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                                                                     Exhibit 3.4

                                     BYLAWS

                                       OF

                          FISHER COMMUNICATIONS, INC.

            (Incorporated Under the Laws of the State of Washington)

                           As amended March 14, 2003

                                   ARTICLE I

                               REGISTERED OFFICE

     The location and post office address of the registered office of the
corporation shall be 1525 One Union Square, Seattle, Washington 98101.

                                   ARTICLE II

                             STOCKHOLDERS' MEETINGS

     1.  Annual Meeting. The annual meeting of the stockholders of the
corporation for the election of Directors to succeed those whose terms expire
and for the transaction of such other business as may properly come before the
meeting shall be held each year at the principal place of business of the
corporation (unless a different place within or without the State of Washington
is specified in the notice of the meeting), on a day in the last two weeks of
April to be set by the Directors, at 10:00 o'clock in the forenoon unless
otherwise stated in the notice of meeting. In the event of failure to hold an
election of Directors at the annual meeting of the stockholders or in the event
the annual meeting of the stockholders shall be omitted by oversight or
otherwise, a meeting of the stockholders may be held at a later date for the
election of Directors and for the transaction of such other business as may
properly come before the meeting. Any election held or other business transacted
at any such later meeting shall be as valid as if done or transacted at the
annual meeting of the stockholders. Any such later meeting shall be called in
the same manner as a special meeting of the stockholders and notice of the time,
place and purpose thereof shall be given in the same manner as notice of a
special meeting of the stockholders.

     2.  Special Meetings. Special meetings of the stockholders for any purpose
or purposes may be called at any time by the Board of Directors to be held at
such time and place as the Board may prescribe. At any time, upon the request of
the Chairman of the Board, the President, or of any three (3) Directors, or of
any stockholder or stockholders holding in the aggregate at least twenty percent
(20%) of the voting power of all stockholders, it shall be the duty of the
Secretary to call a special meeting of the stockholders to be held at such place
and at such time as the Secretary may fix, not less than ten (10) nor more than
sixty (60) days after the receipt of said request, and if the Secretary shall
neglect or refuse to issue such call, the Directors or stockholders making the
request may do so.

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     3.  Notices of Meetings. Written notice stating the place, day and hour of
the meeting and, in case of a special meeting, the purpose or purposes for which
the meeting is called, shall be delivered not less than ten (10) nor more than
sixty (60) days before the date of the meeting, unless a purpose of the meeting
is to act on an amendment to the Articles of Incorporation, a plan of merger or
share exchange, a proposed sale of all or substantially all of the assets of the
corporation, or the dissolution of the corporation, in which case notice will be
delivered not less than twenty (20) nor more than sixty (60) days before the
date of the meeting. Notice of any shareholders' meeting will be delivered
either personally or by mail, by or at the direction of the Chairman of the
Board, the President, the Secretary, or the person or persons calling the
meeting, to each stockholder of record entitled to vote at such meeting. If
mailed, such notice shall be deemed to be delivered when deposited in the United
States mail addressed to the stockholder at his address as it appears in the
stockholder address records of the corporation, with postage thereon prepaid.

     4.  Waiver of Notice. Notice of any stockholders' meeting may be waived in
writing by any stockholder at any time, either before or after any such meeting,
and shall be deemed waived by the presence of such stockholder at the meeting
unless such stockholder (a) shall have made his written objection to the
transaction of business at such meeting for the reason that it is not lawfully
called or convened, and (b) shall, at or prior to the commencement of such
meeting, deliver such written objection to the chairman of the meeting or other
officer of the corporation present at such meeting.

     5.  Adjourned Meetings. An adjournment or adjournments of any stockholders'
meeting may be taken until such time and place as those present may determine
without new notice being given, whether by reason of the failure of a quorum to
attend or otherwise; but any meeting at which Directors are to be elected shall
be adjourned only from day to day until such Directors are elected. If a new
record date for the adjourned meeting is or must be fixed, however, notice of
the adjourned meeting must be given to persons who are stockholders as of the
new record date.

     6.  Quorum of Stockholders. A majority of the shares entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of
stockholders. If a quorum is present, the affirmative vote of a majority of the
shares represented at the meeting and entitled to vote on the subject matter
under consideration shall be the act of the stockholders, unless the vote of a
greater number is required by law or by the Articles of Incorporation.

     7.  Voting of Shares. Each outstanding share shall be entitled to one vote
on each matter submitted, except in the case of election of Directors as
provided in this section. All voting at stockholders' meetings shall be by voice
vote, unless any qualified voter or voters holding a minimum of one percent (1%)
of the outstanding shares of voting stock shall demand a vote by ballot. A
stockholder may vote either in person or by proxy executed in writing by the
stockholder or his duly authorized attorney-in-fact. No proxy shall be valid
after eleven (11) months from the date of its execution, unless otherwise
provided in such proxy. At each election for Directors, every stockholder
entitled to vote at such election shall have the right to vote in person or by
proxy the number of shares owned by him for as many persons as there are
Directors to be elected and for whose election he has a right to vote, or to
cumulate his votes by giving one candidate as many votes as the number of such
Directors multiplied by the number of his shares shall equal, or by distributing
such votes on the same principle among any number of such candidates.

