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<SEC-DOCUMENT>0001292814-08-002366.txt : 20080819
<SEC-HEADER>0001292814-08-002366.hdr.sgml : 20080819
<ACCEPTANCE-DATETIME>20080819095607
ACCESSION NUMBER:		0001292814-08-002366
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080630
FILED AS OF DATE:		20080819
DATE AS OF CHANGE:		20080819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP
		CENTRAL INDEX KEY:			0001170858
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31317
		FILM NUMBER:		081026491

	BUSINESS ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
		BUSINESS PHONE:		011-55-11-3388-8000

	MAIL ADDRESS:	
		STREET 1:		RUA COSTA CARVALHO, 300
		STREET 2:		SAO PAULO
		CITY:			SP
		STATE:			D5
		ZIP:			05429-900
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sbspr2q08_6k.htm
<DESCRIPTION>SABESP ANNOUNCES 2Q08 RESULTS
<TEXT>
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<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>Washington, DC 20549 </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<HR align="center" WIDTH="25%" size=1 NOSHADE COLOR="#000000">
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>FORM 6-K </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>REPORT OF FOREIGN ISSUER </B> <BR>
      <B>PURSUANT TO RULE 13a-16 OR 15d-16 OF THE</B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>SECURITIES EXCHANGE ACT OF 1934</B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center">
  <div><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B> For August 19, 2008</B></FONT></DIV>
  <p></p>
  <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B> (Commission File No. 1-31317) </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<HR align="center" WIDTH="25%" size=1 NOSHADE COLOR="#000000">
<DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B> Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><i>(Exact name of registrant as specified in its charter) </i></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"> </DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B> Basic Sanitation Company of the State of Sao Paulo - SABESP </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><i>(Translation of Registrant's name into English) </i></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<HR align="center" WIDTH="25%" size=1 NOSHADE COLOR="#000000">
<BR>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B> Rua Costa Carvalho, 300 <BR>
  S&#227;o Paulo, S.P., 05429-900 <BR>
  Federative Republic of Brazil </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><i> (Address of Registrant's principal executive offices) </i></FONT></DIV>
<BR>
<HR align="center" WIDTH="25%" size=1 noshade COLOR="#000000">
<BR>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Indicate by check mark whether the registrant files or will file <br>
  annual reports under cover Form 20-F or Form 40-F. <BR>
  <br>
  Form 20-F ___X___ Form 40-F ______</font></div>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Indicate by check mark if the registrant is submitting the Form 6-K <BR>
  in paper as permitted by Regulation S-T Rule 101(b)(1)__.</font></div>
<P>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Indicate by check mark if the registrant is submitting the Form 6-K <BR>
  in paper as permitted by Regulation S-T Rule 101(b)(7)__.</font></div>
<P align=center><FONT FACE="'Times New Roman, Times, Serif'" SIZE=2>Indicate by check mark whether the registrant by furnishing the <BR>
  information contained in this Form is also thereby furnishing the <BR>
  information to the Commission pursuant to Rule 12g3-2(b) under <BR>
  the Securities Exchange Act of 1934. <BR>
  <BR>
  Yes ______ No ___X___</font></p>
<P>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> If "Yes" is marked, indicated below the file number assigned to the<BR>





  registrant in connection with Rule 12g3-2(b):</font>
    <p></p>
</DIV>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<center>
  <A name="page_1"></A>

  <IMG src="logo.gif" border=0>
  <BR>
</center>
<P align="right">
<B>CIA. DE SANEAMENTO B&Aacute;SICO DO ESTADO DE S&Atilde;O PAULO - SABESP <br>
</B>Rui de Britto &Aacute;lvares Affonso <br>
Chief Financial Officer and Investor Relations Officer <br>
Mario Azevedo de Arruda Sampaio <br>
Head of Capital Markets and Investor Relations </P>
<TABLE border=0 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD></TD>
	<TD width=2%></TD>
	<TD></TD></TR>
<TR valign="bottom">
	<TD align=center><font color="#000099"><B>SABESP announces 2Q08 results</B>&nbsp;</font></TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>

<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD width="70%" rowspan="9" align=left valign="top">S&atilde;o Paulo, August 8, 2008 - <B>Companhia de Saneamento B&aacute;sico do Estado</B>&nbsp;<B>de S&atilde;o Paulo &#150; SABESP </B>(Bovespa: SBSP3; NYSE: SBS), one of the largest&nbsp;water and sewage services providers in the world based on the number of&nbsp;customers, announces today its <B>results for the second quarter of 2008</B>&nbsp;<B>(2Q08)</B>. The Company&#146;s operating and financial information, except when&nbsp;indicated otherwise, is presented in Brazilian Reais, in accordance with the&nbsp;Brazilian Corporate Law. <U>All comparisons in this release, unless otherwise</U>&nbsp;<U>stated, refer to the same period of 2007.</U>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD width="28%" align=right>SBSP3: R&#36; 40.48 / share&nbsp;</TD></TR>
<TR valign="bottom">
	<TD>&nbsp;</TD>
	<TD align=right>SBS US&#36; 50.76 (ADR=2 shares)</TD></TR>
<TR valign="bottom">
	<TD>&nbsp;</TD>
	<TD align=right>Total shares: 227,836,623&nbsp;</TD></TR>
<TR valign="bottom">
	<TD>&nbsp;</TD>
	<TD align=right>Market value: R&#36; 9.3 billion&nbsp;</TD></TR>
<TR valign="bottom">
	<TD>&nbsp;</TD>
	<TD align=right>Closing price: 08/08/2008&nbsp;</TD></TR>
<TR valign="bottom">
	<TD>&nbsp;</TD>
	<TD rowspan="4" align=left><div align="right"><img src="rodape.gif" width="150" height="128"></div></TD></TR>
<TR valign="bottom">
	<TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD>&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<IMG src="fp1a.gif" border=0></P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_2"></A>

<P>
<B>1. Net Operating Revenue </B></P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:10px">
<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan="3" align=right><I>R&#36; million</I>&nbsp;</TD>
  </TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Chg.</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Chg.</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left>(+) Gross operating revenue&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,563.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">1,627.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;63.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>3,146.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">3,285.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>139.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.4&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>(-) COFINS and PASEP taxes&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>115.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">114.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;(1.9)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(1.6)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>234.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">232.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(1.9)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(0.8)</TD></TR>

