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<SEC-DOCUMENT>0001292814-08-003514.txt : 20081223
<SEC-HEADER>0001292814-08-003514.hdr.sgml : 20081223
<ACCEPTANCE-DATETIME>20081223142845
ACCESSION NUMBER:		0001292814-08-003514
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080930
FILED AS OF DATE:		20081223
DATE AS OF CHANGE:		20081223

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:		081266847

	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>sbspr3q08_6k.htm
<DESCRIPTION>SABESP ANNOUNCES 3Q08 RESULTS
<TEXT>
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<BODY style="font-family: 'Times New Roman, Times, Serif'; font-size:11px; text-align:justify" bgcolor="#ffffff">
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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 November 28, 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>
  <A name="page_1"></A>

<P align="center"><img src="topo.gif" width="650" height="78"></P>
<P align="right"><B>CIA. DE SANEAMENTO B&Aacute;SICO DO ESTADO DE S&Atilde;O PAULO - SABESP </B><br>
  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 width=71%></TD>
	<TD width=2%></TD>
	<TD width=26%></TD></TR>
<TR valign="bottom">
  <TD align=center><font color="#000080"><B>SABESP announces 3Q08 results</B>&nbsp;</font></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left valign="middle"><div align="justify"><B>S&atilde;o Paulo, November 19, 2008 - <B>Companhia de Saneamento B&aacute;sico do</B>&nbsp;Estado de S&atilde;o Paulo &#150; SABESP </B>(Bovespa: SBSP3; NYSE: SBS), one of the&nbsp;largest water and sewage services providers in the world based on the&nbsp;number of customers, announces today its <B>results for the third quarter of</B>&nbsp;<B>2008 (3Q08)</B>. The Company&#146;s operating and financial information, except&nbsp;when indicated otherwise, is presented in Brazilian Reais, in accordance with&nbsp;the Brazilian Corporate Law. All comparisons in this release, unless otherwise&nbsp;stated, refer to the same period of 2007.&nbsp;</div></TD>
  <TD valign="middle">&nbsp;</TD>
  <TD align=left valign="middle"><div align="right">SBSP3: R$ 25.88 / share&nbsp;<br>
    SBS US$ 22.84 (ADR=2 shares)<br>
    Total shares: 227,836,623&nbsp;<br>
    Market value: R$ 5.9 billion<br>
  &nbsp;Closing price: 11/18/2008&nbsp;</div></TD>
</TR>


<TR valign="bottom">
  <TD align=left valign="middle">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><img src="logos.gif" width="284" height="235" align="right"></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<IMG src="fp01a.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. Financial Highlights </B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD></TD>
	<TD width=2%></TD>
	<TD width=7%></TD>
	<TD width=2%></TD>
	<TD width=6%></TD>
	<TD width=2%></TD>
	<TD width=6%></TD>
	<TD width=2%></TD>
	<TD width=5%></TD>
	<TD width=2%></TD>
	<TD width=6%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD>
	<TD width=2%></TD>
	<TD width=4%></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$ million</I>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left bgcolor="#000080"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#000080"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#000080"><font color="#FFFFFF"><B>3Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#000080"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#000080"><font color="#FFFFFF"><B>3Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#000080"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#000080"><font color="#FFFFFF"><B>Chg.</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#000080"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#000080"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#000080"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#000080"><font color="#FFFFFF"><B>9M07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#000080"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#000080"><font color="#FFFFFF"><B>9M08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#000080"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#000080"><font color="#FFFFFF"><B>Chg.</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#000080"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#000080"><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>1,612.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">1,717.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>105.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4,758.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">5,003.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>244.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>5.1&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD align=left>(-) COFINS and PASEP taxes&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>120.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">124.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>3.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>354.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">356.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>0.6&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD align=left>(=) Net operating revenue&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,491.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">1,593.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>101.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4,404.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">4,646.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>242.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>5.5&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD align=left>(-) Costs and expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>914.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">1,055.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>141.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>15.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2,747.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">3,004.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>256.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>9.3&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD align=left>(=) Earnings before financial expenses (EBIT*)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>577.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">537.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;(39.9)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(6.9)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1,656.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">1,642.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(14.2)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(0.9)</TD>
</TR>

<TR valign="bottom">
	<TD align=left>(+) Depreciation and amortization&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>155.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">160.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>468.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">465.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(3.3)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(0.7)</TD>
</TR>

<TR valign="bottom">
	<TD align=left>(=) EBITDA**&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>732.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">697.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;(35.4)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(4.8)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2,125.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">2,107.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(17.5)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(0.8)</TD>
</TR>

