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<SEC-DOCUMENT>0001292814-09-001275.txt : 20090529
<SEC-HEADER>0001292814-09-001275.hdr.sgml : 20090529
<ACCEPTANCE-DATETIME>20090529105847
ACCESSION NUMBER:		0001292814-09-001275
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090331
FILED AS OF DATE:		20090529
DATE AS OF CHANGE:		20090529

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:		09859569

	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>sbspr1q09_6k.htm
<DESCRIPTION>EARNINGS RELEASE 1Q09
<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 May, 2009</B></FONT></DIV>
  <p></p>
  <FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B> (Commission File No. 1-31317) </B></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<HR align="center" WIDTH="25%" size=1 NOSHADE COLOR="#000000">
<DIV><FONT
SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B> Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><i>(Exact name of registrant as specified in its charter) </i></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<DIV ALIGN="center"> </DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="3" COLOR="#000000"><B> Basic Sanitation Company of the State of Sao Paulo - SABESP </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><i>(Translation of Registrant's name into English) </i></FONT></DIV>
<DIV><FONT SIZE="1">&nbsp;</FONT></DIV>
<HR align="center" WIDTH="25%" size=1 NOSHADE COLOR="#000000">
<BR>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><B> Rua Costa Carvalho, 300 <BR>
  S&#227;o Paulo, S.P., 05429-900 <BR>
  Federative Republic of Brazil </B></FONT></DIV>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"><i> (Address of Registrant's principal executive offices) </i></FONT></DIV>
<BR>
<HR align="center" WIDTH="25%" size=1 noshade COLOR="#000000">
<BR>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Indicate by check mark whether the registrant files or will file <br>
  annual reports under cover Form 20-F or Form 40-F. <BR>
  <br>
  Form 20-F ___X___ Form 40-F ______</font></div>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Indicate by check mark if the registrant is submitting the Form 6-K <BR>
  in paper as permitted by Regulation S-T Rule 101(b)(1)__.</font></div>
<P>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> Indicate by check mark if the registrant is submitting the Form 6-K <BR>
  in paper as permitted by Regulation S-T Rule 101(b)(7)__.</font></div>
<P align=center><FONT FACE="'Times New Roman, Times, Serif'" SIZE=2>Indicate by check mark whether the registrant by furnishing the <BR>
  information contained in this Form is also thereby furnishing the <BR>
  information to the Commission pursuant to Rule 12g3-2(b) under <BR>
  the Securities Exchange Act of 1934. <BR>
  <BR>
  Yes ______ No ___X___</font></p>
<P>
<DIV ALIGN="center"><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> If "Yes" is marked, indicated below the file number assigned to the<BR>





  registrant in connection with Rule 12g3-2(b):</font>
    <p></p>
</DIV>

<hr size="2" noshade color="#000000" align="left">
<H5 align="left" style="page-break-before:always"></H5>
<center>
  <A name="page_1"></A>

  <IMG src="logo.gif" border=0>
  <BR>
</center>
<P align="right">
<B>CIA. DE SANEAMENTO B&Aacute;SICO DO ESTADO DE S&Atilde;O PAULO - SABESP <br>
</B>Rui de Britto &Aacute;lvares Affonso<br>
Chief Financial Officer and Investor Relations Officer <br>
Mario Azevedo de Arruda Sampaio <br>
Head of Capital Markets and Investor Relations </P>
<TABLE border=0 width=100% align="center" cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <TR>
    <TD width=71%></TD>
    <TD width=2%></TD>
    <TD width=26%></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center><B><FONT color="#000080">SABESP announces 1Q09 results</FONT></B>&nbsp;</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">S&atilde;o Paulo, May 15, 2009 - <B>Companhia de Saneamento B&aacute;sico do Estado</B>&nbsp;<B>de S&atilde;o Paulo </B><B>&#150;</B><B>SABESP </B>(BM&amp;FBovespa: 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 first quarter of</B>&nbsp;<B>2009 (1Q09)</B>. The Company&#146;s operating and&nbsp;when indicated otherwise, is presented in Brazilian Reais, in accordance with&nbsp;the Brazilian Corporate Law. <U>All comparisons in this release, unless otherwise</U>&nbsp;<U>stated, refer to the same period of 2008.</U>&nbsp;</div></TD>
    <TD valign="middle">&nbsp;</TD>
    <TD align=left valign="middle"><div align="right">SBSP3: R&#36; 28.96 / share&nbsp;<br>
      SBS US&#36; 27.40 (ADR=2 shares)<br>
      Total shares: 227,836,623&nbsp;<br>
      Market value: R&#36; 6.6 billion&nbsp;<br>
      Closing price: May 15, 2009&nbsp;</div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left valign="middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><img src="rodape.gif" width="150" height="128" align="right"></TD>
  </TR>
</TABLE>
<center>
  <BR>
  <IMG src="fp1.gif" border=0>
  <BR>