<TR valign="bottom">
	<TD align=left>(=) Net operating revenue&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,447.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">1,513.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;65.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="6%" align=right>2,912.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">3,053.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>140.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.8&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>(-) Costs and expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD width="6%" align=right>935.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="6%" align=right bgcolor="#E2E2E2">1,032.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="6%" align=right> &nbsp;96.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="6%" align=right>10.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1,832.8&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD width="6%" align=right bgcolor="#E2E2E2">1,948.1&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD width="6%" align=right>115.3&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD width="6%" align=right>6.3&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>(=) Earnings before financial expenses (EBIT*)</TD>
	<TD width="1%">&nbsp;</TD>
	<TD align=right>512.5&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">481.1&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>(31.4)</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>(6.1)</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>1,079.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">1,105.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>25.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.4&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>(+) Depreciation and amortization&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>158.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">154.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;(3.9)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(2.5)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>313.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">305.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(7.9)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(2.5)</TD></TR>

<TR valign="bottom">
	<TD align=left>(=) EBITDA**&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>671.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">636.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(35.3)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(5.3)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1,392.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">1,410.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>17.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.3&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>(%) EBITDA margin&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>46.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">42.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>47.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">46.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="17" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Net income&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>295.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">360.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;64.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>21.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>588.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">663.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>75.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>12.8&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="17" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Earnings per share (R&#36;)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.30&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">1.58&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.58&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">2.91&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="17" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD colspan="17" align=left>(*) Earnings before interest and taxes&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD colspan=17 align=left>(**) Earnings before interest, taxes, depreciation and amortization&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P>
In 2Q08, net operating revenue totaled R&#36; 1.5 billion, a 4.5% increase compared to 2Q07. Costs and expenses stood at R&#36; 1,032.2 million, 10.4% higher than in 2Q07. EBITDA moved from R&#36; 671.3 million in 2Q07 to R&#36; 636.0 million in
2Q08, a 5.3% drop.</P>
<P>
Earnings before financial expenses (EBIT) dropped 6.1%, from R&#36; 512.5 million in 2Q07 to R&#36; 481.1 million in this quarter.</P>
<P>
<B>2. Gross operating revenue </B></P>
<P>
In 2Q08, gross operating revenue grew R&#36; 63.6 million, or 4.1%, from R&#36; 1,563.7 million in 2Q07 to R&#36; 1,627.3 million in 2Q08. The main reasons for this increase were: </P>
<P>&#149;  The 4.1% tariff adjustment as of September 2007; and </P>
<P>&#149;
  The 1.9% increase in billed water and sewage volume, 1.4% of which corresponded to the retail segment and 6.0% to wholesale. </P>
<P>This performance was due to: </P>
<P>
&#149; Lower temperatures in 2Q08 versus 2Q07; </P>
<P>
&#149; Consumption migration to lower tariff brackets as a result of: i) intensification of hydrometer replacing, which educates customers to reduce consumption and ii) the campaign for the rational use of water; and </P>
<P>
&#149; The loss of some wholesale customers in the coastal region and the discontinuation of billing in 3 municipalities in the inland region. </P>
<P align="center">
Page 2 of 12 </P>