<TR valign="bottom">
	<TD align=left>(%) EBITDA margin&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>49.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">43.8&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>48.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">45.4&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 align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" 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>382.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">231.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(151.1)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(39.5)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>970.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">894.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(75.8)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(7.8)</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Earnings per share (R$)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.68&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">1.01&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>4.26&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">3.93&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 align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>(*) Earnings before interest and taxes&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=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD colspan=3 align=left>(**) Earnings before interest, taxes, depreciation and amortization&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></TR>
</TABLE>
<BR>
<P align="justify">
In 3Q08, net operating revenue totaled R$ 1.6 billion, a 6.8% increase compared to 3Q07. Costs and expenses, stood at R$ 1.1 billion, 15.4% higher than in 3Q07. EBITDA fell by 4.8%, from R$ 732.8 million in 3Q07 to R$ 697.4 million in 3Q08.</P>
<P align="justify">
Earnings before financial expenses (EBIT) dropped 6.9%, from R$ 577.0 million in 3Q07 to R$ 537.1 million in this quarter.</P>
<P align="justify">
<B>2. Gross operating revenue </B></P>
<P align="justify">
In 3Q08, gross operating revenue grew R$ 105.2 million, or 6.5%, from R$ 1.6 billion in 3Q07 to R$ 1.7 billion in 3Q08. The main reasons for this increase were: <br>
&#149;  The 3.89% increase in 3Q08 from the 4.1% tariff adjustment as of September 2007;
<br>
&#149;  The 0.2% increase from the 5.10% tariff adjustment as of September 2008; and<br>
&#149;  The 2.5% growth in billed water and sewage volume, 2.6% of which corresponded to retail, and 2.2% to wholesale. </P>
<P align="justify">
<B>3. Billed volume </B></P>
<P align="justify">
The following tables show billed water and sewage volume per customer category and region in 3Q07 e 3Q08, and first nine months of 2007 and 2008. </P>
<P align="center">
Page 2 of 13 </P>