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

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

<P>
<B><FONT color="#000080">1. Net Operating Revenue </FONT></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=10%></TD>
	<TD width=2%></TD>
	<TD width=10%></TD>
	<TD width=2%></TD>
	<TD width=10%></TD>
	<TD width=2%></TD>
	<TD width=10%></TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><I>R&#36; million</I>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD rowspan="2" align=center valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF"><B>1Q08</B>&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD rowspan="2" align=center valign="middle" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF"><B>1Q09</B>&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD colspan=3 align=center bgcolor="#333399"><font color="#FFFFFF"><B>Change</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 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>R&#36;</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> &nbsp;(+) Gross operating revenue&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,658.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">1,779.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>120.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>7.3&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;(-) COFINS and PASEP taxes&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>118.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">126.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>7.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6.3&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;(=) Net operating revenue&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,540.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">1,653.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>113.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>7.4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;(-) Costs and expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>915.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">1,191.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>275.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>30.1&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;(=) Earnings before financial expenses (EBIT*)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>624.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">462.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(162.3)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(26.0)</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;(+) Depreciation and amortization&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>150.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">161.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>11.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>7.7&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;(=) EBITDA**&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>774.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">623.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(150.8)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(19.5)</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;(%) EBITDA margin&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>50.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">37.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Net income&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>303.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">256.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(47.5)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(15.6)</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Earnings per share (R&#36;)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.33&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">1.12&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=9 align=left>(*) Earnings before interest and taxes&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD colspan=9 align=left>(**) Earnings before interest, taxes, depreciation and amortization&nbsp;</TD>
	</TR>
</TABLE>
<BR>
<P>
In 1Q09, net operating revenue totaled R&#36; 1.7 billion, a 7.4% increase compared to same period of 2008. Costs and expenses, stood at R&#36; 1.2 billion, 30.1% higher than in the previous year. EBITDA dropped 19.5%, from R&#36; 774.4 billion in
1Q08 to R&#36; 623.6 billion in 1Q09.</P>
<P>
Earnings before financial expenses (EBIT) decreased 26.0%, from R&#36; 624.3 million in 1Q08 to R&#36; 462.0 million in 1Q09.</P>
<P>
This quarter results was particularly affected by an accounting register of R&#36; 146.6 million, corresponding to payment of termination costs related to retired employees who will be laid off, between 2009 and 2011, in compliance to the Conduct
Adjustment Term (TAC). Disregarding this fact, net income would have totaled R&#36; 358.3 million, and EBITDA R&#36; 778.2 million, with a 47.1% margin. </P>
<P>
<B><FONT color="#000080">2. Gross operating revenue </FONT></B></P>
<P>
In 1Q09, gross operating revenue grew R&#36; 120.8 million, or 7.3%, from R&#36; 1.7 billion in 1Q08 to R&#36; 1.8 billion in 1Q09. The main reasons for this increase were:  </P>
<P>&#149; The 5.1% tariff adjustment as of September 2008;  <br>
  &#149; The 3.0% growth in total
  billed volume, 2.7% of which corresponded to water and 3.5% to sewage. </P>
<P>
<B><FONT color="#000080">3. Billed volume </FONT></B></P>
<P>
The following tables show billed water and sewage volume per customer category and region in 1Q08 and 1Q09. </P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:10px">
<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<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 CUSTOMER CATEGORY - million m</B><B><SUP>3</SUP></B></TD></TR>

<TR valign="bottom">
	<TD rowspan="2" align=left valign="middle" bgcolor="#333399"><font color="#FFFFFF"><B>Category</B>&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 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 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 bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q09</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 bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q09</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 bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q09</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 width="1%">&nbsp;</TD>
	<TD align=right>341.0&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>351.8&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>3.2&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>271.3&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>281.7&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>3.8&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>612.3&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>633.5&nbsp;</TD>
	<TD width="1%" align="right">&nbsp;</TD>
	<TD align=right>3.5&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Commercial&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD width="8%" align=right>37.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>38.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>2.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>34.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>35.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>2.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>72.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>74.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>2.2&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>8.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(5.7)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>8.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>8.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(1.2)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>17.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>16.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(3.5)</TD></TR>