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<P>
<B>3. Billed volume </B></P>
<P>
The following tables show billed water and sewage volume per customer category and region in 2Q07, 2Q08, 1H07 and 1H08. </P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
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	<TD></TD></TR>
<TR valign="bottom">
	<TD colspan=19 align=center><B>BILLED WATER AND SEWAGE VOLUME </B><B><SUP>(1) </SUP></B><B>PER CUSTOMER CATEGORY - million m</B><B><SUP>3</SUP></B>&nbsp;</TD>
  </TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD colspan="5" align=center bgcolor="#333399"><font color="#FFFFFF"><B>Water</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD colspan="5" align=center bgcolor="#333399"><font color="#FFFFFF"><B>Sewage</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD colspan=5 align=center bgcolor="#333399"><font color="#FFFFFF"><B>Water + Sewage</B>&nbsp;</font></TD>
  </TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left>Residential&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>329.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>333.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>262.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>267.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>592.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>601.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.6&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Commercial&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>37.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>38.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>34.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>35.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>72.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>73.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.7&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Industrial&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>8.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>8.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>8.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>8.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>17.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>17.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.8&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Public&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>12.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>12.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(4.0)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>10.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>9.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(3.0)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>22.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>21.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(3.5)</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E2E2E2"><B>Total retail</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>388.5</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>392.9</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.1</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>315.4</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>321.1</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.8</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>703.9</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>714.0</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.4</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Wholesale&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>67.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>70.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>5.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>7.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>27.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>73.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>77.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.0&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Reused water&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>0.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>0.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E2E2E2"><B>Total</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>456.0</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>463.3</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.6</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>321.2</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>328.5</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>2.3</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>777.2</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>791.8</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.9</B>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=center bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD></TR>
<TR valign="bottom">
	<TD align=left>Residential&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>668.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>674.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>0.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>530.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>538.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1,199.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1,213.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Commercial&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD align=right>75.3&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>76.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>68.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>70.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>144.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>146.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Industrial&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD width="8%" align=right>17.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>17.6&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>1.1&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>16.6&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD width="8%" align=right>16.8&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD width="8%" align=right>1.2&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>34.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>34.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Public&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>23.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>23.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>(2.5)</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>18.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>18.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(2.1)</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>42.4&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD width="8%" align=right>41.4&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD width="8%" align=right>(2.4)</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E2E2E2"><B>Total retail</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>785.2</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>791.4</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>0.8</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>634.6</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>643.9</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.5</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,419.8</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,435.3</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.1</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Wholesale&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>134.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>140.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>5.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>11.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>14.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>23.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>146.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>155.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.5&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Reused water&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>0.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>0.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E2E2E2"><B>Total</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>919.4</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>932.4</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.4</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>646.5</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>658.6</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.9</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,565.9</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,591.0</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.6</B>&nbsp;</TD></TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD></TR>
<TR valign="bottom">
	<TD align=center colspan=19><B>BILLED WATER AND SEWAGE VOLUME </B><B><SUP>(1) </SUP></B><B>PER REGION - million m</B><B><SUP>3</SUP></B></TD></TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD colspan="5" align=center bgcolor="#333399"><font color="#FFFFFF"><B>Water</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD colspan="5" align=center bgcolor="#333399"><font color="#FFFFFF"><B>Sewage</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD colspan=5 align=center bgcolor="#333399"><font color="#FFFFFF"><B>Water + Sewage</B>&nbsp;</font></TD>
  </TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left>Metropolitan&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>258.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>263.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>214.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>220.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>473.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>484.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Regional <SUP>(2)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD align=right>129.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>129.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(0.5)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>100.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>101.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>0.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>230.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>230.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(0.2)</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E2E2E2"><B>Total retail</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>388.5</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>392.9</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.1</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>315.4</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>321.1</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.8</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>703.9</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>714.0</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.4</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Wholesale&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>67.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>70.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>4.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>5.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>7.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>27.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>73.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>77.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6.0&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Reused water&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>0.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>0.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E2E2E2"><B>Total</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>456.0</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>463.3</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.6</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>321.2</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>328.5</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>2.3</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>777.2</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>791.8</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.9</B>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left>Metropolitan&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>521.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>527.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>430.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>438.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>951.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>965.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.5&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Regional <SUP>(2)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD width="8%" align=right>264.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD width="8%" align=right>263.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD width="8%" align=right>(0.1)</TD>
	<TD>&nbsp;</TD>
	<TD width="8%" align=right>204.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD width="8%" align=right>205.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>0.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>468.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>469.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>0.3&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E2E2E2"><B>Total retail</B>&nbsp;</TD>
	<TD width="1%" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>785.2</B>&nbsp;</TD>
	<TD width="1%" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>791.4</B>&nbsp;</TD>
	<TD width="1%" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>0.8</B>&nbsp;</TD>
	<TD width="1%" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>634.6</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>643.9</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD width="8%" align=right bgcolor="#E2E2E2"><B>1.5</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD width="8%" align=right bgcolor="#E2E2E2"><B>1,419.8</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD width="8%" align=right bgcolor="#E2E2E2"><B>1,435.3</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD width="8%" align=right bgcolor="#E2E2E2"><B>1.1</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Wholesale&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>134.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>140.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>5.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>11.9&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD align=right>14.7&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD align=right>23.5&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD align=right>146.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>155.6&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD align=right>6.5&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Reused water&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>0.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD align=right>0.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E2E2E2"><B>Total</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>919.4</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>932.4</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.4</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>646.5</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>658.6</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.9</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,565.9</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,591.0</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1.6</B>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan=19 align=left>(1) Not revised by the Independent Auditors&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD colspan=19 align=left>(2) Including coastal and interior regions&nbsp;</TD>
  </TR>
</TABLE>
<center>
  <BR>
</center>
<P align="center">
Page 3 of 12 </P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_4"></A>

<P>
<B>4. Costs, administrative and selling expenses </B></P>
<P>
In 2Q08, costs, administrative and selling expenses grew R&#36; 96.9 million, or 10.4% .</P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:10px">
<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD colspan=3 align=right><I>R&#36; million</I>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Chg.</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"> <font color="#FFFFFF">&nbsp;<B>%</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1H08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Chg.</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"> <font color="#FFFFFF">&nbsp;<B>%</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left>Payroll and benefits&nbsp;</TD>
	<TD align=right>320.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">343.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;22.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>7.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>621.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">662.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>41.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.6&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>Supplies&nbsp;</TD>
	<TD align=right>34.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">35.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>0.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>67.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">66.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(0.7)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(1.0)</TD></TR>

<TR valign="bottom">
	<TD align=left>Treatment supplies&nbsp;</TD>
	<TD align=right>29.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right bgcolor="#E2E2E2">27.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;(1.6)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(5.4)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>65.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">67.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.5&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>Third-party services&nbsp;</TD>
	<TD width="8%" align=right>135.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">152.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right> &nbsp;17.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>12.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>262.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">280.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>18.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>7.2&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>Electric power&nbsp;</TD>
	<TD align=right>124.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">115.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;(9.0)</TD>
	<TD width="2%" align="right">&nbsp;</TD>
	<TD align=right>(7.2)</TD>
	<TD width="2%" align="right">&nbsp;</TD>
	<TD align=right>242.8&nbsp;</TD>
	<TD width="2%" align="right">&nbsp;</TD>
	<TD width="8%" align=right bgcolor="#E2E2E2">229.1&nbsp;</TD>
	<TD width="2%" align="right">&nbsp;</TD>
	<TD width="8%" align=right>(13.7)</TD>
	<TD width="2%" align="right">&nbsp;</TD>
	<TD width="8%" align=right>(5.6)</TD>
</TR>

<TR valign="bottom">
	<TD align=left>General expenses&nbsp;</TD>
	<TD align=right>50.7&nbsp;</TD>
	<TD width="2%" align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">61.4&nbsp;</TD>
	<TD width="2%" align="right">&nbsp;</TD>
	<TD align=right> &nbsp;10.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>21.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>95.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">129.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>34.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>35.8&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>Tax expenses&nbsp;</TD>
	<TD align=right>7.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">6.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;(1.3)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(16.5)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>16.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">14.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(1.9)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(11.4)</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="16" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left><B>Sub-total</B>&nbsp;</TD>
	<TD align=right><B>703.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>743.0</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;<B>39.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>5.6</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>1,370.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,451.2</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>80.7</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>5.9</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="16" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Depreciation and amortization&nbsp;</TD>
	<TD align=right>158.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">154.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;(3.9)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(2.5)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>313.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">305.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(7.9)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(2.5)</TD></TR>

<TR valign="bottom">
	<TD align=left>Credit write-offs&nbsp;</TD>
	<TD align=right>73.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">134.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;61.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>84.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>149.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">191.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>42.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>28.5&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="16" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>