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

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_3"></A>

<P align="center">&nbsp;</P>
<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 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></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>3Q07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>3Q08</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>3Q07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>3Q08</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>3Q07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>3Q08</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>329.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>336.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.2&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>263.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>270.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>592.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>607.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.5&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>38.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>34.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>35.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>3.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>72.1&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>74.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>3.2&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Industrial&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>8.8&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>9.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.3&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>8.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>8.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>17.3&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>17.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.3&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Public&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>11.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>12.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>0.8&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>9.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>9.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.1&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>21.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>21.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>1.4&nbsp;</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>387.8</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>396.6</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>315.5</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>324.8</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.9</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>703.3</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>721.4</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.6</B>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Wholesale&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>69.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>71.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.3&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>6.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>6.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>-&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>76.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>77.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.2&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>-&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 bgcolor="#E2E2E2"><B>Total</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>457.2</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>467.6</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>322.1</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>331.5</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.9</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>779.3</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>799.1</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.5</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>9M07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>9M08</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>9M07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>9M08</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>9M07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>9M08</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>998.4&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1,011.6&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1.3&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>793.4&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>809.5&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>2.0&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1,791.8&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1,821.1&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1.6&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Commercial&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right>112.9&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>114.8&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1.7&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>103.3&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>105.7&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>2.3&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>216.2&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>220.5&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>2.0&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Industrial&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>26.2&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>26.7&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1.9&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>25.1&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>25.4&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1.2&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>51.3&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>52.1&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1.6&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Public&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>35.5&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>35.0&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>(1.4)</TD>
    <TD>&nbsp;</TD>
    <TD align=right>28.3&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>28.1&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>(0.7)</TD>
    <TD>&nbsp;</TD>
    <TD align=right>63.8&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>63.1&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>(1.1)</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>1,173.0</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1,188.1</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1.3</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>950.1</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>968.7</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.0</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2,123.1</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2,156.8</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1.6</B>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Wholesale&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>203.6&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>211.9&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>4.1&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>18.5&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>21.4&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>-&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>222.1&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>233.3&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>5.0&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>1,376.6</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1,400.1</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1.7</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>968.6</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>990.1</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.2</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2,345.2</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2,390.2</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1.9</B>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<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>3Q07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>3Q08</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>3Q07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>3Q08</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>3Q07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>3Q08</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>260.2&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>266.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>215.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>222.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>3.1&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>476.1&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>489.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.8&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Regional <SUP>(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align=right>127.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>129.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>1.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>99.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>102.2&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>227.2&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>231.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.1&nbsp;</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>387.8</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>396.6</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>315.5</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>324.8</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.9</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>703.3</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>721.4</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.6</B>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Wholesale&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>69.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>71.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.3&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>6.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>6.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>1.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>76.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>77.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.2&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>-&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 bgcolor="#E2E2E2"><B>Total</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>457.2</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>467.6</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>322.1</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>331.5</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.9</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>779.3</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>799.1</B>&nbsp;</TD>
    <TD align="right" bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.5</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>9M07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>9M08</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>9M07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>9M08</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>9M07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>9M08</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>781.3&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>794.3&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1.7&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>646.4&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>660.9&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>2.2&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1,427.7&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1,455.2&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1.9&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Regional <SUP>(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align=right>391.7&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>393.8&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>0.5&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>303.7&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>307.8&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>1.4&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>695.4&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>701.6&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>0.9&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>1,173.0</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1,188.1</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1.3</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>950.1</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>968.7</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.0</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2,123.1</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2,156.8</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1.6</B>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Wholesale&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>203.6&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>211.9&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>4.1&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>18.5&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>21.4&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>15.7&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>222.1&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>233.3&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>5.0&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>1,376.6</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1,400.0</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1.7</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>968.6</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>990.1</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2.2</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2,345.2</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>2,390.2</B>&nbsp;</TD>
    <TD bgcolor="#E2E2E2">&nbsp;</TD>
    <TD align=right bgcolor="#E2E2E2"><B>1.9</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>
<P align="center">
Page 3 of 13 </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 3Q08, costs, administrative and selling expenses grew R$ 141.1 million, or 15.4% . </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>3Q07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399">&nbsp;</TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>3Q08</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399">&nbsp;</TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Chg.</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399">&nbsp;</TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399">&nbsp;</TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>9M07</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399">&nbsp;</TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>9M08</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399">&nbsp;</TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Chg.</B>&nbsp;</font></TD>
    <TD align="center" bgcolor="#333399">&nbsp;</TD>
    <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Payroll and benefits&nbsp;</TD>
    <TD align=right>322.2&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">339.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>16.8&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>5.2&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>943.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">1,001.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>57.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>6.1&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Supplies&nbsp;</TD>
    <TD align=right>31.2&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">37.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>6.2&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>19.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>98.2&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">103.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>5.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>5.6&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Treatment supplies&nbsp;</TD>
    <TD align=right>25.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">32.1&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>6.2&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>23.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>90.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">100.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>9.1&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>10.0&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Services&nbsp;</TD>
    <TD align=right>108.3&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">172.8&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>64.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>59.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>370.3&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">453.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>83.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>22.5&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Electric power&nbsp;</TD>
    <TD align=right>118.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">113.8&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>(4.2)</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>(3.6)</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>360.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">342.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>(17.7)</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>(4.9)</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>General expenses&nbsp;</TD>
    <TD align=right>62.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">117.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>54.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>86.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>158.1&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">246.8&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>88.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>56.1&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Tax expenses&nbsp;</TD>
    <TD align=right>8.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">22.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>14.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>160.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>25.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">37.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>12.0&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>47.2&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD 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>676.9</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC"><B>834.8</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right><B>157.9</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right><B>23.3</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right><B>2,047.4</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC"><B>2,286.0</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right><B>238.6</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right><B>11.7</B>&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD 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>155.8&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">160.3&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>4.5&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>2.9&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>468.7&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">465.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>(3.3)</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>(0.7)</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>Credit write-offs&nbsp;</TD>
    <TD align=right>82.1&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">60.8&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>(21.3)</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>(25.9)</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>231.4&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">252.6&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>21.2&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right>9.2&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD 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>914.8</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC"><B>1,055.9</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right><B>141.1</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right><B>15.4</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right><B>2,747.5</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC"><B>3,004.0</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right><B>256.5</B>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right><B>9.3</B>&nbsp;</TD>
  </TR>
  <TR valign="bottom" style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
    <TD 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;61.3%&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">&nbsp; &nbsp;66.3%&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;62.4%&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align=right bgcolor="#CCCCCC">64.7%&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>
<P align="justify">
<B>4.1. Payroll and benefits </B></P>
<P align="justify">
In 3Q08, payroll and benefits grew R$ 16.8 million or 5.2%, from R$ 322.2 million to R$ 339.0 million, due to: </P>
<div align="justify">
  <UL>
    <LI>
      Wage increase of 5.03% as of May 2008; and</LI>
    <LI>
      R$ 2.5 million increase in provision for pension plan obligations, due to the change in the discount rate used for actuarial calculation, from 8.0% in 2007 to 6.59% in 2008.</LI>
  </UL>
</div>
<P align="justify">
<B>4.2. Supplies </B></P>
<P align="justify">
In 3Q08, supplies grew R$ 6.2 million or 19.9%, when compared to the same period of the previous year, from R$ 31.2 million to R$ 37.4 million. The main reasons for this increase were: </P>
<div align="justify">
  <ul>
    <li> Supplies used at Water and Sewage Treatment Stations maintenance, in the amount of R$ 2.0 million; and </li>
    <li> Supplies used at residential connection and water and sewage network maintenance in the amount of R$ 1.5 million, due to the: <br>
&nbsp;&nbsp;&nbsp;&nbsp;    &nbsp;&nbsp;&#149; Cancelation of maintenance agreements in 2007, leading to lower execution in 2008 and, as a consequence, higher expenses in 2008 to offset services that were not executed; and <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149; Expansion of the Water Loss Reduction Program to meet the targets set. </li>
    </ul>
</div>
<P align="justify">
<B>4.3. Treatment supplies </B></P>
<P align="justify">
In 3Q08, expenses with chemical products grew R$ 6.2 million or 23.9%, from R$ 25.9 million in 3Q07 to R$ 32.1 million in 3Q08. This increase refers to a higher use of chemical products due to the proliferation of algae in the Guarapiranga Reservoir
and the readjustment of some products&#146; price, such as ferric sulfate (+22%), aluminum sulfate (+39.4%) and lime (+10.5%) . The use of substitute chemical products mitigated the increase in this expense. </P>
<P align="justify">
<B>4.4. Services </B></P>
<P align="justify">
In the 3Q08, this item grew R$ 64.5 million or 59.6%, from R$ 108.3 million to R$ 172.8 million. The main factors leading to this increase were: </P>
<div align="justify">
  <UL>
    <LI>
      Accounting reclassification related to software license in the 3Q07, in the amount of R$ 16.5 million, non- recurring for the next quarters;</LI>
  </UL>
</div>
<P align="center">
Page 4 of 13 </P>

