Notice to the Market (Somente em Inglês)

Selling Shareholders
 
Communicate the start of the secondary public distribution of preferred shares and ordinary
shares held by the Selling Shareholders issued by  
 
Registration of a Secondary Public Distribution CVM/SRE/SEC/2005/008 and
CVM/SRE/SEC/2005/009, both on June 15, 2005
ISIN Code for Preferred Shares: BRGETIACNPR4
ISIN Code for Ordinary Shares: BRGETIACNOR7
 
COORDINATORS OF THE OFFER
 
 
 
Lead Coordinator
 
Banco do Estado de São Paulo S.A. - BANESPA, a financial institution with headquarters
at Praça Antonio Prado, number 6, in the  city of São Paulo, State of São Paulo (“BANESPA”), Banco Santander Brasil S.A., a financial institution with headquarters at Rua Amador Bueno, number 474, in the city of São Paulo, State of São Paulo (“Banco Santander”), Banco Nossa Caixa S.A., a financial institution with headquarters at Rua XV de Novembro, number 111, in the city of São Paulo, State of São Paulo (“Banco Nossa Caixa”) and, in conjunction with BANESPA and Banco Santander, the “Selling Shareholders”), Banco de Investimentos  Credit Suisse First Boston S.A. (“Lead Coordinator”) and Banco Santander, in its capacity as coordinator (in conjunction with the Lead Coordinator, the “Coordinators of the Offer”) communicate the start of the secondary public distribution of 18,026,630,497 preferred shares (“Preferred  Shares”) and of 5,494,105,556 ordinary shares (“Ordinary Shares”) and, in conjunction with the Preferred Shares, “Shares” issued by AES Tiete S. A. (“Company”), all of them nominative book shares, without par value and held by the Selling Shareholders, free and unburdened by any onus or encumbrance, at a price of R$40 for each batch of one thousand Preferred Shares and a price of R$ 36.50 for each batch of one thousand Ordinary shares, making up a total of

R$ 921,600,072.64

to be carried out in Brazil over non-organizer counter market, registered with the Securities Commission (“CVM”) and in accordance with the procedures provided for in CVM Instruction nº 400, of December 29, 2003 (“CVM Instruction 400”), and with special attention to sales overseas (“Offer”), based on the exemptions from registration foreseen in Rule 144A and in Regulation S, both pertaining to the Securities Act of 1933 of the United States of America (“Securities Act”).
 
1.  THE OFFER
 
The shares will be distributed in Brazil by the Coordinators of the Offer, in conjunction with the financial institutions contracted by them (“Syndicated Brokers”) and, in conjunction with the Coordinators of the Offer, the (“the Institutions Participating in the Offer”), in the form of a firm guarantee of acquisition.
 
Simultaneous to the public distribution of Shares in Brazil, Credit Suisse First Boston LLC and Santander Investment Limited (“Agents  for International Distribution”), in their capacity as agents for the Coordinators of  the Offer, would concentrate on selling the Shares to institutional investors with residence and abode in the United States, based on the exemptions of registration foreseen in Rule  144A, and in other countries (with the exception of the United States), based on Regulation S, both pertaining to the Securities Act. The foreign institutional investors that  will participate in the initiative for sales overseas should be registered in the CVM, in accordance with the terms set forth in CVM Instruction nº 325, of January 27, 2000, and in the National Monetary Council Resolution nº 2,689, of January 26, 2000, and subsequent  alterations (“Foreign Institutional Investors”). The Shares that are the object  of these overseas sales initiatives by the International Distribution Agents, will mandatorily be acquired, liquidated and paid to the Coordinators of the Offer in local currency and in accordance with the terms of article 19, paragraph 4, of Law nº 6,385, of December 07, 1976 and its alterations.
 
No registration of the Offer of Shares was made with the Securities and Exchange Commission  of the United States of America (“SEC”) or any regulatory body of shares markets in any other country, except Brazil.
 