<TR valign="bottom">
	<TD align=left><B>Costs, administrative and selling expenses</B>&nbsp;</TD>
	<TD align=right><B>935.3</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,032.2</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;<B>96.9</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>10.4</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>1,832.8</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,948.1</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>115.3</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>6.3</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="16" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>% over net revenue&nbsp;</TD>
	<TD align=right> &nbsp;64.6%&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"> 68.2%&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp; &nbsp;62.9%&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"> &nbsp; &nbsp;63.8%&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="16" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P>
<B>4.1. Payroll and benefits </B></P>
<P>
In 2Q08, payroll and benefits grew R&#36; 22.8 million or 7.1%, from R&#36; 320.8 million to R&#36; 343.6 million, due to the: </P>
<P>&#149;  Wage increase of 3.37% (IPC-FIPE) as of May 2007 and of 5.03% as of May 2008; and </P>
<P>&#149;  R&#36; 2.3 million
  increase in provision for pension plan obligations, due to the change in the discount rate used for actuarial calculation from 8% in 2007 to 6.59% in 2008.</P>
<P>
<B>4.2. Supplies </B></P>
<P>
In 2Q08, supplies grew R&#36; 0.6 million or 1.7%, from R&#36; 34.9 million to R&#36; 35.5 million, mainly referring to the water loss reduction program. </P>
<P>
<B>4.3. Treatment supplies </B></P>
<P>
In 2Q08, expenses with chemical products were R&#36; 1.6 million or 5.4% lower than in 2Q07, dropping from R&#36; 29.5 million in 2Q07 to R&#36; 27.9 million in 2Q08 due to the improvement in the quality of abstracted water and the use of substitute
chemical products. </P>
<P>
<B>4.4. Third party services </B></P>
<P>
In 2Q08, services grew R&#36; 17.3 million or 12.8%, from R&#36; 135.2 million to R&#36; 152.5 million. The main reasons for this increase were: </P>
<P>
&#149;  Preventive and corrective maintenance at the water and sewage treatment systems, totaling R&#36; 12.4 million; </P>
<P>
&#149;  Professional technical services of R&#36; 4.8 million for the management of projects and works, as well as of the quality of maintenance services; </P>
<P>
&#149;  Expenses with paving and pavement replacing services in the amount of R&#36; 2.3 million; </P>
<P>
&#149;  Hydrometer reading and bill delivery in the amount of R&#36; 2.2 million, due to the expansion of the TACE (external technical sales service) agreement scope, including building examination; </P>
<P>
&#149;  Expenses with risk contracts for the recovery of credits in the amount of R&#36; 1.6 million; and </P>
<P>
&#149;  Increase of R&#36; 1.2 million in surveillance services due to the expansion of the area with electronic monitoring; </P>
<P align="center">
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<P>
&#149;  Expenses with fraud prevention, in the amount of R&#36; 1.0 million; and </P>
<P>
&#149;  Expenses with fire prevention, detection and fighting, in the amount of R&#36; 0.8 million. </P>
<P>
The factors that favorably contributed by R&#36; 10.5 million in 2Q08 versus 2Q07 were: </P>
<P>
&#149;  The accounting effect of booking expenses of R&#36; 7.7 million related to software licenses; and </P>
<P>
&#149;  Decline of R&#36; 2.8 million in advertising expenses.</P>
<P>
<B>4.5. Electric power </B></P>
<P>
Electric power dropped R&#36; 9.0 million or 7.2%, from R&#36; 124.5 million to R&#36; 115.5 million.</P>
<P>
This result was due to the 12.0% drop in the tariff from the captive market, responsible for 77.0% of total expenses with electric power. </P>
<TABLE width=100% border=0 align="center" cellpadding=0 cellspacing=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Participation (%)</B></font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Avg. price (Chg. %)</B></font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Weighted average (%)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>Free market&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>23.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="17%" align=right>10.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.3&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Captive market&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="17%" align=right>77.0&nbsp;</TD>
	<TD width="2%" align="right">&nbsp;</TD>
	<TD align=right>(12.0)</TD>
	<TD width="2%" align="right">&nbsp;</TD>
	<TD width="17%" align=right>(9.2)</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(6.9)</TD></TR>
</TABLE>
<BR>
<P>
<B>4.6. General expenses </B></P>
<P>
In 2Q08, general expenses increased R&#36; 10.7 million or 21.1%, from R&#36; 50.7 million to R&#36; 61.4 million, due to the: </P>
<P>
&#149;  Increase of R&#36; 7.6 million in provisions for contingencies, mainly as a result of the filing of new lawsuits; </P>
<P>
&#149;  Upturn of R&#36; 1.9 million in the payment for the use of water resources in the Piracicaba, Capivari, Jundia&iacute;, Jaguar&iacute;, Atibaia and Para&iacute;ba do Sul river basins. This increase in collection resulted from a state law
approval, as of July 2007. </P>
<P>
<B>4.7. Depreciation and amortization </B></P>
<P>
Recorded a R&#36; 3.9 million or 2.5% drop, from R&#36; 158.8 million to R&#36; 154.9 million, due to a lower transfer of works to permanent assets in operation in 2Q08 versus the same period of the previous year. </P>
<P>
<B>4.8. Credit write-offs </B></P>
<P>
In 2Q08 credit write-offs grew R&#36; 61.3 million or 84.0%, from R&#36; 73.0 million to R&#36; 134.3 million, due to the need to complement provisions for past-due debts for: </P>
<P>&#149;  Municipalities which the Company supplies with wholesale water
  and sewage services: This is a temporary difference between billed and received amounts. These amounts were being provisioned after they had been overdue 360 days and are now being booked as soon they become overdue. The amount booked in the 2Q came
  to R&#36; 38 million. After the completion of the 360-day cycle, the amount booked for each quarter will represent only the period&#146;s debit, except in cases of reception; and </P>
<P>&#149;  Private customers: The amount past due for more than 360 days
  increased more than the provisioned amount. Due to this difference, the Company had to complement the provisions by R&#36; 23 million this quarter. Although several outsourced collection contracts are already in force, their effect could not be
  measured in the period. </P>
<P align="center">
Page 5 of 12 </P>