<TR valign="bottom">
	<TD align=left>Public&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>10.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>10.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>0.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>8.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>8.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>19.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>19.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.5&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left><B>Total retail</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>398.4</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>409.6</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>2.8</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>322.8</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>334.1</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>3.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>721.2</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>743.7</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>3.1</B>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>Wholesale&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>70.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>71.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>7.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>7.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>78.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>79.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2.1&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left><B>Total</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>469.0</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>481.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>2.7</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>330.2</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>341.8</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>3.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>799.2</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>823.3</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>3.0</B>&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
Page 2 of 11 </P>

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

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

<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 width="1%"></TD>
	<TD></TD>
	<TD width="1%"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD width="1%"></TD>
	<TD></TD>
	<TD width="1%"></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>
	<TD colspan=19>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF"><B>Region</B>&nbsp;</font></TD>
	<TD width="1%" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD colspan="5" align=center bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF"><B>Water</B>&nbsp;</font><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF">&nbsp;</font></TD>
	<TD width="1%" align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD colspan="5" align=center bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF"><B>Sewage</B>&nbsp;</font><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF">&nbsp;</font></TD>
	<TD width="1%" 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><font color="#FFFFFF">&nbsp;</font><font color="#FFFFFF">&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>1Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q09</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>1Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q09</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>1Q08</B>&nbsp;</font></TD>
	<TD width="1%" align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q09</B>&nbsp;</font></TD>
	<TD width="1%" 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>263.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>269.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> 2.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>218.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>225.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;3.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>481.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>494.7&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 width="8%" align=right>135.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>139.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right> 3.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>104.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>109.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right> &nbsp;4.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right>239.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>249.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right> 3.8&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Total retail</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>398.4</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>409.6</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>2.8</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD width="8%" align=right><B>322.8</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>334.1</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;<B>3.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>721.2</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>743.7</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
  <TD width="8%" align=right><B>3.1</B>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Wholesale&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>70.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>71.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> 1.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>7.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>7.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;4.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>78.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>79.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right> 2.1&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Total</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>469.0</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>481.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>2.7</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>330.2</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>341.8</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right> &nbsp;<B>3.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>799.2</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>823.3</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right><B>3.0</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 coutryside&nbsp;</TD>
	</TR>
</TABLE>
<BR>
<P>
<B><FONT color="#000080">4. Costs, administrative and selling expenses </FONT></B></P>
<P>
In 1Q09, costs of products and services, administrative and selling expenses increased 30.1% (R&#36; 275.6 million). Costs and expenses as a percentage of net revenue grew from 59.5% in 1Q08 to 72.1% in 1Q09. Excluding the TAC effect of R&#36; 146.6
