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                                 EXHIBIT (10-8)



                     The Procter & Gamble Future Shares Plan
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THE PROCTER & GAMBLE FUTURE SHARES PLAN

CONTENTS

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<CAPTION>
<S>                                                                                                    <C>
Article 1. Establishment, Objectives, and Duration                                                       1

Article 2. Definitions                                                                                   1

Article 3. Administration                                                                                3

Article 4. Shares Subject to the Plan                                                                    3

Article 5. Eligibility and Participation                                                                 4

Article 6. Awards                                                                                        4

Article 7. General Provisions                                                                            6
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THE PROCTER & GAMBLE FUTURE SHARES PLAN

ARTICLE 1. Establishment, Objectives, and Duration

        1.1 Establishment of the Plan. The Procter & Gamble Company, an Ohio
corporation (hereinafter referred to as the "Company"), hereby establishes a
worldwide stock option plan to be known as "The Procter & Gamble Future Shares
Plan" (hereinafter referred to as the "Plan"), as set forth herein.

        1.2 Purpose. The purpose of the Plan is to advance the interests of the
Company by giving substantially all employees a stake in the Company's future
growth and success, to increase employee focus on the Company's stock price, to
strengthen the alignment of interests between employees and the Company's
shareholders through the increased ownership of shares of the Company's common
stock, and to encourage employees to remain in the employ of the Company and its
Affiliates.

        1.3 Duration of the Plan. The Plan shall become effective as of October
14, 1997 (the "Effective Date"). The Plan shall terminate on October 13, 2007.
No Award may be granted after the termination date of the Plan, but Awards
theretofore granted shall continue in force beyond that date pursuant to their
terms.

ARTICLE 2. Definitions

         Whenever used in the Plan, the following terms shall have the meanings
set forth below, and when the meaning is intended, the initial letter of the
word shall be capitalized:

        2.1     "Affiliate" means any entity in which the Company has an
                ownership interest of fifty percent (50%) or more.

        2.2     "Award" means a grant of an Option, a Modified Option, an SAR,
                or a Modified SAR under the Plan.

        2.3     "Board" or "Board of Directors" means the Board of Directors of
                the Company.

        2.4     "Code" means the Internal Revenue Code of 1986 and the
                regulations thereunder, as amended from time to time.

        2.5     "Committee" means the Compensation Committee of the Board or
                such other committee appointed by the Board to administer the
                Plan.

        2.6     "Common Stock" means the common stock, without par value, of the
                Company.

        2.7     "Company" means The Procter & Gamble Company, an Ohio
                corporation, and any successor thereto.

        2.8     "Disability" or "Disabled" shall mean qualifying for benefits
                under a long-term disability pay plan maintained by the Company
                or any Affiliate, or as required by or

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                available under applicable local law, or in the absence of any
                such plan or local law, as determined by the Committee.

        2.9     "Employee" means a full- or part-time employee on the regular
                payroll of the Company or any Affiliate as of the Grant Date of
                an Award. For purposes of this definition, "on the regular
                payroll" shall mean paid through the payroll department of the
                Company or an Affiliate (or, if there is no such payroll
                department, classified as a regular employee on the Company's or
                Affiliate's employment records), and shall exclude individuals
                classified by the Company or Affiliate as intermittent or
                temporary, or as independent contractors, regardless of how such
                person may be classified by any federal, state, or local,
                domestic or foreign, government agency or instrumentality
                thereof, or court. An individual whose only relationship to the
                Company or an Affiliate is that of a temporary employee (except
                regular employees on temporary assignment from another unit) or
                leased employee (as defined in Section 414(n)(2) of the Code)
                shall not be an Employee unless determined otherwise by the
                Committee at its sole discretion. The determination of whether
                an individual is an "employee on the regular payroll" shall be
                made solely according to the method of paying the individual for
                services, and such determination shall be within the discretion
                of the Committee.

        2.10    "Fair Market Value" means, unless determined otherwise by the
                Committee, the average of the high and low prices of a share of
                Common Stock on the New York Stock Exchange on the date of
                measurement as determined by the Committee, and if there were no
                trades on such date, on the day on which a trade occurred next
                preceding such date, or as otherwise determined by the
                Committee.