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     8.  Business and Nominations at Shareholders' Meetings.

     (a) Nominations of persons for election to the Board of Directors and the
     proposal of business to be transacted by the shareholders may be made at an
     annual meeting of shareholders (i) pursuant to the corporation's notice
     with respect to such meeting, (ii) by or at the direction of the Board of
     Directors or (iii) by any shareholder of record of the corporation who was
     a shareholder of record at the time of the giving of the notice provided
     for in the following paragraph, who is entitled to vote at the meeting and
     who has complied with the notice procedures set forth in this section.

     (b) For nominations or other business to be properly brought before an
     annual meeting by a shareholder pursuant to clause (iii) of the foregoing
     paragraph, (1) the shareholder must have given timely notice thereof in
     writing to the Secretary of the corporation, (2) such business must be a
     proper matter for shareholder action under the Washington Business
     Corporation Act, (3) if the shareholder, or the beneficial owner on whose
     behalf any such proposal or nomination is made, has provided the
     corporation with a Solicitation Notice, as that term is defined in this
     paragraph, such shareholder or beneficial owner must, in the case of a
     proposal, have delivered a proxy statement and form of proxy to holders of
     at least the percentage of the corporation's voting shares required under
     applicable law to carry any such proposal, or, in the case of a nomination
     or nominations, have delivered a proxy statement and form of proxy to
     holders of a percentage of the corporation's voting shares reasonably
     believed by such shareholder or beneficial holder to be sufficient to elect
     the nominee or nominees proposed to be nominated by such shareholder, and
     must, in either case, have included in such materials the Solicitation
     Notice and (4) if no Solicitation Notice relating thereto has been timely
     provided pursuant to this Section 8 of Article II, the shareholder or
     beneficial owner proposing such business or nomination must not have
     solicited a number of proxies sufficient to have required the delivery of
     such a Solicitation Notice under this Section 8 of Article II. To be
     timely, a shareholder's notice shall be delivered to the Secretary at the
     principal executive offices of the corporation not less than 90 days or
     more than 120 days prior to the first anniversary (the "Anniversary") of
     the date on which the corporation first mailed its proxy materials for the
     preceding year's annual meeting of shareholders; provided, however, that if
     the date of the annual meeting is advanced more than 30 days prior to, or
     delayed by more than 30 days after, the anniversary of the preceding year's
     annual meeting, notice by the shareholder to be timely must be so delivered
     not earlier than the close of business on the 120th day prior to the date
     of the annual meeting and not later than the close of business on the later
     of (i) the 90th day prior to the date of the annual meeting or (ii) the
     10th day following the day on which public announcement of the date of such
     meeting is first made. Such shareholder's notice shall set forth (a) as to
     each person whom the shareholder proposes to nominate for election or
     reelection as a director all information relating to such person as would
     be required to be disclosed in solicitations of proxies for the election of
     such nominees as directors pursuant to Regulation 14A under the Securities
     Exchange Act of 1934, as amended (the "Exchange Act"), and such person's
     written consent to serve as a director if elected; (b) as to any other
     business that the shareholder proposes to bring before the meeting, a brief
     description of such business, the reasons for conducting such business at
     the meeting and any material interest in such business of such shareholder
     and the beneficial owner, if any, on whose behalf the proposal is made; (c)
     as to the shareholder giving the notice and the beneficial owner, if any,
     on whose behalf the nomination or proposal is made (i) the name and address
     of such shareholder, as they

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     appear on the corporation's books, and of such beneficial owner, (ii) the
     class and number of shares of the corporation that are owned beneficially
     and of record by such shareholder and such beneficial owner, and (iii)
     whether either such shareholder or beneficial owner intends to deliver a
     proxy statement and form of proxy to holders of, in the case of a proposal,
     at least the percentage of the corporation's voting shares required under
     applicable law to carry the proposal or, in the case of a nomination or
     nominations, a sufficient number of holders of the corporation's voting
     shares to elect such nominee or nominees (an affirmative statement of such
     intent, a "Solicitation Notice").

     (c) Notwithstanding anything in the second sentence of the second paragraph
     of this Section 8 of Article II to the contrary, in the event that the
     number of directors to be elected to the Board is increased and there is no
     public announcement naming all of the nominees for director or specifying
     the size of the increased Board of Directors made by the corporation at
     least 100 days prior to the Anniversary, a shareholder's notice required by
     this Section 8 of Article II shall also be considered timely, but only with
     respect to nominees for any new positions created by such increase, if it
     shall be delivered to the Secretary at the principal executive offices of
     the corporation not later than the close of business on the 10th day
     following the day on which such public announcement is first made by the
     corporation.