million, these costs would have reached R&#36; 1,036.8 million and its net revenue percentage would be of 62.7% . </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 colspan="3" align=right><I>R&#36; million</I>&nbsp;</TD>
	</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<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">&nbsp;</font></TD>
	<TD colspan=3 align=center bgcolor="#333399"><font color="#FFFFFF"><B>Change</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>1Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q09</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>R&#36;</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>Payroll and benefits&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>319.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">488.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>169.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>53.0&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Supplies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>30.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">34.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>4.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>13.4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Treatment supplies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>40.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">38.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(1.2)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(3.0)</TD></TR>
<TR valign="bottom">
	<TD align=left>Services&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>128.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">181.7&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>53.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>41.5&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Electric power&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>113.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">117.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>3.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>General expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>68.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">58.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(10.4)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(15.2)</TD></TR>
<TR valign="bottom">
	<TD align=left>Tax expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>8.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">24.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>15.8&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>192.7&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left><B>Sub-total</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>708.2</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>942.4</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>234.2</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>33.1</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Depreciation and amortization&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>150.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">161.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>11.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>7.7&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Credit write-offs&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>57.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">87.4&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>29.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>52.0&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" 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>&nbsp;</TD>
	<TD align=right><B>915.8</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>1,191.4</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>275.6</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>30.1</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>% over net revenue&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>59.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>72.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
</TABLE>
<BR>
<P>
<B><FONT color="#000080">4.1. Payroll and benefits </FONT></B></P>
<P>
In 1Q09 payroll and benefits grew R&#36; 169.0 million or 53.0%, from R&#36; 319.0 million to R&#36; 488.0 million, due to:  </P>
<P>&#149; Wage increase of 5.03% as of May 2008;  </P>
<P> &#149; R&#36;146.6 million increase (non recurring) due to the TAC, composed of advanced
  notice, assessment of Government Severance Indemnity Fund for Employees - FGTS - and benefits;  </P>
<P> &#149; R&#36;7.9 million increase in payment of assessment of FGTS; due to lay off occurred in 1Q09, not associated to the TAC; and  </P>
<P> &#149; R&#36;1.3 million
  increase in provision for pension plan obligations, due to the adjustment of 2009 estimated value. </P>
<P>
<B><FONT color="#000080">4.2. Supplies </FONT></B></P>
<P>
In 1Q09, supplies grew R&#36; 4.1 million or 13.4%, from R&#36; 30.7 million to R&#36; 34.8 million. The main reasons for this increase were expenses with supplies used in the maintenance of water and sewage treatment stations and electrical and
electro-mechanical systems in pumping stations and sewage treatment, and the intensification of efforts related to the Water Loss Reduction Program. </P>
<P align="center">
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<P>
<B><FONT color="#000080">4.3. Treatment supplies </FONT></B></P>
<P>
In 1Q09, expenses with chemical products dropped R&#36; 1.2 million or 3.0%, from R&#36; 40.0 million in 1Q08 to R&#36; 38.8 million in 1Q09, mainly due to the improvement in the quality of water of the Alto Tiet&ecirc; and Guarapiranga reservoirs.
</P>
<P>
<B><FONT color="#000080">4.4. Services </FONT></B></P>
<P>
In the 1Q09, this item grew R&#36; 53.3 million or 41.5%, from R&#36; 128.4 million to R&#36; 181.7 million. The main factors leading to this increase were:  </P>
<P>&#149; Expenses with advertising campaigns focused on social environmental initiatives, such as <I>Onda Limpa, Projeto Ver&atilde;o, C&oacute;rrego Limpo</I>, PURA (Program for the Rational Use of Water), among others, in the amount of R&#36; 16.5 million, which will be recurring for the coming quarters;  </P>
<P>&#149; Expenses with risk contracts for the
  recovery of credits in the amount of R&#36; 8.7 million, due to the intensification of collection operations, which led to a R&#36; 65.3 million increase in the quarter&#146;s ;  </P>
<P>&#149; Technical professional services in the amount of R&#36; 5.4 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), hiring of the FIPECAFI (Actuarial and Economic Research Institute
  Foundation) to conduct studies regarding characteristics of large water clients demand, development of quality management projects for maintenance services at the Regional Office &#150;  GLOBAL &#147;R&#148;, investment bank to conduct the
  economic-financial valuation of the EMAE (Metropolitan Company of Water and Energy), engineering service to list, describe and analyze properties sewage systems; monitoring, analysis and integration of the information image exposure, among others;  </P>