The total number of Preferred Shares and  Ordinary Shares could be increased by supplementary batches up to 2,703,994,574 preferred shares issued by the Company (“Additional Preferred Shares”) and up to 824,115,833 ordinary shares issued by the Company (“Additional Ordinary Shares” that are, in conjunction with the “Additional Preferred Shares”, the “Additional Shares”) equivalent, respectively, to up to 15% of the Preferred Shares and 15% of Ordinary Shares offered initially, in accordance with options granted by the Selling Shareholders to the Lead Coordinator for the acquisition of Additional Preferred Shares and Additional Ordinary Shares (“Options”), under the terms of article 24 of CVM Instruction 400, that would be allocated exclusively to meet any eventual excess of demand occurring during  the Offer and that will be acquired in accordance with the same conditions and price as the Preferred Shares and the Ordinary Shares offered initially and respectively. The Options could be applied by the Lead Coordinator within a period of 30 days counting from the publication of this Notice of Start.  
 
2. PROCEDURES OF THE OFFER
 
2.1. Plan and Form of Distribution
 
The Coordinators of the Offer, with the express agreement of the Selling Shareholders, elaborated a plan for the distribution of  the Shares, in accordance with the terms of paragraph 3 of article 33 of CVM Instruction 400, that takes into account the relationship between the Coordinators of the Offer and their clients and other  considerations of a commercial or strategic nature that apply whilst ensuring that the Coordinators of the Offer should correlate the investment to the risk  profile of their clients besides treating the investors in a  just and equal manner.
 
In accordance with the Contract for Secondary Public Distribution of Preferred Shares and Ordinary Shares Issued by AES Tiete S.  A. signed by the Selling Shareholders, the Coordinators of the Offer, the Company and the Brazilian Company for Liquidation and Custody (“Distribution Contract and “CBLC”, respectively), the Shares will be distributed in Brazil, in the open over the counter market, in the form of a firm guarantee, not consolidated and carried out by the Coordinators of the Offer in the following quantities:
Coordinators of the OfferNumber of Preferred Shares  
Number of Ordinary Shares
Lead Coordinator 
9,013,315,249
2,747,052,778
Banco Santander 9,013,315,248
2,747,052,778

2.2. Participation of the Investors
 
The Institutions Participating in the Offer will carry out the distribution by way of two distinct offers being one a retail offer (“Retail Offer”) and the other an institutional offer (“Institutional Offer”)
 
2.2.1. Retail Offer
 
Observing the limits described below in item 2.3.1 (Reservation Period), the Retail Offer will be carried out with private and corporate  investors, resident and domiciled in Brazil, that are not considered to be institutional investors and with investment pools that decided to participate in the Retail Offer (“Non-Institutional Investors”) that, to this end, made a reservation request by filling out a specific form (“Reservation Requests”) intended for the acquisition of Preferred Shares and/or Ordinary Shares, as the case might be, under the conditions described in item
2.3 below (Procedure for Distribution)
 
2.2.2. Institutional Offer
 
The Institutional Offer will be carried out with private and corporate entities where the amount of the investment exceeds the maximum limit established by the Retail Offer, investment funds and pools, managed portfolios, pension funds, third party resource management entities registered with CVM, entities authorized to participate by the Central Bank, condominiums dedicated to applications in bonds and securities portfolios registered with CVM and/or the São Paulo Shares Exchange – Bovespa (“BOVESPA”), insurance companies, entities for complementary social welfare and capitalization and Foreign Institutional Investors (“Institutional Investors”).
 
Investors residing in the country are not subject to restrictions for selling, in Brazil, Shares acquired in the Offer but in keeping with Brazilian legislation the Foreign Institutional Investors that acquire Shares in the Offer may only sell them in Brazil. Apart from this the Shares were not registered with the SEC and therefore, as far as North American legislation is concerned their transfer is subject to the restrictions imposed by the said legislation.
 
2.3. Distribution Procedure
 
The public distribution of Shares will be carried out by the Institutions Participating in the Offer, in the non-organized over the counter market, in the form of a firm guarantee and under the terms set out in article 21 of CVM Instruction 400 in compliance with the clause below. This firm guarantee will be binding as of the signing of the Distribution Contract
 
2.3.1. Reservation Period
 
A period of 9 (nine) work days was conceded to the Non-Institutional Investors, starting on
June 01, 2005 and terminating on June 13, 2005, including (“Reservation Period”) to carry
out the reservations pertaining to the acquisition of Preferred Shares and/or Ordinary Shares
in compliance with the conditions described below.  
 