     (d) Only persons nominated in accordance with the procedures set forth in
     this Section 8 of Article II shall be eligible to serve as directors and
     only such business shall be conducted at an annual meeting of shareholders
     as shall have been brought before the meeting in accordance with the
     procedures set forth in this Section 8 of Article II. The chair of the
     meeting shall have the power and the duty to determine whether a nomination
     or any business proposed to be brought before the meeting has been made in
     accordance with the procedures set forth in these Bylaws and, if any
     proposed nomination or business is not in compliance with these Bylaws, to
     declare that such defective proposed business or nomination shall not be
     presented for shareholder action at the meeting and shall be disregarded.

     (e) Only such business shall be conducted at a special meeting of
     shareholders as shall have been brought before the meeting pursuant to the
     corporation's notice of meeting. Nominations of persons for election to the
     Board of Directors may be made at a special meeting of shareholders at
     which directors are to be elected pursuant to the corporation's notice of
     meeting (i) by or at the direction of the Board or (ii) by any shareholder
     of record of the corporation who is a shareholder of record at the time of
     giving of notice provided for in this paragraph, who shall be entitled to
     vote at the meeting and who complies with the notice procedures set forth
     in this Section 8 of Article II. Nominations by shareholders of persons for
     election to the Board of Directors may be made at such a special meeting of
     shareholders if the shareholder's notice required by the second paragraph
     of this Section 8 of Article II shall be delivered to the Secretary at the
     principal executive offices of the corporation not earlier than the close
     of business on the 120th day prior to the date of such special meeting and
     not later than the close of business on the later of the 90th day prior to
     the date of such special meeting or the 10th day following the day on which
     public announcement is first made of the date of the special meeting and of
     the nominees proposed by the Board to be elected at such meeting.

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     (f) For purposes of this section, "public announcement" shall mean
     disclosure in a press release reported by the Dow Jones News Service,
     Associated Press or a comparable national news service or in a document
     publicly filed by the corporation with the Securities and Exchange
     Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act.

     (g) Notwithstanding the foregoing provisions of this Section 8 of Article
     II, a shareholder shall also comply with all applicable requirements of the
     Exchange Act and the rules and regulations thereunder with respect to
     matters set forth in this Section 8 of Article II. Nothing in this Section
     8 of Article II shall be deemed to affect any rights of shareholders to
     request inclusion of proposals in the corporation's proxy statement
     pursuant to Rule 14a-8 under the Exchange Act.

                                  ARTICLE III

                               BOARD OF DIRECTORS

     1.  Number and Qualifications. The business and affairs of the corporation
shall be managed by a board of eleven (11) Directors who need not be
stockholders of the corporation nor residents of the State of Washington.

     2.  Election - Term of Office. The Board of Directors shall be divided into
three classes: Class 1, Class 2, and Class 3. Each such Class shall consist, as
nearly as possible, of one-third of the total number of directors constituting
the entire Board of Directors. In no event shall a Class be comprised of fewer
than 3 directors. Each director shall serve for a term ending on the date of the
third annual meeting of shareholders following the annual meeting at which such
director was elected; provided, however, that each initial director in Class 1
shall hold office until the annual meeting of shareholders in 1997; each initial
director in Class 2 shall hold office until the annual meeting of shareholders
in 1998; and each initial director in Class 3 shall hold office until the annual
meeting of shareholders in 1999; and in each case until their successors are
duly elected and have qualified or until their earlier resignation, removal from
office or death. In the event of an increase or decrease in the authorized
number of directors, (a) each director then serving as such shall nevertheless
continue as a director of the Class in which he or she is a member until the
expiration of his or her current term, or his or her earlier resignation,
removal from office or death, and (b) the newly created or eliminated
directorships resulting from such increase or decrease shall be apportioned by
the Board of Directors among the three Classes of Directors so as to maintain
such classes as nearly equal as possible.

     3.  Vacancies. Except as otherwise provided by law, vacancies in the Board
of Directors, whether caused by resignation, death or otherwise, may be filled
by a majority of the remaining Directors attending any regular meeting of the
Board of Directors, or any special meeting if the notice of such special meeting
indicates that filling such vacancy is a purpose of the meeting. A Director thus
elected to fill in a vacancy shall hold office during the unexpired term of his
predecessor and until his successor is elected and qualified.

     4.  Annual Meeting. The first meeting of each newly elected Board of
Directors shall be known as the annual meeting thereof and shall be held
immediately after and at the same place as the annual stockholders' meeting or
any later stockholders' meeting at which a Board of Directors is elected.

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     5.  Chairman of the Board. At its annual meeting, the Board of Directors
shall elect a Chairman of the Board. The Chairman of the Board shall preside at
all meetings of the stockholders, the Directors, and the Executive Committee,
and shall perform such other duties as may from time to time be assigned by the
Board or the Executive Committee.

     6.  Regular Meetings. Regular Meetings of the Board of Directors shall be
held on such dates and at such times and places as the Board of Directors by
resolution may decide.

     7.  Special Meetings. Special meetings of the Board of Directors may be
held at any time or at any place whenever called by the Chairman of the Board,
the President or by the Secretary at the request of any three (3) or more
Directors.