<P>&#149; Residential connection and sewage network maintenance in the amount of R&#36; 7.5 million, due to the intensification of the efforts to meet the demand from the <I>C&oacute;rrego Limpo</I> Program with the Municipality of S&atilde;o Paulo;  </P>
<P>&#149; Preventive and corrective maintenance of water and sewage treatment systems in the amount of R&#36; 3.8 million;  </P>
<P>&#149; Expenses with the implementation of PURA (Program for the Rational Use of Water) at municipal schools in the amount of R&#36; 3.4
  million, as a result of the partnership established between Sabesp and the S&atilde;o Paulo municipal government, with higher disbursements since July/08;  </P>
<P>&#149; Hydrometer reading and bill delivery in the amount of R&#36; 2.5 million, due to the higher
  number of connections and utilization of new technologies, increasing security and speeding up the system for issuing and reading the bills; and  </P>
<P>&#149; Car rental expenses totaling R&#36; 2.2 million, due to the replacement of the Company&#146;s  own
  fleet as of 2008.</P>
<P>
<B><FONT color="#000080">4.5. Electric power </FONT></B></P>
<P>
In 1Q09, electric power expenses grew R&#36; 3.6 million or 3.2%, from R&#36; 113.5 million to R&#36; 117.1 million. This result was due to:  The 3.5% adjustment in the tariff from the captive market and a 3.7% consumption increase, while the free
market presented a 13.5% drop in consumption and 3.7% increase in tariffs. </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>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Participation (%)</B></font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Average Price Change ( %)</B></font></TD>
	<TD 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=center>22.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>10.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>2.4&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Captive market&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>78.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>3.5&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>2.7&nbsp;</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=center>5.1&nbsp;</TD></TR>
</TABLE>
<BR>
<P>
<B><FONT color="#000080">4.6. General expenses </FONT></B></P>
<P>
In 1Q09, general expenses dropped R&#36; 10.4 million or 15.2%, from R&#36; 68.4 million to R&#36; 58.0 million, mainly due to the decline of R&#36; 14.6 million in provisions for judicial contingencies. </P>
<P align="center">
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<P>
<B><FONT color="#000080">4.7. Credit write-offs </FONT></B></P>
<P>
In 1Q09 credit write-offs grew R&#36; 29.9 million or 52.0%, from R&#36; 57.5 million to R&#36; 87.4 million, mainly due to the need to complement provision over the municipalities billing, that are served by the Company in the wholesale. These
values are registered as provision at the moment of the debit, which will be non-recurring for the coming quarters.</P>
<P>
<B><FONT color="#000080">4.8. Tax expenses </FONT></B></P>
<P>
In 1Q09 tax expenses grew R&#36; 15.8 million or 192.7%, due to: </P>
<P>
&#149; Payment of the Municipal Real Estate Tax &#150;  IPTU to the S&atilde;o Paulo municipality in the amount of R&#36; 8.3 million, which will be recurring; and  </P>
<P>&#149; Payment of the TRCF (Regulation, Control and Supervision Charge) to ARSESP (S&atilde;o
  Paulo State Sanitation and Energy Regulatory Agency) in the amount of R&#36; 6.3 million, which will be recurring for the coming quarters.</P>
<P>
<B><FONT color="#000080">5. Other operating revenues and expenses </FONT></B></P>
<P>
<B><FONT color="#000080">5.1. Operating revenues </FONT></B></P>
<P>
Operating revenues dropped R&#36; 7.8 million in 1Q09, mainly due to decrease in the sale of exceeding electric power. </P>
<P>
<B><FONT color="#000080">5.2. Operating expenses </FONT></B></P>
<P>
Operating expenses declined R&#36; 1.3 million or 38.2%, mainly as a result of lower write-off in suspended construction works and projects due to obsolescence. </P>
<P>
<B><FONT color="#000080">6. Financial revenues and expenses </FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=40%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><I>R&#36; million</I>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q09</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>102.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">102.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>0.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right>0.5&nbsp;</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>15.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">19.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right>27.7&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Interest rate over foreign remittance&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">0.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(0.5)</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right>(35.7)</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>39.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">19.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(19.8)</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right>(50.5)</TD>
</TR>
<TR valign="bottom">
	<TD align=left> &nbsp; &nbsp;Other financial expenses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>15.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">7.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(7.8)</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right>(49.7)</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></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>173.9</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>150.6</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(23.3)</B></TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right><B>(13.4)</B></TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></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>35.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">47.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>12.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right>34.2&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></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>138.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>103.1</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(35.4)</B></TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right><B>(25.6)</B></TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT color="#000080">6.1. Financial expenses </FONT></B></P>
<P>
In 1Q09, financial expenses dropped R&#36; 23.3 million or 13.4%, as described below: </P>
<P>
 &#149; R&#36; 4.3 million increase in interest in international financing, due to the new AB LOAN, contracted in June, 2008, in the amount of US&#36; 250.0 million, with booking of interest of R&#36; 6.8 million in 1Q09; and to the loan with the IDB