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<P>
<B>4.9. Tax expenses </B></P>
<P>
In 2Q08, tax expenses dropped R&#36; 1.3 million or 16.5%, due to the R&#36; 6.9 million reduction as a result of the extinction of the CPMF tax. </P>
<P>
This drop was partially offset by the: </P>
<P>
&#149;  Revocation of the exemption from the Municipal Real Estate Tax (IPTU) in the amount of R&#36; 2.9 million; </P>
<P>&#149;  Payment of the Tax on Financial Transactions &#150; IOF of R&#36;1.6 million resulting from the AB LOAN funding operation in
  June 2008; and </P>
<P>&#149;  IOF tax over financial remittance totaling R&#36; 0.6 million due to the settlement of the 2008 Eurobonds. </P>
<P>
<B>5. Financial revenues and expenses </B></P>
<P>
<B>5.1. Financial expenses </B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=40%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><I>R&#36; million</I>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Var.</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left>Financial expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left bgcolor="#E2E2E2">&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Interest and charges on domestic loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>114.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">103.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(11.1)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(9.7)</TD></TR>

<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Interest and charges on international loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>16.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">13.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(3.2)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(19.4)</TD></TR>

<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Interest rate over foreign remittance&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">1.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(0.3)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(17.6)</TD></TR>

<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Interest rate over lawsuit indemnity, net of provisions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>5.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">56.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>50.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>874.1&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Other financial expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>5.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">(60.7)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(66.6)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(1,128.8)</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="9" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left><B>Total financial expenses</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>144.5</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>114.0</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(30.5)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(21.1)</B></TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="9" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>Financial revenues&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>29.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">27.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(2.4)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(8.1)</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="9" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left><B>Financial expenses net of revenues</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>114.7</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>86.6</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(28.1)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(24.5)</B></TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="9" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P>
In 2Q08 financial expenses dropped R&#36; 30.5 million, or 21.1%, as follows: </P>
<P>
&#149;  Regarding domestic financing, we highlight the R&#36; 11.1 million drop in interest from domestic financing due to the settlement of the 1<SUP>st</SUP> series of the 6<SUP>th</SUP> debenture issue and the amortization of other financing;</P>
<P>&#149;  Regarding international financing, we highlight the R&#36; 3.2 million drop in interest due to the amortizations held in the period and to the appreciation of the Brazilian <I>Real</I> against the US Dollar; </P>
<P>&#149;  Interest on lawsuit
  damages grew R&#36; 50.7 million; and </P>
<P>&#149;  Other financial expenses recorded a R&#36; 66.6 million decrease, due to the adjustment of the calculation of interest for the special installment program (PAES). </P>
<P>
<B>5.2. Financial revenues </B></P>
<P>
Financial revenues dropped R&#36; 2.4 million due to a lower volume of short-term investments in the period. </P>
<P>
<B>6. Foreign exchange and indexation </B></P>
<P>
<B>6.1. Variation on liabilities </B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=40%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><I>R&#36; million</I>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Var.</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left>Monetary variation over loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>12.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">46.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>34.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>270.6&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>Currency exchange variation over loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(74.3)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">(104.3)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(30.0)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>40.4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Other variations&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">7.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>3.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>102.6&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="9" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left><B>Variation on liabilities</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(57.9)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>(49.9)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>8.0</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(13.8)</B></TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="9" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P>
The net effect of the foreign exchange and indexation was R&#36; 8.0 million positive in 2Q08 versus 2Q07, due to: </P>
<P align="center">
Page 6 of 12 </P>

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<A name="page_7"></A>

<P>
&#149;  R&#36; 34.1 million increase in the monetary variation over debentures, resulting from a higher variation of the IGPM Index, of 5.11% in 2Q08, versus 0.68% in the previous period, partially offset by a lower variation of the TR, 0.32% in
2Q08 versus 0.58% in the previous period; as well as the decrease in the debit balance;</P>
<P>
&#149;  The higher appreciation of the Brazilian <I>Real</I> against US dollar in 2Q08 (9.0%), versus 2Q07 (6.1%) and a decrease in the currency basket value, (2.0%) in 2Q08 versus (0.9%) in 2Q07, generating a net variation of R&#36; 30.0 million;
and </P>
<P>
&#149;  Other monetary restatement from lawsuit damages with a R&#36; 3.9 million increase.</P>
<P>
<B>6.2. Variation on assets </B></P>
<P>
Foreign exchange and indexation increased R&#36; 9.8 million, mainly due to customer installment agreements.</P>
<P>
<B>7. Non-operating result </B></P>
<P>
Non-operating result dropped R&#36; 1.0 million, or 83.3%, from R&#36; 1.2 million in 2Q07 to R&#36; 0.2 million in 2Q08, due to the following: </P>
<P>
&#149;  Non-operating revenues moved up R&#36; 3.5 million, from R&#36; 2.7 million to R&#36; 6.2 million in 2Q08, mainly due to the sale of exceeding electric power and scrap; and</P>
<P>&#149;  Non-operating expenses grew R&#36; 1.4 million or 41.2%, due
  to the write-off of discontinued works and obsolete projects. </P>
<P>
<B>8. Operating indicators </B></P>
<P>
The following table shows the continuous expansion of the services rendered by the Company:</P>
<TABLE border=0 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=55%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF"><B>Operating indicators*</B>&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
</TR>

<TR valign="bottom">
	<TD align=left>Water connections (1)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6,690&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">6,846&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2.3&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Sewage connections (1)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>5,077&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">5,237&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3.2&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Population directly served - water (2)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>22.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">23.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.1&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Population directly served - sewage (2)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>18.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">19.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.7&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Number of employees&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>16,922&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">16,757&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(1.0)</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Number of water and sewage connections per employee&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>695&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">721&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3.7&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Water volume produced&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,438.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">1,424.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(1.0)</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Water losses (%)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>30.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2">28.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(7.1)</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
	<TD colspan="7" align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P>
(1) In thousand units at the end of the period <br>
(2) In thousand inhabitants at the end of the period, not including wholesale <br>
(*) Not revised by our independent auditors </P>
<P align="center">
Page 7 of 12 </P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_8"></A>