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<A name="page_5"></A>

<UL>
<LI>
  <div align="justify">
    Expenses with advertising campaigns focused on social environmental initiatives, such as <I>Onda Limpa,</I> <I>Pura, Planeta Sustent&aacute;vel, </I>among others, in the amount of R$ 6.3 million, which will be recurring for the coming quarters;</div>
</LI>
<LI>
  <div align="justify"> Expenses with risk contracts for the recovery of credits in the amount of R$ 9.6 million due to the extension of collection contracts by result of the contracted company in the several areas of the S&atilde;o Paulo Metropolitan Region. In the same
    period last year, we had only 3 contract lots, whereas in 2008 we have 10 lots (2 per Distribution Business Unit in the Metropolitan Region), intensifying collection operations;</div>
</LI>
<LI>
  <div align="justify">
    Preventive and corrective maintenance in the water and sewage treatment systems in the amount of R$ 7.2 million;</div>
</LI>
<LI>
  <div align="justify">
    Higher expenses with paving and pavement replacing services in the amount of R$ 4.3 million due to: i) account reconciliation with municipal governments; and ii) improvement in the quality of the materials used in asphalt replacement, a recurring
    expense;</div>
</LI>
<LI>
  <div align="justify">
    Telephony services due to the capacity expansion of the Client Service Center and end of the contract of special tariffs for mobile phones;</div>
</LI>
<LI>
  <div align="justify">
    Expenses with fire prevention, detection and fighting, in the amount of R$ 1.4 million in the IT area;</div>
</LI>
<LI>
  <div align="justify">
    Hydrometer reading and bill delivery in the amount of R$ 1.6 million, due to the expansion of the TACE (external technical sales service) agreement scope, including building examination, increase in water connection and tariff adjustment;</div>
</LI>
<LI>
  <div align="justify">
    Software maintenance in the amount of R$ 1.7 million with the update of antispam software and modernization of the commercial system;</div>
</LI>
<LI>
  <div align="justify">
    Increase of R$ 1.7 million in surveillance services due to the expansion of the area with electronic monitoring;</div>
</LI>
<LI>
  <div align="justify"> Increase of R$ 1.6 million in expenses with the PURA (Program for the Rational Use of Water) as a result of the partnership established between Sabesp and the S&atilde;o Paulo municipal government to improve hydraulic facilities in municipal
    agencies;</div>
</LI>
<LI>
  <div align="justify">
    Car rental expenses totaling R$ 1.2 million as of 2008;</div>
</LI>
<LI>
  <div align="justify">
    Professional services in the amount of R$ 6.2 million due to the hiring of consultancy and advisory firms, as well as other specialized services focused on several areas, such as: implementation of Added-Value Management (GVA), valuation of the EMAE
    (Metropolitan Company of Water and Energy), hiring of the FIPECAFI (Actuarial and Economic Research Institute Foundation) to update the amounts related to the complementation of pensions, and others.</div>
</LI>
</UL>
<P>
<B>4.5. Electric power </B></P>
<P>
Electric power dropped R$ 4.2 million or 3.6%, from R$ 118.0 million to R$ 113.8 million. This result was due to:</P>
<UL>
<LI>
The 9.7% drop in the tariff from the captive market, which is responsible for 77.0% of total expenses with electric power;</LI>
<LI>
Optimization of contracts; and</LI>
<LI>
The 3.2% decrease in electric power consumption in the captive market.</LI>
</UL>
<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">&nbsp;</TD>
	<TD bgcolor="#333399">&nbsp;</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 align=right>9.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Captive market&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>77.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(9.7)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(7.5)</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>(5.3)</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
Page 5 of 13 </P>

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<P align="justify">
<B>4.6. General expenses </B></P>
<P align="justify">
In 3Q08, general expenses increased R$ 54.4 million or 86.9%, from R$ 62.6 million to R$ 117.0 million in provision due to: </P>
<div align="justify">
  <UL>
    <LI>
      Changes in the rating of lawsuits from possible to probable due to unfavorable court ruling;</LI>
    <LI>
      New lawsuits related to customers; and</LI>
    <LI> Updated values including attorneys&#146; fees.</LI>
  </UL>
</div>
<P align="justify">
<B>4.7. Depreciation and amortization </B></P>
<P align="justify">
In 3Q08, depreciation and amortization grew R$ 4.5 million or 2.9%, from R$ 155.8 million to R$ 160.3 million. This change was due to greater transfer of works to permanent assets in operation in 3Q08, versus the same period of the previous year.</P>
<P align="justify">
<B>4.8. Credit write-offs </B></P>
<P align="justify">
In 3Q08 credit write-offs dropped R$ 21.3 million or 25.9%, from R$ 82.1 million to R$ 60.8 million, as described below: </P>
<div align="justify">
  <UL>
    <LI>
      Receipt of R$ 24.0 million from the municipality of Guarulhos due to the release of a court deposit made by the municipality regarding a lawsuit;</LI>
    <LI>
      Increase of R$ 35.8 million in credit recovery chiefly due to agreements made in the period; and</LI>
    <LI>
      Lower provision for losses, in the amount of R$ 19.0 million, due to installment agreements executed via risk collection contracts.</LI>
  </UL>
</div>
<P align="justify">
This decrease was partially offset by the complementation of provisions, including: </P>
<div align="justify">
  <UL>
    <LI>
      R$ 41.0 million in the municipalities which the Company supplies with wholesale water; and</LI>
    <LI>
      R$ 8.6 million to customers classified as major consumers, non recurring for the coming quarters.</LI>
  </UL>
</div>
<P align="justify">
<B>4.9. Tax expenses </B></P>
<P align="justify">
In 3Q08, there was a change of R$ 14.0 million or 160.9%, as a result of: </P>
<div align="justify">
  <UL>
    <LI> Beginning of the payment of the TRCF (Regulation, Control and Oversight Fee) to ARSESP (S&atilde;o Paulo State Sanitation and Energy Regulatory Agency) in the amount of R$ 19.2 million, regarding the first nine installments of the 2008 amount. In
      3Q08, this amount correspond to R$ 6.3 million;</LI>
    <LI>
      Increase in the IPTU (Municipal Real Estate Tax) due to the revocation of the exemption in the amount of R$ 2.2 million, recurring for the coming quarters; and</LI>
    <LI>
      The R$ 7.7 million drop as a result of the extinction of the CPMF (Tax on Bank Account Transaction) tax on December 31, 2007.</LI>
  </UL>
</div>
<P align="center">
Page 6 of 13 </P>