(Inter-American Development Bank), with variation of R&#36; 1.2 million, due to a lower US dollar depreciation, of 0.93% in 1Q09 compared to 1.25% in 1Q08;  </P>
<P>&#149; This increase was partially offset by the settlement of the 2008 Eurobonds, in June 2008, in
  the amount of US&#36; 98.0 million, with a R&#36; 3.8 million variation;  </P>
<P>&#149; Decrease in interest on lawsuits in the amount of R&#36; 19.8 million, due to lower indemnities payment; and </P>
<P align="center">
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<P>
 &#149; R&#36; 7.8 million decrease in other financial expenses, mainly due to the adjustment in interest calculation regarding the special installment program (PAES).</P>
<P>
<B><FONT color="#000080">6.2. Financial revenues </FONT></B></P>
<P>
Financial revenues presented an increase of R&#36; 12.1 million mainly due to the income arising from the higher average balance of financial investments in 1Q09. </P>
<P>
<B><FONT color="#000080">7. Foreign exchange and indexation </FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0 style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
<TR>
	<TD width=40%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD>
	<TD width=2%></TD>
	<TD width=13%></TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><I>R&#36; million</I>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q09</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Var.</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
  <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>%</B>&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left>Monetary variation over loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>26.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">0.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(26.3)</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right>(99.2)</TD></TR>
<TR valign="bottom">
	<TD align=left>Currency exchange variation over loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>11.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">(32.9)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(44.4)</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right>(386.1)</TD></TR>
<TR valign="bottom">
	<TD align=left>Other variations&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">6.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right> 205.0&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></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><B>40.0</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>(26.6)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(66.6)</B></TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right><B>(166.5)</B></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></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>17.0</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>8.9</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(8.1)</B></TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right><B>(47.6)</B></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></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>23.0</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC"><B>(35.5)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(58.5)</B></TD>
	<TD align="right">&nbsp;</TD>
  <TD align=right><B>(254.3)</B></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD align="center" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT color="#000080">7.1. Variation on liabilities </FONT></B></P>
<P>
The net effect of the variation on liabilities was R&#36; 66.6 million lower in 1Q09 versus 1Q08, due to the: </P>
<P>
 &#149; 0.93% US Dollar appreciation versus the Brazilian Real in 1Q09, was higher than the US dollar depreciation in 1Q08 (1.25%), in addition to the currency basket variation, which recorded a 3.6% depreciation in 1Q09 and a 6.0% appreciation in 1Q08,
totaling a net impact of R&#36; 44.4 million in exchange variations. The US Dollar denominated debt balance in 1Q08 was R&#36; 1.2 billion (US&#36; 679.7million), versus R&#36; 1.8 billion (US&#36; 789.3 million) in 1Q09;  </P>
<P>&#149; R&#36; 26.6 million
  decrease in monetary variation on debentures, resulting from a lower variation in the IGPM (General Market Price Index) &#150;  0.92% in 1Q09, versus 2.38% in 4Q08; and  </P>
<P>&#149; Other monetary variations from lawsuit indemnities, with a R&#36; 4.1 million
  increase. </P>
<P>
<B><FONT color="#000080">7.2. Variation on assets </FONT></B></P>
<P>
The variation on assets declined R&#36; 8.1 million, mainly due to retention of JICA (former JBIC) disbursements in December 2008 and January 2009, which were affected by depreciation of the yen, by the time of the disbursement in February 2009. </P>
<P>
<B><FONT color="#000080">8. Operating indicators </FONT></B></P>
<P>
Sabesp continues to work on reducing water loss. Total water loss dropped 6.5%, from 29.1% in 1Q08 to 27.2% in 1Q09. This reduction can be observed by the 0.4% decrease in the volume of water produced combined to 2.7% increase in billed volume. </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 bgcolor="#333399"> <font color="#FFFFFF">&nbsp;<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>1Q08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>1Q09</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> &nbsp;Water connections <SUP>(1)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD align=right>6,804&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">6,989&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>2.7&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Sewage connections <SUP>(1)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD align=right>5,198&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">5,381&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>3.5&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Population directly served - water <SUP>(2)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD align=right>23.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">23.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>0.8&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Population directly served - sewage <SUP>(2)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD align=right>18.9&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">19.3&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>1.8&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Number of employees&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>16,804&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">16,349&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>(2.7)</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Water volume produced <SUP>(3)</SUP></TD>
	<TD>&nbsp;</TD>
	<TD align=right>721.6&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">719.0&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>(0.4)</TD></TR>
<TR valign="bottom">
	<TD align=left> &nbsp;Water losses (%)</TD>
	<TD>&nbsp;</TD>
	<TD align=right>29.1&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right bgcolor="#CCCCCC">27.2&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>(6.5)</TD></TR>