<P>
<B>9. Loans and financing </B></P>
<P>
At the table below we present the debt amortization schedule:  </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=20%></TD>
	<TD width=2%></TD>
	<TD width=8%></TD>
	<TD width=2%></TD>
	<TD width=8%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD>
	<TD width=2%></TD>
	<TD width=8%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><I>R&#36; million</I>&nbsp;</TD></TR>

<TR valign="bottom">
  <TD align=left valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF"><B>INSTITUTION</B>&nbsp;</font></TD>
	<TD valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF"><B>2008</B>&nbsp;</font></TD>
	<TD align="center" valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF"><B>2009</B>&nbsp;</font></TD>
	<TD align="center" valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF"><B>2010</B>&nbsp;</font></TD>
	<TD align="center" valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF"><B>2011</B>&nbsp;</font></TD>
	<TD align="center" valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF"><B>2012</B>&nbsp;</font></TD>
	<TD align="center" valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF"><B>2013</B>&nbsp;</font></TD>
	<TD align="center" valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center valign="middle" bgcolor="#333399"><font color="#FFFFFF"><B>2014 and</B>&nbsp;<br>
	</font><font color="#FFFFFF"><b>onwards</b>&nbsp;</font></TD>
	<TD align="center" valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font> <font color="#FFFFFF">&nbsp;<B>Total</B>&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>&nbsp;</TD>
	<TD align="center">&nbsp;</TD>
	<TD align=center>&nbsp;</TD>
	<TD align="center">&nbsp;</TD>
	<TD align=center>&nbsp;</TD>
	<TD align="center">&nbsp;</TD>
	<TD align=center>&nbsp;</TD>
	<TD align="center">&nbsp;</TD>
	<TD align=center>&nbsp;</TD>
	<TD align="center">&nbsp;</TD>
	<TD align=center>&nbsp;</TD>
	<TD align="center">&nbsp;</TD>
	<TD align=center>&nbsp;</TD>
	<TD align="center">&nbsp;</TD>
	<TD align=center>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left><B>Local market</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Banco do Brasil&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>122.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>260.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>283.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>308.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>335.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>365.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>96.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1,772.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Caixa Econ&ocirc;mica Federal&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>31.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>65.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>70.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>76.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>82.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>83.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>199.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>609.4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Debentures&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>783.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>343.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>413.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1,540.6&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>FIDC - SABESP I&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>27.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>55.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>55.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>13.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>152.7&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>BNDES&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>21.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>42.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>42.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>42.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>36.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>187.0&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Others&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>19.0&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest and charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>78.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>28.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>18.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>129.3&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left bgcolor="#E2E2E2"><B>Local market total</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>282.4</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,240.2</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>819.7</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>865.3</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>454.5</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>452.7</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>295.4</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>4,410.2</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>International market</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>IDB&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>29.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>59.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>59.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>59.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>59.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>59.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>345.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>674.3&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Eurobonds&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>222.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>222.9&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>JBIC&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>72.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>83.4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>BID 1983AB&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>38.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>38.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>38.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>283.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>397.9&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest and charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>12.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>12.7&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E2E2E2"><B>International market total</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>42.6</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>59.8</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>59.9</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>100.2</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>102.5</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>102.4</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>923.8</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,391.2</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E2E2E2"><B>Total</B>&nbsp;</TD>
	<TD bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>325.0</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,300.0</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>879.6</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>965.5</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>557.0</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>555.1</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>1,219.2</B>&nbsp;</TD>
	<TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
	<TD align=right bgcolor="#E2E2E2"><B>5,801.4</B>&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
Page 8 of 12 </P>

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<H5 align="left" style="page-break-before:always"></H5>
<A name="page_9"></A>

<P>
<B>10. Conference Calls </B></P>
<TABLE border=0 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=48%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom">
	<TD align=center><B><U>In English</U></B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center><B><u>In Portuguese</u></B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>August 12, 2008&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>August 12, 2008&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3:30 PM (US EST) / 4:30 PM (Bras&iacute;lia)</TD>
	<TD>&nbsp;</TD>
	<TD align=center>1:00 PM (US EST) / 2:00 PM (Bras&iacute;lia)</TD></TR>
<TR valign="bottom">
	<TD align=center>Dial-in access: 1 412 858-4600&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>Dial-in access: 55 11 2188-0188&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>Conference ID: Sabesp&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>Conference ID: Sabesp&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center><U>Replay &#150; available until August 18, 2008</U>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center><U>Replay &#150; available until August 18, 2008</U>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>Dial-in access: 1 412 317-0088&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>Dial-in access: 55 11 2188-0188&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>Replay ID: 6097#&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>Replay ID: Sabesp&nbsp;</TD></TR>
</TABLE><BR>
<P align="center">
Live webcast at <U><FONT color="#0000ff">www.sabesp.com.br</FONT></U> </P>
<P>
<B>For more information, please contact:</B></P>
<P>
<I>Mario Arruda Sampaio <br>
Ph.(55 11) 3388-8664 <br>
</I><I>E-mail: </I><I><U><FONT color="#0000ff">maasampaio@sabesp.com.br</FONT></U></I><I> </I></P>
<P>
<I>Angela Beatriz Airoldi <br>
Ph.(55 11) 3388-8793 <br>
</I><I>E-mail: </I><I><U><FONT color="#0000ff">abairoldi@sabesp.com.br</FONT></U></I><I> </I></P>
<P align="justify">
<I>Statements contained in this press release may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, SABESP performance, and financial results. Any
statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the
implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and
market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.</I></P>
<P align="center">
Page 9 of 12 </P>

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<H5 align="left" style="page-break-before:always"></H5>
<A name="page_10"></A>