     8.  Place of Meetings. Any meeting of the Board of Directors may be held
within or without the State of Washington.

     9.  Notice of Meetings. Notice of the annual meeting of the Board of
Directors shall not be required. Notice of the time and place of all other
meetings of the Board of Directors shall be given by the Chairman of the Board,
the President, the Secretary or any person or persons calling the meeting by
mail, radio, telegram or personal communication over the telephone or otherwise,
at least three (3) days prior to the day upon which the meeting is to be held;
provided, that no notice need be given if the time and place thereof shall have
been fixed by resolution of the Board of Directors and a copy of such resolution
has been mailed to every Director at least three (3) days before the first of
any meeting or meetings held in pursuance thereof.

     10. Waiver of Notice. Notice of any meeting of the Board of Directors need
not be given to any Director if such notice is waived in a writing signed by the
Director, whether before or after such meeting is held, and delivered to the
corporation for inclusion in the minutes or filing with the corporate records.
Notice of any meeting shall be deemed waived by the presence of a Director at
the meeting unless such Director (a) at the beginning of the meeting or promptly
upon the Director's arrival, shall have made his written objection to the
holding of the meeting or the transaction of business at the meeting, and (b)
does not thereafter vote for or assent to action taken at the meeting. Any
meeting of the Board shall be a legal meeting without any notice thereof having
been given if all of the Directors are either present, other than for the sole
purpose just described, or waive notice thereof.

     11. Directors' Fees. Each Director shall receive a fee, as set by the Board
of Directors from time to time, for services rendered at each regular or special
meeting of the Board of Directors or meeting of a committee thereof and, in
addition, shall be reimbursed for expenses of travel and lodging reasonably
incurred in attending any such meeting. In addition to the foregoing, each
outside Director shall receive an annual retainer fee as set by the Directors.
An outside Director is a Director who is not a salaried officer or employee of
this corporation or any of its subsidiaries. Nothing in this section shall be
construed to preclude a Director from serving the corporation in any other
capacity and receiving compensation therefor. If there are simultaneous Board
Meetings of Fisher companies, and a Director of Fisher Communications, Inc. is a
Director of one or more of the other companies involved, he will receive only
one fee for the meeting, namely his fee as Director of Fisher Communications,
Inc.

     12. Quorum of Directors. A majority of the number of Directors fixed by
these Bylaws

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shall constitute a quorum for the transaction of business, but a less number may
adjourn any meeting from time to time and the same may be held without further
notice. When a quorum is present at any meeting, a majority vote of the members
in attendance shall decide any question brought before such meeting, except that
no sale or exchange of unissued stock shall be made without the affirmative vote
of three-fourths (3/4) of the entire Board of Directors declaring that the sale
or exchange of such stock is necessary for a specific business purpose of the
corporation other than the acquisition of additional capital funds in cash. The
act of a majority of the Directors present at a meeting at which a quorum is
present shall be the act of the Board of Directors.

                                   ARTICLE IV

                                   COMMITTEES

     1.  Designation of Committees. The Board of Directors of this corporation
may, by resolution adopted at any regular or special meeting of such Board,
designate from among its members one or more committees each of which shall have
two or more members and, to the extent provided in this Article IV or in such
resolution, shall have and may exercise all of the authority of the Board of
Directors, but no such committee shall have the authority of the Board of
Directors in reference to: amending the Articles of Incorporation or the Bylaws
of the corporation, adopting a plan of merger or consolidation, recommending to
the shareholders, the sale, lease, exchange or other disposition of all or
substantially all the property and assets of the corporation other than in the
usual and regular course of its business, or recommending to the shareholders a
voluntary dissolution of the corporation or a revocation thereof. The
designation of any such committee by the Board of Directors and the delegation
thereto of authority shall not operate to relieve the Board of Directors, or any
of its members, of any responsibility imposed by law.

     2.  Executive Committee.

         (a) Membership. The Executive Committee shall be comprised of the
Chairman of the Board, the President and three (3) other Directors elected by
the Board of the Directors. Members of the Executive Committee shall be elected
by the Board of Directors at each annual meeting, to hold office until their
successors are elected and qualified. The Chairman of the Board shall be
chairman of the Committee unless the Board designates some other member of the
Committee as its chairman. Each member of the Committee shall continue as a
member of the Committee at the pleasure of the Board.

         (b) Vacancies. Vacancies on the Committee arising from any cause may be
filled by the Board of Directors at any regular or special meeting.

         (c) Powers and Duties. The Executive Committee shall have and may
exercise all of the authority of the Board of Directors. The Executive Committee
shall specifically have the power and duty to vote the stock of fully and
partially owned subsidiary companies, which power and duty of the Executive
Committee shall include authority to make all determinations and decisions with
respect thereto. All actions of the Executive Committee shall be recorded in
minutes of its meetings and shall be reported to the Board of Directors at its
meeting next succeeding any such action and shall be subject

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to revision or alteration by the Board, except that existing rights of third
parties shall not be affected thereby.

         (d) Rules of Procedure. The Executive Committee shall fix its own rules
of procedure and shall meet where and as provided by such rules. Special
meetings of the Committee may be called at any time by the President, the
chairman of the Committee if not the President, or any two (2) members. At all
meetings of the Committee, the presence of at least three (3) members shall be
necessary to constitute a quorum. The affirmative vote of a majority of the
members present shall be necessary and sufficient for the adoption of any
resolutions.