The Non-Institutional Investors that are: (a) managers of the Company or its Subsidiaries; (b) controllers or managers of the Institutions Participating in the Offer; (c) other persons with connections binding them to the Offer; including (d) spouses, partners, parents, children and relations to the second degree of those persons identified in items (a), (b) and (c) (“Participating Parties”); that carried out their Reservation Requests, preferably, from June 01 to June 03, 2005, including (the “Reservation Period for Participating Parties”).
 
The quantities of up to 10% of the Preferred Shares effectively distributed and up to 10% of
the Ordinary Shares effectively distributed without considering, respectively, the Additional Preferred Shares and  the Additional Ordinary Shares will be destined first for distribution amongst the Non-Institutional Investors.  
 
The Non-Institutional Investors could, in their Reservation Requests, stipulate their adhesion to the Offer to the distribution of the total of the Preferred Shares initially offered or a minimum of 12,618,641,347 of Preferred Shares, equivalent to 70% of the Preferred Shares initially offered (“Minimum Number of Preferred Shares”), and/or the distribution of the total amount of the Ordinary Shares initially distributed or a minimum of 3,845,873,889 Ordinary Shares, equivalent to 70% of the Ordinary Shares initially offered (“Minimum Number of Ordinary Shares”)  
The Reservation Requests were carried out  by Non-Institutional Investors in accordance with conditions of efficiency indicated in item (a) below, in an irrevocable and irreversible manner, except for the clause in item (i) below and on the following conditions:
(a) each interested Non-Institutional Investor placed its Reservation Request with one sole Institution Participating in the Offer within the Reservation Period, observing the minimum investment amount of R$ 1,000,00 (one thousand reais) and the maximum amount of investment  of R$ 300,000,00 (three hundred thousand reais) per Non-Institutional Investor and for each type of share or, in other words, the minimum and maximum limits were observed separately for investment in the Preferred Shares and the Ordinary Shares. The Non-Institutional Investors could stipulate, in their Reservation Requests, a maximum price for one batch of one thousand Preferred Shares and/or one batch of a thousand Ordinary Shares as a condition of the confirmation of its Reservation Requests, in accordance with the terms of paragraph 3º of article 45  of CVM Instruction 400, and could also condition their adhesion to the Offer,  in accordance with article 31 of CVM Instruction 400, to the distribution of the total amount of Preferred Shares initially offered or to the Minimum Number of Preferred Shares and/or  the total amount of Ordinary Shares initially offered or the Minimum Number of Ordinary Shares. In the case of opting to condition adhesion to the Offer to the distribution of the Minimum Number of Preferred Shares and/or the Minimum Number of Ordinary Shares the Non-Institutional Investor was obliged to declare whether it intended to receive the total amount of the Preferred Shares and/or Ordinary Shares that were the object of its Reservation Request or the number equivalent to the proportion between the number of Preferred Shares and/or Ordinary Shares initially offered, respectively, and presuming, in the absence of a manifestation, and in accordance with the terms provided for in the Reservation Request, its interest in receiving the total amount of the Preferred Shares and/or Ordinary Shares that were the object of the Reservation Request;