<P align="center">
<B>Income Statement </B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=55%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD></TR>
<TR valign="bottom">
	<TD align=left><B>Corporate Law Method (Law No. 6,404/76)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>R&#36; '000</B>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"> <font color="#FFFFFF"><B>%</B>&nbsp;</font></TD></TR>
<TR valign="bottom">
	<TD align=left><B>Gross Revenue from Sales and Services</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>1,627,339</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>1,563,707</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>4.1</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Water Supply - Retail&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>830,665&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>803,687&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3.4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Water Supply - Wholesale&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>77,017&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>71,034&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>8.4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Sewage Collection and Treatment&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>689,955&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>662,667&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>4.1&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Sewage Collection and Treatment - Wholesale&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>4,102&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,797&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Other Services&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>25,600&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>24,522&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>4.4&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Taxes on Sales and Services - COFINS and PASEP&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(113,987)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(115,889)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(1.6)</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Net Revenue from Sales and Services</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>1,513,352</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>1,447,818</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>4.5</B>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Costs of Sales and Services&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(702,737)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(677,963)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3.7&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Gross Profit</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>810,615</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>769,855</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>5.3</B>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Selling Expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(224,970)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(152,960)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>47.1&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Administrative Expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(104,543)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(104,437)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>0.1&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Operating Income before Financial Expenses and</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>481,102</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>512,458</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(6.1)</B></TD></TR>
<TR valign="bottom">
	<TD align=left><B>Foreing Exchange gain (loss), net</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Financial Income and Expenses, net&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(124,919)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(124,540)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>0.3&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Foreing Exchange gain (loss), net&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>104,676&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>74,283&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>40.9&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Operating Income</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>460,859</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>462,201</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(0.3)</B></TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Non-Operating Expenses (Income)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Non-Operating Income&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>4,612&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,210&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>108.7&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Non-Operating Expense&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(4,806)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(3,352)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>43.4&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Income (loss) before Taxes on Income</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>460,665</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>461,059</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(0.1)</B></TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Income and Social Contribution Taxes</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Current Income Tax/Social Contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(131,384)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(153,864)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(14.6)</TD></TR>
<TR valign="bottom">
	<TD align=left>Deferred Income Tax/Social Contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>30,738&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(11,655)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(363.7)</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Income (loss) before Extraordinary Item</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>360,019</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>295,540</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>21.8</B>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Extraordinary item, net of income taxes and social contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Net Income (loss)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>360,019</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>295,540</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>21.8</B>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Registered common shares (thousand of shares)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>227,836</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>227,836</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;<B>-</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Earnings per shares R&#36; (per thousand shares in 2007)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>1.58</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>10.38</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;<B>-</B>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Depreciation and Amortization</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(154,943)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(158,850)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(2.5)</B></TD></TR>
<TR valign="bottom">
	<TD align=left><B>EBITDA</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>636,045</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>671,308</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(5.3)</B></TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp; &nbsp; % over net revenue&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>42.0%&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>46.4%&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
Page 10 of 12 </P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_11"></A>

<P align="center">
<B>Balance Sheet </B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=70%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD></TR>
<TR valign="bottom">
	<TD align=left><B>Brazilian Corporate Law</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>R&#36; '000</B>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF"><B>ASSETS</B>&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>06/30/2008</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>03/31/2008</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left> &nbsp;Cash and Cash Equivalents&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>352,781&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>380,225&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Accounts Receivable, net&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,101,724&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,226,632&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Accounts Receivable from Shareholders&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>134,132&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>117,727&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Inventory&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>42,266&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>45,436&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Taxes and contributions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,495&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,934&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Other Receivables&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>29,490&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>67,726&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Deferred income tax and social contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>120,308&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>93,822&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Total Current Assets</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>1,784,196</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>1,934,502</B>&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Long Term Assets:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Accounts Receivable, net&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>314,218&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>296,956&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Accounts Receivable from Shareholders&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,064,112&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,042,144&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Indemnities Receivable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>148,794&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>148,794&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Judicial Deposits&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>31,290&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>22,880&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Taxes and contributions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>385,919&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>379,364&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Agreement with the Municipality of S&atilde;o Paulo&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>57,146&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Other Receivables&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>87,085&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>76,519&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,088,564&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,966,657&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Permanent Assets:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Investments&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>720&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>720&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Permanent Assets&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>14,248,536&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>14,123,586&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Intangible Assets&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>578,141&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>562,075&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Deferred Assets&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,912&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,641&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>14,829,309&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>14,689,022&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Total Permanent Assets</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>16,917,873</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>16,655,679</B>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left><B>Total Assets</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>18,702,069</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>18,590,181</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF"><B>LIABILITIES</B>&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>06/30/2008</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>03/31/2008</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left> &nbsp;Suppliers and Constructors&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>122,248&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>106,953&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Loans and Financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,131,865&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>980,119&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Salaries and Payroll Charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>196,422&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>185,201&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Taxes and contributions payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>109,870&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>171,085&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Taxes and contributions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>70,816&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>74,531&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Interest on Own Capital Payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>186,178&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>279,515&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Provision for Judicial Pendencies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>324,207&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>247,816&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Services Payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>139,500&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>175,525&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Other Payables&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>70,247&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>49,357&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Total Current Liabilities</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>2,351,353</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>2,270,102</B>&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Long Term Liabilities:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Loans and Financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>4,669,561&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>4,711,501&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Taxes and Contributions Payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>128,265&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>189,740&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Deferred Taxes and Contributions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>132,130&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>126,384&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Provision for Contingencies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>657,818&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>700,709&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Pension Fund Obligations&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>392,250&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>378,630&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Other Payables&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>111,711&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>122,284&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6,091,735&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6,229,248&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Future Results:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Donations&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>11,727&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,100&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>11,727&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,100&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Total Non Current Liabilities</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>6,103,462</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>6,232,348</B>&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Capital Stock&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6,203,688&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,403,688&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Capital Reserves&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>124,255&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>124,255&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Revaluation Reserves&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,296,421&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,318,144&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Profit Reserves&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,116,234&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,916,234&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Accrued income&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>506,656&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>325,410&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Shareholder's Equity</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>10,247,254</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>10,087,731</B>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left><B>Total Liabilities and Shareholder's Equity</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>18,702,069</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>18,590,181</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
Page 11 of 12 </P>

<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_12"></A>

<P align="center">
<B>Cash Flow </B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=70%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD></TR>
<TR valign="bottom">
	<TD align=left><B>Brazilian Corporate Law</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>R&#36; '000</B>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF"><B>Description</B>&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Apr-Jun/08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Apr-jun/07</B>&nbsp;</font></TD>
</TR>