     3.  Compensation Committee.

         (a) Membership. The Compensation Committee shall consist of not less
than four (4) Directors of the corporation elected by the Board of Directors,
none of whom shall be an employee of the corporation or of any of its
subsidiaries. Each member of the Committee shall continue as a member of the
Committee at the pleasure of the Board.

         (b) Vacancies. Vacancies on the Committee arising from any cause may be
filled by the Board of Directors at any regular or special meeting.

         (c) Powers and Duties. The Compensation Committee shall:

             (1)  Review and establish the salary of officers and selected other
                  key management employees of the corporation and its
                  subsidiaries;

             (2)  Review and establish all cash bonuses under and pursuant to
                  the Management Incentive Plans of the corporation and its
                  subsidiaries;

             (3)  Review and recommend changes in compensation for members of
                  the corporation's Board of Directors and its Chairman;

             (4)  Administer the Fisher Communications Incentive Plans and
                  review and establish all stock options and stock rights to be
                  granted to officers and selected other key management
                  employees of the corporation and its subsidiaries, pursuant to
                  such Plans;

             (5)  Authorize the enrollment of selected management employees of
                  the corporation and its subsidiaries as new participants in
                  the supplemental pension plans;

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             (6)  Recommend to the Board any additional compensation or employee
                  benefit programs of a substantial nature and changes to
                  existing programs of the corporation or its subsidiaries;

             (7)  Record all actions of the Committee in minutes of its
                  meetings; and

             (8)  Report to the Board compensation actions of the Committee
                  prior to their effective date.

         (d) Rules of Procedure. The Compensation Committee shall fix its own
rules of procedure and shall meet where and as provided by such rules. Special
meetings of the Committee may be called at any time by the chairman of the
Committee or any two (2) members. At all meetings of the Committee, the presence
of at least three (3) members shall be necessary to constitute a quorum. The
affirmative vote of a majority of the members present shall be necessary and
sufficient for the adoption of any resolution.

     4.  Audit Committee.

         (a) Membership. The Membership of the Audit Committee shall be
determined in accordance with the Audit Committee Charter.

         (b) Vacancies. Vacancies on the Committee arising from any cause may be
filled by the Board of Directors at any regular or special meeting.

         (c) Powers and Duties. The Audit Committee shall have the powers,
responsibilities and duties as set forth in the Audit Committee Charter.

         (d) Rules of Procedure. The Audit Committee shall fix its own rules of
procedure and shall meet where and as provided by such rules. Special meetings
of the Committee may be called at any time by the chairman of the Committee or
any two (2) members. At all meetings of the Committee, the presence of at least
three (3) members shall be necessary to constitute a quorum. The affirmative
vote of a majority of the members present shall be necessary and sufficient for
the adoption of any resolution.

     5.  Nominating Committee.

         (a) Membership. The Nominating Committee shall consist of not less than
five (5) Directors of the corporation elected by the Board of Directors, none of
whom shall be an employee of the corporation or of any of its subsidiaries. Each
member of the Committee shall continue as a member of the Committee at the
pleasure of the Board.

         (b) Vacancies. Vacancies on the Committee arising from any cause may be
filled by the Board of Directors at any regular or special meeting.

         (c) Powers and Duties. The Nominating Committee shall:

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             (1)  Review qualifications of candidates for Board membership from
                  whatever source received;

             (2)  Recommend to the Board the slate of Director candidates to be
                  proposed for election by stockholders at the annual meeting;

             (3)  Recommend to the Board candidates to fill Director vacancies
                  which occur between annual meetings of stockholders;

             (4)  Recommend to the Board criteria regarding personal
                  qualifications for nomination as Director, including
                  experience, skills, affiliations and characteristics;

             (5)  Recommend to the Board criteria regarding the composition of
                  the Board, including total size and number of
                  employee-Directors;

             (6)  Recommend to the Board criteria relating to tenure as a
                  Director, including retirement age and continuation of a
                  Director in an honorary or similar capacity;

             (7)  Record all actions of the Committee and minutes of its
                  meeting; and

             (8)  Report to the Board all actions and recommendations of the
                  Committee.

         (d) Rules of Procedure. The Nominating Committee shall fix its own
rules of procedure and shall meet where and as provided by such rules. Special
meetings of the Committee may be called at any time by the chairman of the
Committee or any two (2) members. At all meetings of the Committee, the presence
of at least three (3) members shall be necessary to constitute a quorum. The
affirmative vote of a majority of the members present shall be necessary and
sufficient for the adoption of any resolution.

                                   ARTICLE V

                                    OFFICERS

     1.  Officers Enumerated - Election. The officers of the corporation shall
be a President, one or more Vice Presidents, a Secretary and a Treasurer, and
such assistants to such officers as the Board of Directors may determine, all of
whom shall be elected by the Board of Directors at the annual meeting thereof to
hold office for the term of one year and until their successors are elected and
qualified.