<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>(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 6 of 11 </P>

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

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

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

<P>
<B><FONT color="#000080">9. Loans and financing </FONT></B></P>
<P>
Financial leverage measured by the Net Debt/EBITDA ratio rose from 1.9x in 1Q08 to 2.3x in 1Q09, as a result of funds that the Company has been raising related to investments. In the same period, foreign currency debt increased from 23% to 35%, due
to the Real devaluation and additional US denominated fund raising. However, in 1Q09 the company holds 85% of this debt with multilateral institutions versus 66% in 1Q08. </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=1%></TD>
	<TD width=8%></TD>
	<TD width=1%></TD>
	<TD width=8%></TD>
	<TD width=1%></TD>
	<TD width=8%></TD>
	<TD width=1%></TD>
	<TD width=8%></TD>
	<TD width=1%></TD>
	<TD width=8%></TD>
	<TD width=1%></TD>
	<TD width=8%></TD>
	<TD width=1%></TD>
	<TD width=8%></TD>
	<TD width=1%></TD>
	<TD width=8%></TD></TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><I>R&#36; million</I>&nbsp;</TD></TR>

<TR valign="bottom">
  <TD align=left 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">&nbsp;</font></TD>
  <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">&nbsp;</font></TD>
  <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">&nbsp;</font></TD>
  <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">&nbsp;</font></TD>
  <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>2015 and</B>&nbsp;</font></TD>
  <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
  <TD align=center bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left bgcolor="#333399"><font color="#FFFFFF"><B>INSTITUTION</B>&nbsp;</font></TD>
  <TD bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
  <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2009</B>&nbsp;</font></TD>
  <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
  <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2010</B>&nbsp;</font></TD>
  <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
  <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2011</B>&nbsp;</font></TD>
  <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
  <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2012</B>&nbsp;</font></TD>
  <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
  <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2013</B>&nbsp;</font></TD>
  <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
  <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>2014</B>&nbsp;</font></TD>
  <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
  <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>onwards</B></font></TD>
  <TD align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></TD>
  <TD align=center 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=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Banco do Brasil&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>200.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>287.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>313.3&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>341.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>371.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>97.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1,611.6&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Caixa Econ&ocirc;mica Federal&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>52.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>75.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>81.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>88.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>88.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>50.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>211.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>648.9&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Debentures&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>588.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>350.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>454.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>32.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>73.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>40.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>40.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1,580.3&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>FIDC - SABESP I&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>41.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>55.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>13.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>111.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>BNDES&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>32.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>42.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>42.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>36.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>4.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>158.9&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>BNDES BX SANTISTA&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>5.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>5.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>5.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>29.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>47.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Others&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2.0&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.4&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>15.0&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest and charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>134.5&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>28.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6.5&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>169.2&nbsp;</TD></TR>
<TR valign="bottom" bgcolor="#CCCCCC">
	<TD align=left><B>Local market total</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>1,051.9</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>846.4</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>919.7</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>504.9</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>543.6</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>194.1</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>281.7</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>4,342.3</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>International market</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>IDB&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>71.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>83.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>83.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>83.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>83.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>83.6&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>434.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>924.5&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Eurobonds&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>324.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>324.1&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>JICA&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>12.9&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>25.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>25.7&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>25.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>386.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>476.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>IDB 1983AB&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>55.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>55.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>55.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>55.1&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>354.8&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>575.2&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest and charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>32.2&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</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>32.2&nbsp;</TD></TR>
<TR valign="bottom" bgcolor="#CCCCCC">
	<TD align=left><B>International market total</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>103.9</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>83.6</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>151.6</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>164.4</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>164.4</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>164.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>1,499.8</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>2,332.2</B>&nbsp;</TD></TR>
<TR valign="bottom" bgcolor="#CCCCCC">
	<TD align=left><B>Total</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>1,155.8</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>930.0</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>1,071.3</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>669.3</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>708.0</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>358.6</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>1,781.5</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>6,674.5</B>&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
Page 7 of 11 </P>

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

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

<P>
<B><FONT color="#000080">10. Conference Calls </FONT></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=49%></TD>
	<TD width=2%></TD>
	<TD width=49%></TD></TR>
<TR valign="bottom">
	<TD align=center><B><U>In English</U></B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center><B><U>In Portuguese</U></B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>May 19, 2009&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>May 19, 2009&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>3:00 PM (US EST) / 4:00 PM (Bras&iacute;lia)</TD>
	<TD>&nbsp;</TD>
	<TD align=center>1:00 PM (US EST) / 2:00 PM (Bras&iacute;lia)</TD></TR>
<TR valign="bottom">
	<TD align=center>Dial-in access: (1 973) 935-8893&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>Dial-in access: (55 11) 2188-0188&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>Conference ID: 10037888&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>Conference ID: Sabesp&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center><u>Replay &#150; available until 05/29/09</u>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center><u>Replay &#150; available until 05/26/09</u>&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD align=center>Dial-in access: (1 706) 645-9291&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>Dial-in access: (55 11) 2188-0188&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center>Replay ID: 10037888&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=center>Replay ID: Sabesp&nbsp;</TD></TR>
<TR>
	<TD colspan=3>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=center colspan=3>Live webcast at <U><FONT color="#0000ff">www.sabesp.com.br</FONT></U></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><I><U><FONT color="#0000ff">maasampaio@sabesp.com.br</FONT></U></I><I> </I></P>
<P>
<I>Angela Beatriz Airoldi <br>
Phone: (55 11) 3388-8793 <br>
E-mail: </I><I><U><FONT color="#0000ff">abairoldi@sabesp.com.br</FONT></U></I><I> </I></P>
<P>
<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 8 of 11 </P>