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<P>
<B>5. Financial revenues and 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></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$ 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>3Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>3Q08</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">&nbsp; &nbsp; &nbsp;<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="#CCCCCC">&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>111.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">106.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;(5.3)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(4.7)</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 align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">18.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>9.1&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Interest rate over foreign remittance&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">0.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;(0.6)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(40.0)</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>20.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">71.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>51.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>256.7&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Other financial expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">6.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>84.8&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" 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>153.1</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>203.1</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>50.0</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>32.7</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" 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>23.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">40.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>17.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>72.6&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" 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>129.4</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>162.2</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>32.8</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>25.3</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B>5.1. Financial expenses </B></P>
<P align="justify">
In 3Q08 financial expenses grew R$ 50.0 million, or 32.7%, as follows: </P>
<div align="justify">
  <UL>
    <LI>
      Regarding domestic financing, we highlight the R$ 5.3 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;</LI>
    <LI>
      Regarding international financing, we highlight the R$ 1.5 million increase, due to the new funding, AB LOAN 983, contracted in June, 2008, in the amount of R$ 6.1 million in 3Q08.</LI>
  </UL>
</div>
<P align="justify">
This increase was partially offset by the settlement of the Eurobonds 2008 in June 2008, with a R$ 4.6 million variation in 3Q08. </P>
<div align="justify">
  <UL>
    <LI>
      Increase in interest on lawsuits in the amount of R$ 51.6 million, following the change in the likelihood of lawsuit loss, as indicated in the item general expenses section.</LI>
  </UL>
</div>
<P align="justify">
Other financial expenses were due to obligations assumed with the municipalities related to the program contracts, in the amount of R$ 2.0 million. </P>
<P align="justify">
<B>5.2. Financial revenues </B></P>
<P align="justify">
Financial revenues grew R$ 17.2 million, mainly due to interest over past due bills. </P>
<P align="justify">
This increase is a result of the collection risk contracts in the S&atilde;o Paulo Metropolitan Region.</P>
<P align="justify">
<B>6. Foreign exchange and indexation </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$ 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>3Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>3Q08</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">&nbsp; &nbsp; &nbsp;<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>29.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">27.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(1.9)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(6.4)</TD></TR>

<TR valign="bottom">
	<TD align=left>Currency exchange variation over loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(35.5)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">212.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>247.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Other variations&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">7.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>171.4&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" 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> &nbsp; &nbsp; &nbsp;<B>(2.9)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>247.7</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>250.6</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>-</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Variation on assets</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>8.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>362.4</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>353.9</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>4,163.5</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Net Variation</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>11.4</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>114.7</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>103.3</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>906.1</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="justify">
<B>6.1. Variation on liabilities </B></P>
<P align="justify">
The net effect of the variation on liabilities was R$ 250.6 million higher in 3Q08 versus 3Q07, due to the: </P>
<div align="justify">
  <UL>
    <LI>
      20.2% US Dollar appreciation versus the Brazilian Real in 3Q08, compared to a US dollar depreciation in 3Q07 (4.5%), with a R$ 35.5 million gain, totaling a net impact of R$ 247.7 million in exchange variations.<BR>
      The US Dollar denominated debt balance in 3Q07 was R$ 1.2 billion (US$ 674 million) and R$ 1.5 billion (US$ 804 million) in 3Q08;</LI>
  </UL>
</div>