     2.  Qualification. None of the officers of the corporation except the
President need be a Director. Excluding the President, any two of the other
corporate offices may be combined in one person.

     3.  President. The President shall be the chief executive officer of the
corporation and, subject to the Board of Directors and the Executive Committee,
shall supervise and control the business

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and affairs of the corporation. In the absence of the Chairman of the Board, the
President shall preside at meetings of the stockholders, the Directors and the
Executive Committee.

     4.  Vice Presidents. Each Vice President shall perform such duties as the
Board of Directors, the Executive Committee, or the President may from time to
time designate or assign. In the absence or disability of the President, one of
the Vice Presidents, in the order determined by the order of their election,
shall act as President, but a Vice President who is not a Director cannot
succeed to or fill the office of President.

         (a) One such Vice President shall be designated Chief Financial Officer
and be accountable for the corporation's overall financial plans and policies,
consistent with the corporation's Financial Accounting Charter, and the conduct
of the corporation's relationships with banks and lending institutions, and the
financial community. The chief financial officer shall also have charge and
custody of and be responsible for all funds and securities of the corporation.
He shall deposit all such funds in the name of the corporation in such
depositories or invest them in such manner as may be designated or approved by
the Board of Directors, and shall authorize disbursement of the funds of the
corporation in payment of just demands against the corporation.

     5.  Secretary. The Secretary shall issue notices of meetings of
stockholders and Directors and shall make and keep minutes of meetings of
stockholders and Directors. The Secretary shall keep and, when proper, affix the
seal of the corporation. The Secretary shall keep the stock book of the
corporation, a record of certificates representing shares of stock issued by the
corporation, and a record of transfers of such certificates. The Secretary shall
exercise the usual authority pertaining to the office of Secretary, and he shall
perform such other duties as the Board of Directors, the Executive Committee or
the President may from time to time designate.

     6.  Vacancy. Vacancies in any office arising from any cause may be filled
by the Board of Directors at any regular or special meeting.

     7.  Other Officers and Agents. The Board of Directors may appoint such
other officers and agents as it shall deem necessary or expedient. Such other
officers shall hold their offices for terms as provided in Section 1 of this
Article V and such other agents shall hold their offices for such period as
shall be determined from time to time by the Board of Directors. Such other
officers and agents shall exercise such authority and perform such duties as the
Board of Directors, Executive Committee or President may prescribe, which
authority and duties may include, in the case of the other officers, one or more
of the duties of the named officers of the corporation.

     8.  Removal of Officers. Any officer or agent may be removed by the Board
of Directors whenever in its judgment the best interest of the corporation will
be served thereby, but such removal shall be without prejudice to the contract
rights, if any, of the person so removed. Election or appointment of an officer
or agent shall not of itself create contract rights.

     9.  Salaries. Salaries of all officers and agents of the corporation
appointed by the Board of Directors shall be fixed by the Board of Directors.

                                      -11-

<PAGE>

                                   ARTICLE VI

                                     STOCK

     1.  Certificate of Stock. Certificates of stock shall be issued in
numerical order and each stockholder shall be entitled to a certificate signed
by the President or Vice President and the Secretary or an Assistant Secretary
and sealed with the corporate seal. Every certificate of stock shall state (1)
the name of the corporation and that it is incorporated under the laws of the
State of Washington, (2) the name of the registered holder of the shares
represented thereby, and (3) the number and class of shares the certificate
represents.

     2.  Transfers. Shares of stock may be transferred by delivery of the
certificates therefor accompanied either by an assignment in writing on the back
of the certificate or by a separate written assignment and power of attorney to
transfer the same, which in either event is signed by the record holder of the
certificate. No transfer shall be valid, except as between the parties thereto,
until such transfer shall have been made upon the books of the corporation, as
maintained by the transfer agent, if any. Except as otherwise specifically
provided in these Bylaws, no shares of stock shall be transferred on the books
of the corporation until the outstanding certificate or certificates therefor
have been surrendered to the corporation, or to the transfer agent, if any.

     3.  Stockholders of Record. The corporation, or the transfer agent, if any,
shall be entitled to treat the holder of record on the books of the corporation
of any share or shares of stock as the holder in fact thereof for all purposes,
including the payment of dividends on such stock and the right to vote on such
stock.

     4.  Loss or Destruction of Certificates. In case of loss or destruction of
any certificate of stock, another may be issued in its place upon proof of such
loss or destruction and upon the giving of a satisfactory bond of indemnity to
the corporation. A new certificate may be issued without requiring any bond
when, in the judgment of the Board of Directors, or of the transfer agent, if
any, it is proper to do so.

     5.  Closing of Transfer Books. The Board of Directors may close, or direct
the transfer agent, if any, to close the books of the corporation against
transfers of stock of the corporation for such period as the Directors may from
time to time determine, in anticipation of stockholders' meetings, the payment
of any dividend or distribution, or any change, conversion or exchange of shares
of the corporation.

