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Dec 14, lei de 28 de maio de 10, Parágrafo Terceiro – Compete à Diretoria exercer as atribuições que a Lei, o Estatuto Social e o Conselho de . da Companhia e o valor pago em bolsa, pelas ações da Companhia neste período, devidamente atualizado. Dec 11, (Available from ccivil_03/Leis/. Lhtm. Accessed 8/12/). BRAZIL. Law No , of 25 November.

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Any increases in programming costs that we are unable to pass on to our customers would adversely affect our cash flows and operating margins. As part of our cost-cutting initiatives, in Julywe also outsourced our information technology systems, resulting in the dismissal of 87 employees. Pursuant to this plan, whereby we made an analysis of our network on a node-by-node basis, we will target our capital spending on selected portions of our existing network, principally in wealthy, urban areas, where we anticipate greater demand for broadband, digital cable and advanced services.

Class A and B households are especially attractive to us, as we believe they will demonstrate significant demand over time for our premium pay-television and Internet services and have relatively high creditworthiness. See note 1 to our consolidated financial statements.

Our annual churn rate has generally declined from its peak rates in andas indicated in the table below: We believe that this approach will allow us to target our capital expenditures and other upfront costs to households that have the greatest likelihood to subscribe to digital service.

FIN 46 applies immediately to variable interest entities created after January 31,and to variable interest entities in which an enterprise obtains an interest after that date.

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We are in the early stage of assessing the introduction of new services such as digital cable television and near video-on-demand. You might be unable to exercise preemptive rights with respect to the preferred shares. Since a substantial portion of our network is composed of aboveground cables, the imposition of ISS atualizxda rental amounts could adversely affect our operating results.

Duringwe experienced significant growth, both from the acquisition of Net Sul and on our existing subscriber base. In connection with the cable TV services, although the PGO permits the fixed-line telephone operators to provide other telecommunications services, they are still subject to certain limitations. We maintain our network by employing, as of December 31,a maintenance atuapizada of approximately employees and approximately 49 independent contractors.

It also clarifies that a guarantor is required to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. Inwe focused on upgrading the quality of our network to increase bandwidth and install two-way communication capability.

A cable system consists of three major parts: Two companies, Embratel and Telefonica, lead the data transmission market in Brazil.


Inflationary pressures may also curtail our ability to access foreign financial markets and may lead to further government intervention in the economy, including the introduction of government atualizaca that may adversely affect the overall performance of the Brazilian economy.

Since this charge was 100683 for the first time inreflecting a change in accounting principles, the impairment losses were recognized as non-operational.

While this cost differential may give an MMDS operator some competitive advantage in providing pay-television services, this advantage may be offset by several factors. We include as disconnected only those subscribers whose payment has been in arrears for more than 30 days. Our judgment is always based on the opinion of our external legal advisors. A home terminal, or set-top box, which atualuzada an individual subscriber to receive the cable signal. In light of such deregulation, the fixed-line telephone operators, after satisfying certain leei, will now be able to obtain new licenses and own capital stock of companies authorized by Anatel to offer other telecommunications services, such as cable TV services.

Increases in our programming costs would adversely affect our cash flow and operating margins. We depend on key members of our senior management. The Southern Brazil cluster became a part of our operations in connection with our acquisition of Net Sul in September In building our network and marketing our services, we have focused primarily on Class A and B households, which have the largest disposable income available to purchase athalizada services, particularly value-added services.

Each node is fed agualizada sixteen fibers. The Brazilian government may impose temporary restrictions on the conversion of Brazilian currency into foreign currencies and on the remittance to foreign investors of proceeds from their investments in Brazil.

Our capital spending plan targets our capital expenditures in geographic areas and on services where we believe we can achieve higher returns on our investments. In accordance with regulations, we offer Internet access services only to subscribers of our pay-television services. We cannot assure you that our other lenders or debt holders will not seek to accelerate amounts outstanding under any of our debt facilities or instruments or seek to exercise legal remedies to enforce their rights thereunder or in accordance with Brazilian law.

Our current network architecture utilizes advanced technologies, including significant use of fiber-optic cable.

This capacity allows subscribers to access numerous premium services including analog pay-per-view services and Internet access. We have not made atuaoizada principal or interest payments on any of our debt since December 2,and we have not maintained specified financial ratios nor met specified financial tests required under certain debt facilities and instruments.

Negative developments or changes in our relationship with Globopar and its atuaoizada could adversely affect our access to programming. This discussion and analysis contains forward-looking statements that involve risks and uncertainties.


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Since Augustwe have been developing a new system structure with the aim to improve all internal controls and user accesses. Our cable network in Region 2 is served by 6 headends. If reintroduced, these restrictions would hinder or prevent the conversion of dividends, distributions or the proceeds from any sale of preferred shares, as the case may be, from reais into U.

We have engaged The Blackstone Group, an investment bank, to assist us with the restructuring of our debt facilities and instruments. The relatively small market capitalization and illiquidity of the Brazilian equity markets may cause the price of securities of Brazilian companies, including our ADSs and preferred shares, to fluctuate in both the domestic and international markets.

Includes temporarily blocked subscribers of 34, on December 31,18, on December 31, and 7, on December 31,for a total number of actively paying subscribers of 1, on December 31,1, on December 31, and 1, on December 31, We have occasionally offered discounts under special marketing promotions. Neither our by-laws nor Brazilian corporate law specifies the circumstances in which a distribution would not be compatible with our financial situation.

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Our Plus package has not been available for new subscriptions since Substantially all of our assets and those of these other persons are located in Brazil. Each programming package described in this table also includes the channels listed in the programming package s preceding it. We believe that we have meritorious and substantial defense arguments. Our business, financial condition and results of operations may be adversely affected by such changes in policy as well as other factors outside of our control such as: In addition, our subscriber base has the following characteristics: The tax is assessed per meter of cable installed in the municipalities in which this tax was created and varies widely by municipality.

Duringagualizada experienced decreased churn when compared to levels due to various factors, including positive results from the implementation of a more selective screening process when atualizzda whether to accept new subscribers, use of retention islands, a program that utilizes skilled customer service representative to target the subscribers that may discontinue their services with us due to dissatisfaction, and our heightened focus on customer satisfaction such as the outsourcing of our customer service centers.

Our advanced, broadband network of coaxial and fiber-optic cable covers over 35, kilometers and passes more than 6.

Free broadcast television remains the dominant media provider in Brazil.