<P align="center">
Page 7 of 13 </P>

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

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

<UL>
<LI>
  <div align="justify">
    R$ 1.9 million decrease in monetary variation over debentures, resulting from a lower variation of the IGPM (General Market Price Index), of 1.55% in 3Q08, versus 2.57% in the previous period, partially offset by a higher variation of the TR, of
    0.55% in 3Q08 versus 0.33% in the previous period, resulting in a higher monetary variation on other loans; and</div>
</LI>
<LI>
  <div align="justify">
    Other monetary variations from lawsuit indemnities with a R$ 4.8 million increase.</div>
</LI>
</UL>
<P align="justify">
<B>6.2. Variation on assets </B></P>
<P align="justify">
The variation on assets grew R$ 353.9 million, mainly due to: </P>
<div align="justify">
  <UL>
    <LI> R$ 344.6 million update of the undisputed amount regarding supplementary retirement and pension remuneration as provided by the Third Amendment to the GESP (S&atilde;o Paulo State Government) Agreement; and</LI>
    <LI>
      Customer installment agreements and past due bills paid as a result of the R$ 9.2 million risk contracts.</LI>
  </UL>
</div>
<P align="justify">
<B>7. Non-operating result </B></P>
<P align="justify">
Recorded a negative result of R$ 120.6 million, from R$ 4.8 million to R$ 125.4 million in the 3Q08, as a result of the following factors: </P>
<P align="justify">
<B>7.1. Non-operating revenue </B></P>
<P align="justify">
Non-operating revenue increased R$ 16.8 million in 3Q08, mainly due to sale of 37 real estate properties in the Pinheiros neighborhood, in S&atilde;o Paulo city. </P>
<P align="justify">
<B>7.1. Non-operating expenses </B></P>
<P align="justify">
Non-operating expenses climbed R$ 137.1 million, as a result, mainly, of the fixed asset write-off booked due to the settlement of the Third Amendment to the GESP Agreement that establishes the full incorporation of the assets verified at the Alto
Tiet&ecirc; System&#146;s equity appraisal report. </P>
<P align="justify">
<B>8. Operating indicators </B></P>
<P align="justify">
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></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>Sep/07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Sep/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>%</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left>Water connections <SUP>(1)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD align=right>6,728&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">6,899&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>2.5&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Sewage connections <SUP>(1)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD align=right>5,119&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">5,283&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>3.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Population directly served - water <SUP>(2)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD align=right>22.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">23.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>0.7&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Population directly served - sewage <SUP>(2)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD align=right>18.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">19.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>1.6&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Number of employees&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>16,880&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">16,695&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>(1.1)</TD></TR>
<TR valign="bottom">
	<TD align=left>Water volume produced <SUP>(3)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,152.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">2,138.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>(0.6)</TD></TR>
<TR valign="bottom">
	<TD align=left>Water losses (%)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>30.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">28.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>(6.6)</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>(1) In thousand units at the end of the period.&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>(2) In thousand inhabitants at the end of the period, not including wholesale.&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>(3) In million m<SUP>3 </SUP>at the end of the period.&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>* Not revised by the Independent Auditors&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>
</TABLE>
<BR>
<P align="center">
Page 8 of 13 </P>

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

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

<P>
<B>9. Loans and financing </B></P>
<P>
In early November, Sabesp concluded the 9<SUP>th</SUP> issue of simple debentures totaling R$ 220 million. Two series were issued, the 1<SUP>st</SUP> of which in the amount of R$ 100 million, remunerated by the CDI + 2.75% for a five-year term,
amortizable as of the third year, and the 2<SUP>nd</SUP>, in the amount of R$120 million, remunerated by the IPCA + 12.87% for a seven-year term, amortizable as of the fifth year. </P>
<P>
The table below shows the debt amortization schedule: </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD></TD>
	<TD width=2%></TD>
	<TD width=8%></TD>
	<TD width=2%></TD>
	<TD width=8%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD>
	<TD width=2%></TD>
	<TD width=8%></TD>
	<TD width=2%></TD>
	<TD width=7%></TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><I>R$ million</I>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left valign="middle" bgcolor="#333399"><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"><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"><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"><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"><B>2011</B>&nbsp;</font></TD>
	<TD align="center" valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=right valign="middle" bgcolor="#333399"><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"><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;<B><br>
    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;<B>Total</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left><B>Local market</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>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>&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>Banco do Brasil&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>62.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>261.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>285.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>310.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>337.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>367.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>96.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,721.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Caixa Econ&ocirc;mica Federal&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>16.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>68.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>73.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>79.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>85.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>86.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>233.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>642.6&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Debentures&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>787.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>348.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>420.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,556.8&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>FIDC - SABESP I&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>13.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>55.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>55.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>13.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>138.9&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>BNDES&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>10.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>42.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>42.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>42.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>36.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>4.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>180.1&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>BNDES BX SANTISTA&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>1.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>9.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>12.1&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Others&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>0.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>17.4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest and charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>37.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>53.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>20.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>5.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>117.0&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" bgcolor="#CCCCCC" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#CCCCCC"><B>Local market total</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>141.5</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>1,272.8</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>833.1</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>878.2</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>461.7</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>459.6</B>&nbsp;</TD>
	<TD align="right" bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>339.2</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>4,386.1</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>International market</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>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>IDB&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>24.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>68.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>68.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>68.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>68.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>68.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>426.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>793.3&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Eurobonds&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>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>268.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>268.0&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>JBIC&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>5.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>10.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>10.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>159.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>184.8&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>BID 1983AB&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>45.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>45.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>45.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>341.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>478.6&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest and charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>22.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3.5&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 align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>25.7&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#CCCCCC"><B>International market total</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>46.6</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>72.1</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>68.5</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>119.4</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>124.4</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>124.3</B>&nbsp;</TD>
	<TD align="right" bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>1,195.1</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>1,750.4</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#CCCCCC"><B>Total</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>188.1</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>1,344.9</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>901.6</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>997.6</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>586.1</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>583.9</B>&nbsp;</TD>
	<TD align="right" bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>1,534.3</B>&nbsp;</TD>
	<TD bgcolor="#CCCCCC">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>6,136.5</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
Page 9 of 13 </P>

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

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

<P>
<B>10. Conference Calls </B></P>
<TABLE width=60% border=0 align="center" cellpadding=0 cellspacing=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=49%></TD>
	<TD width=2%></TD>
	<TD width=48%></TD></TR>