        2.11    "Grant Date" means such date, as determined by the Committee,
                upon which Awards are granted to Participants pursuant to the
                terms of this Plan.

        2.12    "Modified Option" means an Option that must be exercised on the
                fifth anniversary of the Grant Date or forfeited.

        2.13    "Modified SAR" means an SAR that must be exercised on the fifth
                anniversary of the Grant Date or forfeited.

        2.14    "Option" means a right to purchase a specified number of shares
                of Common Stock at the Option Price, which is not intended to
                qualify under Code Section 422 as an Incentive Stock Option,
                except as otherwise provided in Section 6.1(k).

        2.15    "Option Price" means the price at which a share of Common Stock
                may be purchased by a Participant pursuant to an Option or a
                Modified Option.

        2.16    "Participant" means an Employee who has been selected by the
                Committee in its sole discretion to receive an Award or who has
                outstanding an Award granted under the Plan.

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         2.17     "Retirement" means, strictly for purposes of this Plan, the
                  termination of employment on or after the date the Participant
                  has attained age fifty-five (55), except as otherwise
                  determined by the Committee.

         2.18     "SAR" means an Award pursuant to which the Participant
                  receives a right to a cash settlement payment upon exercise
                  equal to the excess of the Fair Market Value of one share of
                  Common Stock on the date of exercise over the Fair Market
                  Value of one share of Common Stock on the Grant Date of the
                  SAR, multiplied by the number of SARs granted.

         2.19     "Special Separation" means any termination of employment,
                  except a termination for cause or a voluntary resignation that
                  is not initiated or encouraged by the Company, that occurs
                  prior to the time a recipient is eligible to retire.

         2.20     "Spread Value" means the excess of the Fair Market Value of
                  one share of Common Stock on the date of exercise over the
                  Fair Market Value of one share of Common Stock on the Grant
                  Date, multiplied by the number of shares of Common Stock
                  underlying the Award.

ARTICLE 3. Administration
         The Plan and all Awards granted pursuant thereto shall be administered
by the Compensation Committee of the Board. The Committee may, from time to
time, adopt rules and regulations for carrying out the provisions and purposes
of the Plan. The Committee, in its absolute discretion, shall have the power to
interpret and construe the Plan; provided, however, that the Committee may
designate persons other than members of the Committee to carry out such
responsibilities of the Committee under the Plan as it may deem appropriate. Any
interpretation of construction of any provision of this Plan by the Committee
shall be final and conclusive upon all parties. No member of the Committee or
the Board shall be liable for any action or determination made hereunder in good
faith.

ARTICLE 4. Shares Subject to the Plan

        4.1 Number of Shares Available for Options. The number of shares of
Common Stock available with respect to all Awards granted under the Plan shall
not exceed seventeen million (17,000,000) in the aggregate, subject to
adjustment under Section 4.2 herein. The shares of Common Stock subject to the
Plan shall consist of either authorized but unissued shares or treasury shares,
as determined by the Committee. Notwithstanding any terms or conditions
contained herein, the shares to be delivered by the Company upon exercise of an
Award by a Participant located in Italy shall be authorized but unissued shares.

        4.2 Changes in Capitalization. In the event of any future
reorganization, recapitalization, stock split, stock dividend, combination of
shares, merger, consolidation, rights offering, share exchange,
reclassification, distribution, spin-off or other change affecting the corporate
structure, capitalization or Common Stock of the Company occuring after the date
of approval of the Plan by the Company shareholders, appropriate adjustments and
changes shall be made by the Committee to the extent necessary to prevent
dilution or enlargement of rights under the Plan in (a) the aggregate number of
shares of Common Stock subject to the Plan; (b) the number of shares of Common
Stock for which Awards may be granted or awarded to any Participant; (c) the

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number of shares and the Option Price per share of all shares of Common Stock
subject to outstanding Options or Modified Options, as applicable; (d) the
number of SARs or Modified SARs subject to an Award and the Fair Market Value of
a share of Common Stock for purposes of determining the cash settlement payment
on exercise of an SAR or Modified SAR, as applicable; and (e) such other
provisions of the Plan as may be necessary and equitable to carry out the
foregoing purposes.