(b) the Reservation Requests for Preferred Shares carried out by Non-Institutional Investors that had stipulated, as a condition of confirmation of their respective Reservation Requests for Preferred Shares, a maximum price per batch of one thousand Preferred Shares inferior to the Price of Sale of the Preferred Shares (defined in item 2.4) will be cancelled by the Institution Participating in the Offer that received said Reservation Request for Preferred Shares. If (i) the Non-Institutional Investor had conditioned its adhesion to the Offer to the distribution of the total amount of the Preferred Shares initially offered  and the number of Preferred Shares effectively distributed  was inferior to the  number of Preferred Shares initially offered under the terms of the Announcement to the Market relating to the Offer or (ii) the Non-Institutional Investor had conditioned its adhesion to the Offer to the distribution  of the Minimum Number of Preferred Shares, its reservation Request for Preferred Shares will be cancelled by the Institution Participating in the Offer that received its request.  In the same way, the Reservation
Requests for Ordinary Shares carried out  by Non-Institutional Investors that had stipulated, as a condition of confirmation of the respective Reservation Requests for Ordinary Shares a maximum price for a  batch of one thousand Ordinary Shares inferior to the Price of Sale of the Ordinary Shares (defined in item 2.4) will be cancelled by the Institution Participating in the Offer that received said Reservation Request for Ordinary Shares. If (i) the Non-Institutional Investor had conditioned its adhesion to the Offer to the distribution of the total amount of the Ordinary Shares to the distribution of the total amount of  the Ordinary Shares initially offered and the number of Ordinary Shares effectively distributed was inferior to the number of
Ordinary Shares initially offered under the terms of the Announcement to the Market relating to the Offer or (ii) the Non-Institutional Investor had conditioned its adhesion to the Offer to the distribution of the Minimum Number of Ordinary Shares, its Reservation Request for Ordinary Shares will be cancelled by the Institution Participating in the Offer that received its request;

(c) each Institution Participating in the Offer should inform the number of Preferred Shares and/or Ordinary Shares to be acquired and the corresponding amount of the investment of the Non-Institutional Investor with whom it carried out the Reservation Request up until 04:00 p.m. of the day following the publication of this Notice of Start, by way of its electronic address, or, in the absence of same, by telephone or correspondence being the payment limited to the amount of the respective Reservation Request and safeguarding the possibility of an
apportionment, as provided for in item (f) below; 

(d) each Non-Institutional Investor should effect payment of the indicated amount in accordance with item (c) above, to the Institution Participating in the Offer with which it had carried out its Request for Reservation, in resources that are available immediately, by 10:30 a.m. on the Date of Liquidation (as defined below); 

(e) if the total amount of the Reservation Requests for Preferred Shares is equal or inferior to 10% of the total of the Preferred Shares effectively distributed, excluding the Additional Preferred Shares, there will not be an apportionment, and all the Reservation Requests will be fulfilled in their entirety, and eventual remnants of the batch offered to Non-Institutional Investors will be allocated to the Institutional Investors.  In the same way, if the total amount of the Reservation Requests for Ordinary Shares is equal or inferior to  10% of the total of the Ordinary Shares effectively distributed, excluding the Additional Ordinary Shares, there will not be an apportionment, and all the Reservation Requests  will be  fulfilled in their entirety, and eventual remnants of the batch offered to Non-Institutional Investors will be allocated to the Institutional Investors; 

(f) if the total of the Reservation Requests of the Preferred Shares is superior to the amount of 10% of the Preferred Shares effectively distributed, excluding the Additional Preferred Shares, an apportionment will be made amongst all the Non-Institutional Investors that adhered to the Retail Offer for the acquisition of Preferred Shares, being that (i) for reservations of up to R$ 5,000,00 (five thousand reais), inclusive, the criteria for apportionment will be an equal and successive division of the Preferred Shares destined to the Retail Offer amongst all the Non
Instructional Investors, limited to the individual value of each Request for Reservation and to the total of the Preferred Shares destined to the Retail Offer; and (ii) once the criteria described in item (i) above has been fulfilled, the Preferred Shares destined to the Retail Market that remain will be apportioned in proportion to the value of the respective Requests  for Reservation amongst all the Non-Institutional Investors, disregarding, however, in both cases, fractions of Preferred Shares. At the criteria of the Lead Coordinator, the number of Preferred Shares
destined to the Retail Market could be increased in order to meet partially or totally the excess requests being that in the case of partial consideration the criteria for apportionment described in (i) and (ii) above will be observed;