<TR valign="bottom">
  <TD align=center><B>In English</B>&nbsp;<br>
    November 19, 2008&nbsp;<br>
    1:00 PM (US EST) / 4:00 PM (Bras&iacute;lia)<br>
    Dial-in access: (1 412) 858-4600&nbsp;<br>
    Conference ID: Sabesp&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center><B>In Portuguese</B><br>	  &nbsp;November 19, 2008<br>	  &nbsp;11:00 AM (US EST) / 2:00 PM (Bras&iacute;lia)<br>
    Dial-in access: (55 11) 2188-0188<br>    &nbsp;Conference ID: Sabesp&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>Replay &#150; available until November 27, 2008&nbsp;<br>
    Dial-in access: (1 412) 317-0088&nbsp;<br>
    Replay ID: 425293#&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>Replay &#150; available until November 27, 2008&nbsp;<br>
    Dial-in access: (55 11) 2188-0188&nbsp;<br>
    Replay ID: Sabesp&nbsp;</TD></TR>

<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center colspan=3>Live webcast at <font color="#0000FF">www.sabesp.com.br</font></TD></TR>
</TABLE>
<BR>
<P>
<B>For more information, please contact:</B></P>
<P>
<I>Mario Arruda Sampaio <br>
Phone: (55 11) 3388-8664 </I><br>
<I>E-mail: </I><font color="#0000FF"><I>maasampaio@sabesp.com.br</I> </font></P>
<P>
<I>Angela Beatriz Airoldi <br>
Phone: (55 11) 3388-8793 <br>
E-mail: </I><font color="#0000FF"><I>abairoldi@sabesp.com.br</I> </font></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 10 of 13 </P>

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<H5 align="left" style="page-break-before:always"></H5>
<A name="page_11"></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 colspan="3" align=right><B>R$ '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>3Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>3Q07</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"> <font color="#FFFFFF">&nbsp; &nbsp;<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>1,717,266</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>1,612,065</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>6.5</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Water Supply - Retail&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>879,146&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>830,724&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>5.8&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Water Supply - Wholesale&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>77,901&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>73,738&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>5.6&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Sewage Collection and Treatment&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>725,586&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>681,415&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.5&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Sewage Collection and Treatment - Wholesale&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,796&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2,378&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>59.6&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Other Services&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>30,837&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>23,810&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>29.5&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>(124,221)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(120,241)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>3.3&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>1,593,045</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>1,491,824</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>6.8</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Costs of Sales and Services&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(708,200)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(663,532)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.7&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Gross Profit</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>884,845</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>828,292</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>6.8</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Selling Expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(163,590)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(163,117)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>0.3&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Administrative Expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(184,122)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(88,119)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>108.9&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>537,133</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>577,056</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(6.9)</B></TD></TR>
<TR valign="bottom">
	<TD align=left><B>Foreing Exchange gain (loss), net</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></TR>
<TR valign="bottom">
	<TD align=left>Financial Income and Expenses, net&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>168,073&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(153,243)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(209.7)</TD></TR>
<TR valign="bottom">
	<TD align=left>Foreing Exchange gain (loss), net&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(215,617)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>35,242&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(711.8)</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Operating Income</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>489,589</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>459,055</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>6.7</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Non-Operating Expenses (Income)</B></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>Non-Operating Income&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>15,582&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(990)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(1,673.9)</TD></TR>
<TR valign="bottom">
	<TD align=left>Non-Operating Expense&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(140,934)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(3,863)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>3,548.3&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>364,237</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>454,202</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(19.8)</B></TD></TR>
<TR valign="bottom">
	<TD align=left><B>Income and Social Contribution Taxes</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></TR>
<TR valign="bottom">
	<TD align=left>Current Income Tax/Social Contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(176,993)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(71,530)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>147.4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Deferred Income Tax/Social Contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>43,842&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(471)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(9,408.3)</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Income (loss) before Extraordinary Item</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>231,086</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>382,201</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(39.5)</B></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; &nbsp; &nbsp;-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Net Income (loss)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>231,086</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>382,201</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(39.5)</B></TD></TR>
<TR align="left">
	<TD colspan=7>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Earnings per shares R$</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>1.01</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>1.68</B>&nbsp;</TD>
	<TD align="right">&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>(160,302)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(155,751)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>2.9</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>EBITDA</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>697,436</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>732,808</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(4.8)</B></TD></TR>
<TR valign="bottom">
	<TD align=left>% over net revenue&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>43.8%&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>49.1%&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
Page 11 of 13 </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>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></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$ '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>09/30/2008</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>06/30/2008</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left> &nbsp;Cash and Cash Equivalents&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>474,903&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>352,781&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Accounts Receivable, net&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,112,960&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,101,724&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Related Parties Transactions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>171,409&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>134,132&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Inventory&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>40,164&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>42,266&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Recoverable Taxes&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,774&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,495&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Other Receivables&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>57,864&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>29,490&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Deferred income tax and social contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>144,204&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>120,308&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>2,004,278</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>1,784,196</B>&nbsp;</TD></TR>
<TR>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>&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 from Clients&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>325,609&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>314,218&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Related Parties Transactions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,407,739&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,064,112&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>36,685&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>31,290&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Deferred income tax and social contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>408,439&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>385,919&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;Commitment partnership with the municipality of S&atilde;o Paulo&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>84,447&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>57,146&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Other Receivables&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>87,113&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>87,085&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>2,498,826&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,088,564&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>4,561&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>14,414,540&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>14,248,536&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Intangible Assets&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>614,048&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>578,141&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Deferred Assets&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,257&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,912&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>15,034,406&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>14,829,309&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>17,533,232</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>16,917,873</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>Total Assets</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>19,537,510</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>18,702,069</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>09/30/2008</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>06/30/2008</B>&nbsp;</font></TD></TR>