     6.  Regulations. The Board of Directors shall have the power and authority
to make all such rules and regulations as it may deem expedient, or may delegate
to a transfer agent, if any, such power and authority to make such rules and
regulations concerning the issue, transfer, conversion and registration of
certificates for shares of the stock of the corporation not inconsistent with
these Bylaws, the Articles of Incorporation, or the laws of the State of
Washington.

                                      -12-

<PAGE>

                                  ARTICLE VII

                               BOOKS AND RECORDS

     1.  Records of Corporate Meetings and Share Register. The corporation shall
keep either at its principal place of business or at its registered office (a)
complete records of all of the proceedings of the Board of Directors and
stockholders, and (b) a share register giving the names of the stockholders in
alphabetical order and showing their respective addresses, the number of shares
held by each and the dates upon which they acquired the same; provided, however,
such share register may be maintained by the transfer agent of the corporation,
if any.

     2.  Copies of Resolutions. Any person dealing with the corporation may rely
upon a copy of any of the records of the proceedings, resolutions or votes of
the Board of Directors or stockholders when certified by the President, a Vice
President, the Secretary or an Assistant-Secretary.

                                  ARTICLE VIII

                                 CORPORATE SEAL

     The corporate seal of the corporation shall consist of a flat-faced
circular die producing in raised form, words, letters and figures, the design of
which shall conform to the impression which appears upon this page opposite to
this Bylaw.

                                   ARTICLE IX

                                INDEMNIFICATION

     1.  Definitions. As used in this Article IX and, if applicable, Article V
of the corporation's Articles of Incorporation:

         (a) The term "egregious conduct" by a person shall mean acts or
omissions that involve intentional misconduct or a knowing violation of law,
conduct violating Section 23B.08.310, as amended, of the Revised Code of
Washington, or participation in any transaction from which the person personally
received a benefit in money, property, or services to which the person is not
legally entitled.

         (b) The term "finally adjudged" shall mean stated in a final judgment
based on clear and convincing evidence by a court having jurisdiction, from
which there is no further right to appeal.

         (c) The term "director" shall mean any person who is a director of the
corporation or a subsidiary corporation and any person who, while a director of
the corporation or a subsidiary corporation, is serving at the request of the
corporation as a director, officer, manager, partner, trustee, employee, or
agent of another foreign or domestic corporation, limited liability company,
partnership, joint venture, trust, or other enterprise, or is a fiduciary or
party in interest in relation to any employee

                                      -13-

<PAGE>

benefit plan maintained by the corporation or any subsidiary corporation; and
"conduct as a director" shall include conduct while such a person is or was
acting in any of such capacities.

         (d) The term "officer-director" shall mean any person who is
simultaneously both an officer and director of the corporation, or an officer
and director of a subsidiary corporation, and any person who, while
simultaneously both an officer and director of the corporation, or a subsidiary
corporation, is serving at the request of the corporation as a director,
officer, manager, partner, trustee, employee, or agent of another foreign or
domestic corporation, limited liability company, partnership, joint venture,
trust, or other enterprise, or is a fiduciary or party in interest in relation
to any employee benefit plan maintained by the corporation or any subsidiary
corporation; and "conduct as an officer-director" shall include conduct while
such a person is or was acting as an officer of the corporation or a subsidiary
corporation or in any of such capacities.

         (e) The term "subsidiary corporation" shall mean any corporation or
limited liability company at least 51 percent of the voting interests of which
is held beneficially by the corporation.

         (f) No person shall be deemed to be serving at the request of the
corporation unless the Board of Directors has expressly stated so in a duly
adopted resolution.

     2.  Indemnification - Generally. The corporation shall indemnify any person
who is, or is threatened to be made, a party to any action, suit, or proceeding,
whether civil, criminal, administrative, or investigative, and whether formal or
informal, and whether by or in the right of the corporation or its stockholders
or by any other party, by reason of the fact that the person is or was a
director or officer-director against judgments, penalties or penalty taxes,
fines, settlements (even if paid or payable to the corporation or its
stockholders or to a subsidiary corporation) and reasonable expenses, including
attorneys' fees, actually incurred in connection with such action, suit or
proceeding unless the liability and expenses were on account of conduct finally
adjudged to be egregious conduct. The reasonable expenses, including attorneys'
fees, of such person incurred in connection with such action, suit or proceeding
shall be paid or reimbursed by the corporation, upon request of such person, in
advance of the final disposition of such action, suit or proceeding upon receipt
by the corporation of a written, unsecured promise by the person to repay such
amount if it shall be finally adjudged that the person is not eligible for
indemnification. All expenses incurred by such person in connection with such
action, suit or proceeding shall be considered reasonable.

     3.  No Determination. Except as stated in Section 4 of this Article IX, no
action by the board of directors, the stockholders, independent counsel, or any
other person or persons shall be necessary or appropriate to the determination
of the corporation's indemnification obligation in any specific case, to the
determination of the reasonableness of any expenses incurred by a person
entitled to indemnification under this Article IX or Article V of the
corporation's Articles of Incorporation, nor to the authorization of
indemnification in any specific case.