ARTICLE 5. Eligibility and Participation
         An Award may be granted by the Committee, in its discretion, to an
Employee who is actively employed by the Company or any Affiliate on the Grant
Date. The granting of Awards under the terms of this Plan is made at the sole
discretion of the Committee and does not entitle a Participant to receive future
Awards. The adoption of this Plan shall not be deemed to give any Participant
any right to be granted an Award, except to the extent as may be determined by
the Committee.

ARTICLE 6. Awards
         6.1 Awards. The Award to each Participant under the Plan shall consist
of either Options, Modified Options, SARs, or Modified SARs. The Committee shall
determine (i) the number of shares of Common Stock to be covered by each Award;
(ii) the terms and conditions of the Awards (including, but not limited to,
restrictions upon the Awards, when Awards are first exercisable and the period
of exercise, conditions of their exercise, requirements regarding payment of the
exercise price, withholding requirements and restrictions on the shares of
Common Stock issuable upon the exercise thereof); and (iii) the form of the
instruments necessary or advisable in the administration of the Awards.

                (a) Term of Award. The term of each Award shall be no more than
        ten (10) years from the Grant Date, except as provided in Section
        6.1(k).

                (b) Option Price. With respect to an Option or Modified Option,
        the Option Price shall be not less than the Fair Market Value of the
        Common Stock on the Grant Date.

                (c) Exercise and Limitations on Exercise. Except as otherwise
        provided for herein, if a Participant has been in the continuous employ
        of the Company through the fifth anniversary of the Grant Date, at any
        time on or after the fifth anniversary of the Grant Date, but in no
        event later than the tenth anniversary of the Grant Date (except as
        provided in Section 6.1(j)), the Participant may exercise the Award, and
        purchase the number of shares of Common Stock covered by the Option (or
        Modified Option if the Award is exercised on the fifth anniversary of
        the Grant Date), or receive the cash settlement payment with respect to
        the SAR (or Modified SAR if the Award is exercised on the fifth
        anniversary of the Grant Date), as applicable. An Award must be
        exercised for the full number of shares of Common Stock covered by the
        Option or Modified Option, or for the entire cash settlement payment
        with respect to the SAR or Modified SAR, as applicable. Notwithstanding
        the foregoing, stock options and stock appreciation rights granted
        hereunder shall vest immediately upon a "Change in Control." A "Change
        in Control" shall mean the occurrence of any of the following:

                (i) An acquisition (other than directly from the Company) of any
        voting securities of the Company (the "Voting Securities") by any
        "Person" (as the term person is used


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        for purposes of Section 13(d) or 14(d) of the Exchange Act), immediately
        after which such Person has "Beneficial Ownership" (within the meaning
        of Rule 13d-3 promulgated under the Exchange Act) of twenty percent
        (20%) or more of the then outstanding Shares or the combined voting
        power of the Company's then outstanding Voting Securities; provided,
        however, in determining whether a Change in Control has occurred
        pursuant to this Section 6.1(c), Shares or Voting Securities which are
        acquired in a "Non-Control Acquisition" (as hereinafter defined) shall
        not constitute an acquisition which would cause a Change in Control. A
        "Non-Control Acquisition" shall mean an acquisition by (i) an employee
        benefit plan (or a trust forming a part thereof) maintained by (A) the
        Company or (B) any corporation or other Person of which a majority of
        its voting power or its voting equity securities or equity interest is
        owned, directly or indirectly, by the Company (for purposes of this
        definition, a "Related Entity"), (ii) the Company or any Related Entity,
        or (iii) any Person in connection with a "Non-Control Transaction" (as
        hereinafter defined);