<TR valign="bottom">
	<TD align=left><B>Cash flow from operating activities</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Net income for the period&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>360,019</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>295,540</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Adjustments for reconciliation of net income</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Deferred income tax and social contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(31,010)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>14,553&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Provision for taxes and contributions payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(68,878)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Provisions for contingencies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>134,594&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>29,479&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Reversion of provision for losses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>140&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(44)</TD></TR>
<TR valign="bottom">
	<TD align=left>Other provisions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>121&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>89&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Liabilities related to pension plans&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>17,658&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>14,999&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Loss in the write-off of property, plant and equipment&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,455&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,431&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Deferred asset write-offs&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>475&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Depreciation and Amortization&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>154,943&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>158,850&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest calculated on loans and financing payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>118,207&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>132,834&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Foreign exchange loss on loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(57,630)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(61,689)</TD></TR>
<TR valign="bottom">
	<TD align=left>Passive monetary exchange variation and interest&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,314&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,177&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Active monetary exchange variation and interest&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(6,153)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(3,495)</TD></TR>
<TR valign="bottom">
	<TD align=left>Provisions for bad debt&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>134,306&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>72,983&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>(Increase) decrease in assets:</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Clients&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(26,146)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(33,361)</TD></TR>
<TR valign="bottom">
	<TD align=left>Accounts receivable from shareholders&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(34,585)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(29,618)</TD></TR>
<TR valign="bottom">
	<TD align=left>Inventories&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,030&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,087&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Recoverable Taxes&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(561)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>25,485&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Other accounts receivable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(39,590)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(12,151)</TD></TR>
<TR valign="bottom">
	<TD align=left>Judicial deposits&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(1,415)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(530)</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Increase (decrease) in liabilities:</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Accounts payable to suppliers and contractors&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,298&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>31,150&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Salaries and payroll charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>11,221&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>37,590&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Retained income tax over interest on own capital&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(14,371)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Taxes and contributions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(56,126)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(76,610)</TD></TR>
<TR valign="bottom">
	<TD align=left>Services payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(6,992)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>27,642&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Other accounts payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(2,519)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,348&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Contingencies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(107,017)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(65,658)</TD></TR>
<TR valign="bottom">
	<TD align=left>Pension plan&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(4,038)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(3,725)</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left><B>Net cash from operating activities</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>484,282</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>564,831</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Cash flow from investing activities:</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Acquisition of property, plant and equipment&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(275,217)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(201,451)</TD></TR>
<TR valign="bottom">
	<TD align=left>Increase in intangible assets&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(27,435)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(2,925)</TD></TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left><B>Net cash used in investing activities</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(302,652)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(204,376)</B></TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Cash flow from financing activities</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Loans and Financing - long term</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Funding&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>506,118&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>92,630&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Payments&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(435,730)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(280,433)</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Interest on own capital payment</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(279,462)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(115,082)</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Net cash used in financing activities</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(209,074)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(302,885)</B></TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Net increase (decrease) in cash equivalents&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(27,444)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>57,570</B>&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Cash and cash equivalents at the beginning of the period&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>380,225&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>453,731&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Cash and cash equivalents at the end of the period&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>352,781&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>511,301&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Change in Cash&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(27,444)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>57,570</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD></TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR>
	<TD colspan=5>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Additional information on cash flow:&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest and taxes over loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>157,338&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>162,377&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Capitalization of interest and financial charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(21,159)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(7,918)</TD></TR>
<TR valign="bottom">
	<TD align=left>Payable income tax and social contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>178,957&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>182,172&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Property, plant and equip. received as donation and/or paid in stocks&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>8,627&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,922&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COFINS and PASEP taxes payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>124,559&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>125,415&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Liabilities from agreements&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(16,318)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
Page 12 of 12 </P>

<H5 align="left" style="page-break-before:always"></H5>
<HR SIZE="2" NOSHADE COLOR="#000000" ALIGN="left">
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B><u>SIGNATURE </u></B></FONT><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV align=justify><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized, in the city S&#227;o Paulo, Brazil. </FONT></DIV>
<p></p>
<DIV align=justify><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000">


Date: August 19, 2008</FONT></DIV>
<p></p> <DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="60%" BORDER="0">
<TR>
<TD VALIGN="top" COLSPAN="3" WIDTH="50%">
<DIV align=left><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"> <b> Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </b> </FONT></DIV></TD>
</TR>
<TR>
<TD HEIGHT="16"> </TD>
</TR>
<TR>
  <TD VALIGN="top"><DIV align=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000">By:</FONT></DIV></TD>
  <TD VALIGN="bottom" ALIGN="center"><DIV ALIGN="center">
    <DIV ALIGN="center">/S/&nbsp;Rui de Britto &Aacute;lvares Affonso&nbsp;</DIV>
    <HR NOSHADE SIZE=1 COLOR="#000000" ALIGN="left">
  </DIV>      </TD>
  </TR>
<TR>
<TD> <FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="43%">
<DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Name: Rui de Britto &#193;lvares Affonso </FONT></DIV>
<DIV ALIGN=left><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Title: Chief Financial Officer and Investor Relations Officer  </FONT></DIV></TD>
</TR>
</TABLE>



</DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<P>&nbsp;</P>
<P></P>

<DIV><FONT SIZE="1">&nbsp;</FONT></DIV> <DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT FACE="'Times New Roman, Times, Serif'" SIZE=2>
This press release may contain forward-looking statements.
These statements are statements that are not historical facts, and are based on
management's current view and estimates of future economic circumstances,
industry conditions, company performance and financial results. The words "anticipates", "believes",
"estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended
to identify forward-looking statements. Statements regarding the declaration or payment of dividends,
the implementation of principal operating and financing strategies and capital
expenditure plans, the direction of future operations and the
factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking
statements. Such statements reflect the current views of management and are subject to a
number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The
statements are based on many assumptions and factors, including general economic and market conditions,
industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual
results to differ materially from current expectations.
 </FONT></P>


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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
