, since the date of homologation of said capital, based on the same index referred to in the previous paragraph.

Art. 2. Each share shall be attributed as many votes as there are members of the Board, recognizing to the shareholder the right to cumulate votes in a single candidate or distribute them among several.

Art. 3. The minimum percentage of participation in voting capital necessary to request the adoption of multiple voting shall be included, mandatorily, in the notice of convening of the Shareholders' Meetings intended for the election of members of the Board of Directors of public companies.

Art. 4. Non-compliance with the provisions of this Instruction shall constitute a serious offense, subject to the application of penalties provided for in article 11, items I to VI, of Law No. 6.385/76.

Art. 5. This Instruction shall enter into force on the date of its publication in the Official Gazette of the Union.

Signed originally by
ARY OSWALDO MATTOS FILHO
President