                (ii) The individuals who, as of July 11, 2000 are members of the
        Board (the "Incumbent Board"), cease for any reason to constitute at
        least half of the members of the Board; or, following a Merger (as
        hereinafter defined) which results in a Parent Corporation (as
        hereinafter defined), the board of directors of the ultimate Parent
        Corporation; provided, however, that if the election, or nomination for
        election by the Company's common stockholders, of any new director was
        approved by a vote of at least two-thirds of the Incumbent Board, such
        new director shall, for purposes of this Plan, be considered as a member
        of the Incumbent Board; provided further, however, that no individual
        shall be considered a member of the Incumbent Board if such individual
        initially assumed office as a result of either an actual or threatened
        "Election Contest" (as described in Rule 14a-11 promulgated under the
        Exchange Act) or other actual or threatened solicitation of proxies or
        consents by or on behalf of a Person other than the Board (a "Proxy
        Contest") including by reason of any agreement intended to avoid or
        settle any Election Contest or Proxy Contest; or

                (iii) The consummation of:

                        (A)     A merger, consolidation or reorganization with
        or into the Company or in which securities of the Company are issued (a
        "Merger), unless such Merger is a "Non-Control Transaction." A
        "Non-Control Transaction" shall mean a Merger where:

                                (1)     the stockholders of the Company,
        immediately before such Merger own directly or indirectly immediately
        following such Merger at least fifty percent (50%) of the combined
        voting power of the outstanding voting securities of (x) the corporation
        resulting from such Merger (the "Surviving Corporation") if fifty
        percent (50%) or more of the combined voting power of the then
        outstanding voting securities of the Surviving Corporation is not
        Beneficially Owned, directly or indirectly by another Person (a "Parent
        Corporation"), or (y) if there is one or more Parent Corporations, the
        ultimate Parent Corporation;

                                (2)     the individuals who were members of the
        Incumbent Board immediately prior to the execution of the agreement
        providing for such Merger constitute at least half of the members of the
        board of directors of (x) the Surviving Corporation, if there is no
        Parent Corporation, or (y) if there is one or more Parent Corporations,
        the ultimate Parent Corporation; and

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                                (3)     no Person other than (1) the Company,
        (2) any Related Entity, (3) any employee benefit plan (or any trust
        forming a part thereof) that, immediately prior to such Merger was
        maintained by the Company or any Related Entity, or (4) any Person who,
        immediately prior to such Merger had Beneficial Ownership of twenty
        percent (20%) or more of the then outstanding Voting Securities or
        Shares, has Beneficial Ownership of twenty percent (20%) or more of the
        combined voting power of the outstanding voting securities or common
        stock of (x) the Surviving Corporation if there is no Parent
        Corporation, or (y) if there is one or more Parent Corporations, the
        ultimate Parent Corporation;

                        (b)     A complete liquidation or dissolution of the
        Company; or

                        (c)     The sale or other disposition of all or
        substantially all of the assets of the Company to any Person (other than
        a transfer to a Related Entity or under conditions that would constitute
        a Non-Control Transaction with the disposition of assets being regarded
        as a Merger for this purpose or the distribution to the Company's
        stockholders of the stock of a Related Entity or any other assets).

        Notwithstanding the foregoing, a Change in Control shall not be deemed
        to occur solely because any Person (the "Subject Person") acquired
        Beneficial Ownership of more than the permitted amount of the then
        outstanding Shares or Voting Securities as a result of the acquisition
        of Shares or Voting Securities by the Company which, by reducing the
        number of Shares or Voting Securities then outstanding, increases the
        proportional number of shares Beneficially Owned by the Subject Persons,
        provided that if a Change in Control would occur (but for the operation
        of this sentence) as a result of the acquisition of Shares or Voting
        Securities by the Company, and after such share acquisition by the
        Company, the Subject Person becomes the Beneficial Owner of any
        additional Shares or Voting Securities which increases the percentage of
        the then outstanding Shares or Voting Securities Beneficially Owned by
        the Subject Person, then a Change in Control shall occur.

        (d)     Termination of Employment Generally.

                  (i)     If a Participant's employment is terminated on or
         after the fifth anniversary of the Grant Date, for any reason other
         than death, Disability, Retirement, or Special Separation the Award
         shall be exercisable only for thirty (30) calendar days following such
         termination, and only to the extent such Award was exercisable on the
         date of such termination, except as may be otherwise determined by the
         Committee. In no event, however, may an Award be exercised more than
         ten (10) years after the Grant Date, except as provided in Section
         6.1(k). If a Participant's employment is terminated prior to the fifth
         anniversary of the Grant Date, for any reason other than death,
         Disability, Retirement, or Special Separation, each Award granted to
         such Participant shall be immediately canceled and the Participant
         shall forfeit the Award upon such termination of employment.