(g) if the total of the Requests for Reservation of the Ordinary Shares is superior to the amount of 10% of the Ordinary Shares effectively distributed, excluding the Additional Ordinary Shares, an apportionment will be made amongst all the Non-Institutional Investors that adhered to the Retail Offer for the acquisition of Ordinary Shares, being that (i) for reservations of up to R$ 5,000,00 (five thousand reais), inclusive, the criteria for apportionment will be an equal and successive division of the Ordinary Shares destined to  the Retail Offer  amongst all the Non
Instructional Investors, limited to the individual value of each Reservation Request and to the total of the Ordinary Shares destined to the Retail Offer; and (ii) once the criteria described in item (i) above has been fulfilled, the Ordinary Shares destined to the Retail Market that remain will be apportioned in proportion to the value of the respective Reservation Requests amongst  all the Non-Institutional Investors, disregarding however, in both cases, fractions of Ordinary Shares. At the criteria of the Lead Coordinator, the number of Ordinary Shares destined to the Retail Market could be increased in order to meet partially or totally the excess requests being that in the case of partial consideration the criteria for apportionment described in (i) and
(ii) above will be observed; 

(h) if there is an excess of demand superior to one third of the Preferred Shares effectively distributed, without considering the Additional Preferred Shares, the distribution of Preferred Shares to Connected Parties except for those that had carried out the Reservation Request  within the Period of Reservation for Connected Parties. In the same way if there is an excess of demand superior to one third of the Preferred Shares effectively distributed, without considering the Additional Preferred Shares, the distribution of Preferred Shares to Connected Parties except for those that had carried out the Reservation Request within the Period of Reservation for Connected Parties; 

(i) except in the hypothesis of the discovery of a relevant divergence between the information contained in the preliminary prospectus and the definitive prospectus relating to the Offer that alters substantially the risk assumed by the Non-Institutional Investor, or  its decision for investment, could the referred to Non-Institutional Investor desist from the Reservation Request after the start of the period for Distribution (defined in item 2.3.3. below). In this hypothesis the Non-Institutional Investor should inform its  decision to desist from the Reservation Request up to 10:30 a.m. of the fifth working day after  the date of publication of this Notice. If the Non-Institutional Investor does not inform its decision to desist from the Reservation Request by the date and time mentioned it should effect payment under the terms set out above; and 

(j) in the hypothesis that  the Offer is not concluded or in  the hypothesis of rescission of the Contract for Distribution or in  any other hypothesis for the return of Reservation Requests based on an express legal provision, the Reservation Requests will be automatically cancelled and the Institutions Participating in the Offer will advise the Non-Institutional Investor with whom it will be carrying out the Reservation Request of the cancellation of the Offer and this will also occur by way of a notice in the press.  
  
2.3.2. Institutional Investors
 
The Shares, after meeting the Reservation Requests from the Non-Institutional Investors as described above, will be distributed amongst the Institutional Investors contacted by the Coordinators of the Offer, and these will not have permission for anticipated reservations nor will they be subject to maximum and minimum amounts of investment. If the number of Preferred Shares and/or Ordinary Shares  that are the object of orders received from Institutional Investors during the Bookbuilding Procedure (as defined in 2.4 below) exceeds
the total of the Preferred Shares and/or the Ordinary Shares remaining after meeting the Reservation Requests effected by Non-Institutional Investors, the Institutional Investors will take priority for their respective orders and in accordance with the criterion of the Selling Shareholders and the Coordinators of the offer that best meets the object of this Offer, which is to create a diversified basis of shareholders formed by Institutional Investors with different criteria for evaluating the long term-perspective of the Company, the business sector where it is active and  the Brazilian and international macroeconomic outlook.
 
The Institutional Investors should carry out the acquisition of the Shares by way of cash
payment in local currency at the time of the acquisition.
 
2.3.3. Period for Distribution
 
The period for distribution of the Shares is up to 6 months counting from the date of publication of this Notice of Start (“Distribution Period”).
 
The physical and financial liquidation of the Offer, in accordance with the provision below, should be carried out within a period of 3 working days counting from the date of the publication of this Notice of Start (“Liquidation Date”).
 