<TR valign="bottom">
	<TD align=left> &nbsp;Suppliers&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>159,476&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>122,248&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Loans and Financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,386,890&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,131,865&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Salaries and Payroll Charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>249,912&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>196,422&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Taxes and contributions payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>182,018&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>109,870&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Taxes and contributions deferred&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>68,296&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>70,816&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Interest on Own Capital Payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>186,142&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>186,178&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Provision for contingencies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>370,955&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>324,207&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Services Payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>171,313&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>162,313&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Other Payables&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>52,040&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>47,434&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>2,827,042</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>2,351,353</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>4,749,613&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>4,669,561&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Taxes and Contributions Payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>121,048&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>128,265&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Deferred Taxes and Contributions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>137,948&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>132,130&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Provision for Contingencies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>668,647&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>657,818&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Pension Fund Obligations&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>405,716&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>392,250&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Other Payables&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>127,896&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>111,711&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>6,210,868&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6,091,735&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>20,973&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>11,727&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>20,973&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>11,727&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>6,231,841</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>6,103,462</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>
	<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>6,203,688&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Capital Reserves&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>124,542&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>2,274,729&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,296,421&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>1,116,234&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Accrued income&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>759,434&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>506,656&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>10,478,627</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>10,247,254</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>Total Liabilities and Shareholder's Equity</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>19,537,510</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>18,702,069</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
Page 12 of 13 </P>

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

<H5 align="left" style="page-break-before:always"></H5>
<A name="page_13"></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$ '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>Jul-Sep/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>Jul-Sep/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>231,086</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>382,201</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>(44,914)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>909&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Provisions for contingencies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>164,047&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>40,187&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Reversion/provision for losses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(168)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(6)</TD></TR>
<TR valign="bottom">
	<TD align=left>Other provisions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>135&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>66&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Liabilities related to pension plans&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>17,575&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>14,856&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Write-off of property, plant and equipment&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>139,704&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,838&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Gain with the sale of property, plant and equipment&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>219&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Depreciation and amortization&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>160,302&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>155,750&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest calculated on loans and financing payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>125,315&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>129,659&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Foreign exchange and monetary variation on loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>240,089&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(5,724)</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest and monetary variation on liabilities&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,730&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,930&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest and monetary variation on assets&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(350,158)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(4,025)</TD></TR>
<TR valign="bottom">
	<TD align=left>Provisions for bad debt&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>60,845&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>82,088&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>Accounts receivable from clients&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(83,040)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(158,239)</TD></TR>
<TR valign="bottom">
	<TD align=left>Related Parties Transactions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(32,735)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,331&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Inventories&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,271&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(18)</TD></TR>
<TR valign="bottom">
	<TD align=left>Recoverable Taxes&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>721&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(22,790)</TD></TR>
<TR valign="bottom">
	<TD align=left>Other accounts receivable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(33,352)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(11,741)</TD></TR>
<TR valign="bottom">
	<TD align=left>Judicial deposits&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(27,931)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,853&nbsp;</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>Suppliers&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>14,379&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>40,703&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Salaries and payroll charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>53,490&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>39,212&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Withholding income tax over interest on own capital payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>14,371&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Taxes and contributions payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>64,996&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(16,612)</TD></TR>
<TR valign="bottom">
	<TD align=left>Services payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>25,816&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,935&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Other accounts payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>12,015&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>8,437&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Contingencies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(82,938)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(20,055)</TD></TR>
<TR valign="bottom">
	<TD align=left>Pension plan&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(4,109)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(3,842)</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>669,542</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>666,122</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>(342,580)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(244,704)</TD></TR>
<TR valign="bottom">
	<TD align=left>Increase in intangible assets&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(77,907)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(4,951)</TD></TR>
<TR valign="bottom">
	<TD align=left>Increase in investments&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(3,841)</TD>
	<TD>&nbsp;</TD>
	<TD align=center>-&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>(424,328)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(249,655)</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>137,256&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>30,128&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Payments&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(245,941)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(493,385)</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>(14,407)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(18,997)</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>(123,092)</B></TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(482,254)</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><B>Net increase (decrease) in cash equivalents</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>122,122</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(65,787)</B></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>352,781&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>511,301&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>474,903&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>445,515&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>Change in Cash</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>122,122</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>(65,786)</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><B>Additional information on cash flow:</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>Interest and taxes over loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>136,076&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>147,879&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Capitalization of interest and financial charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>78,358&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(2,222)</TD></TR>
<TR valign="bottom">
	<TD align=left>Paid income tax and social contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>103,605&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>126,414&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>9,532&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3,836&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>COFINS and PASEP taxes paid&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>79,628&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>110,950&nbsp;</TD></TR>
<TR valign="bottom">
  <TD align=left>Liabilities from concession agreement&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>(8,176)</TD>
  <TD>&nbsp;</TD>
  <TD align=right>34,071&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
Page 13 of 13 </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: November 24, 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-----