                  (ii)    Neither the Company nor the Committee shall have any
         obligation to notify a Participant of the expiration of an Award.

                  (iii)   Unless the Committee shall determine otherwise, a
         Participant employed by an Affiliate or business unit of the Company
         that is sold or otherwise divested from the

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        Company shall be considered to have his or her employment terminated as
        of the effective date of the divestiture.

        (e)       Termination of Employment Due to Disability or Retirement.

                  (i) If prior to the fifth anniversary of the Grant Date a
        Participant's employment is terminated due to Disability or Retirement,
        the Award may be exercised on or after the fifth anniversary of the
        Grant Date, but in no event may such an Award be exercised more than ten
        (10) years after the Grant Date, except as provided in Section 6.1(k).
        If a Participant's employment is terminated due to Disability or
        Retirement on or after the fifth anniversary of the Grant Date, the
        Award may be exercised, to the extent such Award was exercisable on the
        date of such termination, within the remaining period of the Award.

                  (ii) Notwithstanding the above and except for Participants
        located in Italy, the Committee reserves the discretionary ability to
        substitute an immediate cash payment equal to the Spread Value of the
        Award in full satisfaction of the Award, in the event of a termination
        of employment due to Disability or Retirement to the extent such payment
        is permitted by law.

        (f)       Termination of Employment Due to Special Separation.

                  (i) If a Participant's employment is terminated due to Special
        Separation (except for Participants located in Italy), the Participant
        will receive an immediate cash payment equal to the Spread Value of the
        Award in full satisfaction of the Award, to the extent permitted by law.

                  (ii) Notwithstanding the above, the Committee reserves the
        discretionary ability to waive the above cash payment provision and: (1)
        for terminations of employment due to Special Separation prior to the
        fifth anniversary of the Grant Date, specify that the Award may be
        exercised on or after the fifth anniversary of the Grant Date, but in no
        event may such an Award be exercised more than ten (10) years after the
        Grant Date, except as provided in Section 6.1(k); and (2) for
        terminations of employment due to Special Separation on or after the
        fifth anniversary of the Grant Date, specify that the Award may be
        exercised, to the extent such Award was exercisable on the date of such
        termination, within the remaining period of the Award.

        (g) Death of a Participant. Upon the death of a Participant, while an
        Award is still outstanding, regardless of whether the Award is or is not
        exercisable, a cash payment equal to the Spread Value of the Award, as
        of the date of the Participant's death, shall be paid as soon as
        administratively practicable to the Participant's estate, in full
        satisfaction of the Award. Notwithstanding the above, upon the death of
        a Participant located in Italy, the outstanding Award granted to such
        Participant shall be (i) immediately canceled if the death occurs prior
        to the fifth anniversary of the Grant Date, or (ii) exercisable by the
        executors, administrators or heirs of the deceased Participant only for
        six (6) months following such death if the death occurs on or after the
        fifth anniversary of the Grant Date.

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        (h) Nontransferability. Awards are not transferable and may only be
        exercised by the Participant.

        (i) Exercise; Notice Thereof. Awards shall be exercised by delivering
        written notice of intention to exercise the Award, pursuant to such
        terms and conditions as may be determined by the Committee. The
        Committee shall have the authority to establish procedures under any or
        all methods of exercise, including the designation of the brokerage firm
        or firms through which exercises may be effected, which need not be the
        same for each grant or for each Participant. The Committee shall have
        the authority to change without notice any method of exercise for any
        reason whatsoever, notwithstanding the fact that the method of exercise
        had been available to Participants in the past.

        (j) Rights as Shareholder. A Participant shall have none of the rights
        of a shareholder with respect to shares of Common Stock covered by any
        Award until the Participant becomes the record holder of such shares as
        determined by the records of the Company's transfer agent.