If the total of the Preferred Shares and/or Ordinary Shares  effectively distributed has not been liquidated within the period of 3 working days, counting from the date of publication of this Notice of Start, the Coordinators of the Offer will acquire, at the end of this period, and at the Sales Price of the Preferred Shares and/or the Sales Price of the Ordinary Shares, depending on the case at hand, the total of  the balance resulting from the difference between the number of Preferred Shares and/or Ordinary Shares that are the object of the firm guarantee posted by them and the number of Preferred Shares and/or Ordinary Shares effectively distributed in the market and not liquidated by the investors that acquired them, respectively, observing the limit of the firm guarantee for the acquisition of Preferred Shares and Ordinary Shares posted individually by each Coordinator of the Offer. The price for the re-sale of said balance of Preferred Shares and/or Ordinary Shares to the public by the Coordinators of the Offer until the end of the Distribution Period or until the date of the publication of the Notice of Termination of the Secondary Public Distribution of Preferred Shares and Ordinary Shares issued by AES Tiete S.A. whichever takes place first, will be the market price for the Preferred Shares and Ordinary Shares, limited to the respective Prices of Sale, safeguarding the balance of Preferred Shares and/or Ordinary Shares to the public by the Coordinators of the Offer, up to the end of the Distribution Period, or until the date of the publication of the Notice of Termination of the Secondary Public Distribution of Preferred Shares and Ordinary Shares issued by AES Tiete S.A., whichever takes place first, will be the market price of Preferred Shares and Ordinary Shares, limited by the respective Prices of Sale, safeguarding the activities of stabilization (described in 2.5 below).
    
2.4. Price of Sale  
 
The price for acquiring a batch of one thousand Preferred Shares (“Sales Price for Preferred Shares”) and the price for acquiring a batch of one thousand Ordinary Shares (“Sales Price for Ordinary Shares and in conjunction with the Sales Price of Preferred Shares, the “Prices of Sale”) were established after concluding the procedure of  collecting investment intentions (“Procedure of Bookbuilding”), carried out with the Institutional Investors by the Coordinators of the Offer,  in compliance with articles  23, paragraph 1 and 44 of CVM Instruction 400, having as a parameter (a) the quotation of the Shares at BOVESPA, and (b) the indications of interest, based on the quality of demand (for volume and price) gathered from the Institutional Investors. The interested Non-Institutional Investors that adhered to the Offer did not participate in the Procedure of Bookbuilding and, therefore, in the process of establishing Prices of Sale.  
 
The choice of the criterion of  the market price for determining the Prices of Sale is duly justified considering that the market price of the Shares to be sold was verified through the Procedure of Bookbuilding which reflects the  value by which the Institutional Investors presented their intentions to buy the Shares in the context of the Offer.
 
2.5. Stabilization
 
The Lead Coordinator, with Credit Suisse First Boston S.A. Corretora de Títulos e Valores Mobiliários as an intermediary, will be allowed to carry out shares market operations intended to stabilize the prices of the Shares in BOVESPA during a period of up to 30 days counting from the date of the publication of this Notice of Start. To this end a Private Instrument for a Contract for the Rendering  of Services and Stabilizing the Price of Preferred Shares and Ordinary Shares issued by AES Tiete S.A. was signed in accordance with a provision previously approved  by CVM and BOVESPA. The activities for the stabilization of prices will be exercised based on the sole criteria of the Lead Coordinator.
 
2.6. Rights, Advantages and Restriction of Shares
 
The Preferred Shares do not guarantee a right to vote in General Assemblies of the Shareholders of the Company except in limited circumstances. The Preferred Shares confer
on their bearers the following advantages, rights and preferences: 

(a) participation in the net profit of each fiscal year, being assured to each Preferred Share an annual dividend 10% higher than that destined to every ordinary share issued by the Company  (b) priority in the reimbursement of the  capital of the Company in the case of its liquidation up to the value of the stake in the company’s capital represented by these shares.

The Preferred Shares are listed at BOVESPA under the code “GETI4”.
 
The Ordinary Shares confer on their bearers the following rights:

(a) the right to vote in the General Assemblies of the shareholders of the Company being that each share will correspond to one vote; and 

(b) the right to an obligatory dividend in each fiscal year of, at least, 25% of the net profit adjusted in compliance with article 202 of Law nº 6,404, of December 15 1976 and subsequent alterations. 

The Ordinary Shares are listed at BOVESPA under the code “GETI3”.
 
3. INFORMATION ABOUT THE COMPANY
 
The Company is a market leader in the Brazilian electric energy  generation sector. Its activities comprise the generation and supply of energy to local energy distributors in various regions of the State of São Paulo. For more information about the Company, the sector it works in, its activities and economic  and financial situation read the Definitive Prospectus for the Secondary Public Distribution of Preferred Shares and Ordinary Shares Issued by AES Tiete S.A (“Definitive Prospectus”).
 