     4.  Limitation on Expenses. Notwithstanding Section 3 of this Article IX,
the corporation shall not be obligated to indemnify any person for any expenses,
including attorneys' fees, incurred to assert any claim against the corporation
or a subsidiary corporation (except a claim based on Section 6 of this Article
IX) or against any person related to or associated with the corporation or a
subsidiary corporation.

                                      -14-

<PAGE>

     5.  Submission of Claim; Presumption. If a claim under this Article IX or
Article V of the corporation's Articles of Incorporation is not paid in full by
the corporation within 60 days after a written claim has been received by the
corporation, except in the case of a claim for expenses incurred in defending an
action, suit or proceeding in advance of its final disposition, in which case
the applicable period shall be 20 days, the claimant may at any time thereafter
bring suit against the corporation to recover the unpaid amount of the claim
and, to the extent successful in whole or in part, the claimant shall be
entitled to be paid also the expense of prosecuting such claim. The claimant
shall be presumed to be entitled to indemnification under Article V of the
corporation's Articles of Incorporation and this Article IX upon submission of a
written claim (and, in an action brought to enforce a claim for expenses
incurred in defending any action, suit or proceeding in advance of its final
disposition, where the required undertaking has been tendered to the
corporation), and thereafter the corporation shall have the burden of proving
that the claimant is not so entitled. The claimant is entitled to
indemnification even if the corporation (including its Board of Directors,
independent legal counsel or its stockholders) failed to determine prior to the
commencement of such action that indemnification or reimbursement or advancement
of expenses to the claimant is proper in the circumstances or even if the
corporation (including its Board of Directors, independent legal counsel or its
stockholders) actually determined that the claimant is not entitled to
indemnification or to the reimbursement or advancement of expenses.

     6.  Enforcement Expenses. The corporation shall indemnify any person
granted indemnification rights under this Article IX or Article V of the
corporation's Articles of Incorporation against any reasonable expenses incurred
by the person to enforce such rights.

     7.  Set-Off. Any person granted indemnification rights under this Article
IX or Article V of the corporation's Articles of Incorporation may directly
assert such rights in set-off of any claim raised against the person by or in
the right of the corporation and shall be entitled to have the same tribunal
that adjudicates the corporation's claim adjudicate the person's entitlement to
indemnification by the corporation.

     8.  Rights Not Exclusive. The right to indemnification and the payment of
expenses incurred in defending an action, suit or proceeding in advance of its
final disposition conferred by this Article IX and Article V of the
corporation's Articles of Incorporation shall not be exclusive of any other
right that any person may have or hereafter acquire under any statute, provision
of the Articles of Incorporation, Bylaws, agreement, vote of stockholders or
disinterested directors or otherwise.

     9.  Officers, Employees and Agents. As provided by the Washington Business
Corporation Act, as amended from time to time, the corporation may by action of
its Board of Directors provide indemnification and pay expenses in advance of
the final disposition of an action, suit or proceeding to officers, employees
and agents of the corporation or a subsidiary corporation with the same scope
and effect as the provisions of this Article IX and Article V of the
corporation's Articles of Incorporation with respect to the indemnification and
advancement of expenses of directors and officer-directors.

     10. Cessation of Service. The indemnification rights provided in this
Article IX and Article V of the corporation's Articles of Incorporation shall
continue as to a person who has ceased to be a director or officer-director and
shall inure to the benefit of the heirs, executors, and administrators of such
person.

                                      -15-

<PAGE>

     11. Interpretation. The provisions of this Article IX shall be construed to
be adopted in furtherance of, and not in limitation of, Article V of the
corporation's Articles of Incorporation.

     12. Amendment and Repeal. Notwithstanding anything in these Bylaws to the
contrary, this Article IX may only be amended by the stockholders in accordance
with the statutory requirements that would be applicable to such stockholder
action if this Article IX were part of the corporation's Articles of
Incorporation. No amendment or repeal of this Article IX or Article V of the
corporation's Articles of Incorporation shall adversely affect any right or
protection of a director or officer-director or person formerly serving in any
of such capacities existing at the time of such amendment or repeal with respect
to acts or omissions occurring prior to such amendment or repeal.

     13. Severability. Each of the substantive provisions of this Article IX and
Article V of the corporation's Articles of Incorporation is separate and
independent of the others, so that if any provision of this Article IX or
Article V of the corporation's Articles of Incorporation shall be held to be
invalid or unenforceable for any reason, such invalidity or unenforceability
shall not affect the validity or enforceability of any other provisions.

                                   ARTICLE X

                              AMENDMENT OF BYLAWS

     1.  By the Stockholders. These Bylaws may be amended, altered or repealed
at any regular or special meeting of the stockholders if notice of the proposed
alteration or amendment is contained in the notice of the meeting.

     2.  By the Board of Directors. These Bylaws may be amended, altered or
repealed, so long as consistent with the Articles of Incorporation, by the
affirmative vote of a majority of the Board of Directors at any regular or
special meeting of the Board if notice of the proposed alteration or amendment
is contained or transmitted in the notice of the meeting. Any action of the
Board of Directors with respect to the amendment, alteration or repeal of these
Bylaws is hereby made expressly subject to change or repeal by the stockholders.

                                      -16-