        (k) Additional Terms. With respect to any Award, the Committee may, in
        its discretion: (i) determine which Affiliates will be covered by the
        Plan; (ii) determine which Employees are eligible to participate in the
        Plan; (iii) modify or restrict any of the terms and conditions of any
        Awards including but not limited to extending the term of an Award
        beyond ten (10) years; (iv) modify or restrict exercise procedures and
        any other Plan procedures; (v) establish local country plans as subplans
        to this Plan, each of which may be attached as an Appendix hereto; and
        (vi) take any action, before or after an Award is made, which it deems
        advisable to obtain or comply with any necessary local government
        regulatory exemptions or approvals; provided that the Committee may not
        take any action hereunder which would (1) increase the number of shares
        of Common Stock covered by the Plan; or (2) violate any securities law,
        the Code, or any governing statute.

        (l) Stock Appreciation Rights. The Committee may grant SARs or Modified
        SARs, as applicable, in lieu of Options or Modified Options under the
        Plan.

        6.2 Refusal of Award. Any Participant may refuse the grant of an Award
by notifying the Committee of his or her refusal in writing in a form and
pursuant to procedures to be determined by the Committee.

ARTICLE 7. General Provisions

        7.1 No Additional Rights. Nothing in the Plan shall interfere with or
limit in any way the right of the Company to terminate any Participant's
employment at any time, or confer upon any Participant any right to continue in
the employ of the Company. No Employee shall have the right to be selected to
receive an Award under this Plan or having been so selected, to be selected to
receive a future Award. Neither the Award nor any benefits arising under this
Plan shall constitute part of a Participant's employment contract with the
Company or any Affiliate, and accordingly, this Plan and the benefits hereunder
may be terminated at any time in the sole and exclusive discretion of the
Committee without giving rise to liability on the part of the Company or any
Affiliate for severance payments.

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        7.2 No Effect on Other Benefits. The receipt of Awards under the Plan
shall have no effect on any benefits and obligations to which a Participant may
be entitled from the Company or any Affiliate, under another plan or otherwise,
or preclude a Participant from receiving any such benefits.

        7.3 Binding Effect. Any decision made or action taken by the Company,
the Board, or by the Committee arising out of or in connection with the
construction, administration, interpretation, and effect of the Plan shall be
conclusive and binding upon all persons, including the Company, its
shareholders, Employees, Participants, and their estates and beneficiaries.

        7.4 Inalienability of Benefits and Interest. No benefit payable under,
or interest in, the Plan shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any
such attempted action shall be void and no such benefits or interest shall be in
any manner liable for or subject to debts, liabilities, engagements, or torts of
any Participant or beneficiary.

        7.5 Requirements of Law. The granting of Awards and the issuance of
shares of Common Stock under the Plan shall be subject to all applicable laws,
rules, and regulations, and to such approvals by any governmental agencies or
national securities exchanges as may be required.

        7.6 Governing Law. To the extent not preempted by federal law, the Plan
and all agreements hereunder shall be construed in accordance with and governed
by the laws of the state of Ohio.

        7.7 Withholding. The Company shall have the power and the right to
deduct or withhold, to require an Affiliate to deduct or withhold, or to require
a Participant to remit to the Company or an Affiliate, an amount sufficient to
satisfy federal, state, and local taxes, domestic or foreign, required by law or
regulation to be withheld with respect to any taxable event arising as a result
of this Plan.

        7.8 Amendments. Subject to the terms of the Plan, the Committee may at
any time and from time to time alter, amend, suspend, or terminate the Plan in
whole or in part.







Adopted October 14, 1997
Article 2, Paragraph 2.19 added, Article 4, Paragraph 4.1 amended, Article 6,
       Paragraphs 6.1(d)(i), (e) (i) and (ii) and (f) amended - May 12, 1998
Article 4, Paragraph 4.1 amended - April 11, 2000
Article 2, Paragraph 2.19 amended - June 13, 2000
Article 6, Paragraph 6.1(c) amended and Paragraph 6.1(c)(i), (ii) and (iii)
       adopted - July 11, 2000
Article 4.2 amended - December 11, 2001
Article 6,Paragraph 6.1(e) changed; Article 6, Paragraph 6.1(f) adopted -
       March 11, 2003
Article 6, paragraphs 6.1(f)(i) and (ii) amended June 10, 2003