4. FINANCIAL INSTITUTION DEPOSITARY OF THE SHARES
 
The financial institution contracted for rendering the service of bookkeeping the Shares is Banco Itaú S.A.
 
5. DATE FOR STARTING THE OFFER
 
The date for starting the offer is June 15, 2005.
 
6. ADDITIONAL INFORMATION
 
The realization of the Offer as well as the establishing of the Prices of Sale were approved
in a meeting of the Board of BANESPA held on March 17 2005, in a meeting of the Board
of Banco Santander, held on March 23, 2005,  and in a meeting of  the Board of Banco
Nossa Caixa, held on May 17, 2005.
 
The investors who would like to receive further information about the Offer or obtain a copy of the Definitive Prospectus should approach the offices of the Institutions Participating in the Offer at the addresses indicated below. Additional information may be obtained about the Syndicated Brokers registered at CBLC can be found at the CBLC website:
www.cblc.com.br.
 
Here are the addresses of the Institutions Participating in the Offer where the investors can find additional information about the Offer as well as the Definitive Prospectus:

 • Banco de Investimentos Credit Suisse First Boston S.A.
Av. Brigadeiro Faria Lima, nº 3,064, 13º andar  
São Paulo, SP
 
• Banco Santander Brasil S.A.
Rua Amador Bueno, nº 474, 3º andar
São Paulo, SP

• Broker’s Consortium
The offices of brokers for bonds and securities authorized by the CBLC to participate in the
Offer.
The Definitive Prospectus is also available on the following sites: www.aestiete.com.br,
www.banespa.com.br, www.santander.com.br, www.nossacaixa.com.br,
www.csfb.com.br/ofertas and www.superbroker.com.br  
 
Apart from this, the Definitive Prospectus will be available at the head offices and site of the CVM, located at Rua Sete de Setembro, nº 111, 5º andar, in the city of Rio de Janeiro, State of Rio de Janeiro, as well as at Rua Líbero Badaró, nº 471, 7º andar, in the city of São Paulo, State of São Paulo (www.cvm.gov.br) and at BOVESPA, located at Rua XV     de Novembro, nº275, in the  city of São Paulo, State of São Paulo (www.bovespa.com.br).

The Definitive Prospectus contains additional and complementary information to this Notice of Start and it provides a detailed analysis of the terms and conditions of the Offer and its inherent risks. “READ THE DEFINITIVE PROSPECTUS BEFORE ACCEPTING THE OFFER”
 
The Offer was previously submitted to CVM and registered under numbers CVM/SRE/SEC/2005/008 and CVM/SRE/SEC/2005/009, both on June 15, 2005 “The registration of this Offer does not imply, on the part  of CVM, a guarantee of the veracity of the information offered or a judgment about the quality of the Company or about the Shares that will be distributed”.
 
This is a public distribution that is exclusively secondary, and not carried out by the Company or by its controlling shareholders. The Company has cooperated with Selling Shareholders in accordance with the provisions of CVM Instruction 400.
 
This announcement is not an offer of sale of the Shares in the United States of America or in any other jurisdiction where the sale might be prohibited, being that there will be no registration of the Offer at the SEC or any regulatory body of the shares markets of any other countries except Brazil. The Shares can not be sold in the United States of America without registration at the SEC except in cases where exemption is applicable.
 
“An investment in shares represents a risk investment because it is an investment in variable income and therefore investors that intend to invest in Shares are subject to the volatility of the stock market. Even so, there is no class or category of investor that is prohibited by law from acquiring Shares.”

 “The present public offering was elaborated in accordance with the provisions of the Self Regulatory Code of ANBID  for Public Offers of Bonds and Securities registered in the 5th
 Notary’s Office for Titles and Documents of the State of Rio de Janeiro under number 497585, obeying the minimum standards of information  contained therein and exempting   
ANBID from any responsibility for the referred to information, the quality of the issuer/offerer, the participating institutions and the bonds and securities titles and shares that are the object of this offer”
 


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