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

<P align="center">
<B><FONT color="#000080">Income Statement </FONT></B></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman, Times, Serif'; font-size:11px">
  <tr>
    <td width="55%"></td>
    <td width="2%"></td>
    <td width="13%"></td>
    <td width="2%"></td>
    <td width="13%"></td>
    <td width="2%"></td>
    <td width="13%"></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Corporate Law Method (Law No. 6,404/76)</b></td>
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>R&#36; '000</b>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td colspan="3" align="center" bgcolor="#333399"><font color="#FFFFFF"><b>PARENT COMPANY</b>&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF"><b>CONSOLIDATED</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>03/31/09</b>&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF"><b>03/31/08</b>&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF"><b>03/31/09</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>1,779,367</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>1,658,617</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>1,779,367</b>&nbsp;</td>
  </tr>

  <tr valign="bottom">
    <td align="left">Water Supply - Retail&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">913,539&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">854,058&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">913,539&nbsp;</td>
  </tr>

  <tr valign="bottom">
    <td align="left">Water Supply - Wholesale&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">82,072&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">77,055&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">82,072&nbsp;</td>
  </tr>

  <tr valign="bottom">
    <td align="left">Sewage Collection and Treatment&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">749,226&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">697,585&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">749,226&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">Sewage Collection and Treatment - Wholesale&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">5,678&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">4,825&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">5,678&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">Other Services&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">28,852&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">25,094&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">28,852&nbsp;</td>
  </tr>
  <tr>
    <td colspan="7">&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">(126,001)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(118,548)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(126,001)</td>
  </tr>
  <tr>
    <td colspan="7">&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>1,653,366</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>1,540,069</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>1,653,366</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="7">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">Costs of Sales and Services&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">(835,189)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(664,753)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(835,189)</td>
  </tr>
  <tr>
    <td colspan="7">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Gross Profit</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>818,177</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>875,316</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>818,177</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="7">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Operating Expenses</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">Sales&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">(208,516)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(138,613)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(208,516)</td>
  </tr>
  <tr valign="bottom">
    <td align="left">Administrative&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">(147,722)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(112,476)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(147,860)</td>
  </tr>
  <tr valign="bottom">
    <td align="left">Other Operating Revenue (Expenses)</td>
    <td>&nbsp;</td>
    <td align="right">5,470&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">10,957&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">5,470&nbsp;</td>
  </tr>
  <tr>
    <td colspan="7">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Operating Result Before Equity Interest</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>467,409</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>635,184</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>467,271</b>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">Equity Results&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">(31)</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>-</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>-</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="7">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Earnings Before Net Financial Result</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>467,378</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>635,184</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>467,271</b>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">Financial Income and Expenses, Net&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">(93,026)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(150,190)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(92,919)</td>
  </tr>
  <tr valign="bottom">
    <td align="left">Foreing Exchange Gain (Loss), Net&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">25,423&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">(11,298)</td>
    <td align="right">&nbsp;</td>
    <td align="right">25,423&nbsp;</td>
  </tr>
  <tr>
    <td colspan="7">&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>399,775</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>473,696</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>399,775</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="7">&nbsp;</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>
    <td colspan="7">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">Current Income Tax/Social Contribution&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">(176,354)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(192,297)</td>
    <td align="right">&nbsp;</td>
    <td align="right">(176,354)</td>
  </tr>
  <tr valign="bottom">
    <td align="left">Deferred Income Tax/Social Contribution&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">32,793&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">22,326&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">32,793&nbsp;</td>
  </tr>
  <tr>
    <td colspan="7">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Net Income (loss)</b></td>
    <td>&nbsp;</td>
    <td align="right"><b>256,214</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>303,725</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>256,214</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="7">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Registered common shares (thousand of shares)</b></td>
    <td>&nbsp;</td>
    <td align="right"><b>227,836</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>227,836</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>227,836</b>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Earnings per shares R&#36;</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>1.12</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>1.33</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>1.12</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="7">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Depreciation and Amortization</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>(161,692)</b></td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>(150,126)</b></td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>(161,692)</b></td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>EBITDA</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>623,601</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>774,352</b>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><b>623,494</b>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="right"><div align="justify">&nbsp;&nbsp;&nbsp;% over net revenue&nbsp;</div></td>
    <td>&nbsp;</td>
    <td align="right">37.7%&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">50.3%&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">37.7%&nbsp;</td>
  </tr>
</table>
<BR>
<P align="center">
Page 9 of 11 </P>

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

<P align="center">
<B><FONT color="#000080">Balance Sheet </FONT></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="1%"></td>
    <td width="12%"></td>
    <td width="1%"> </td>
    <td width="12%"></td>
    <td width="1%"></td>
    <td width="12%"></td>
    <td width="1%"></td>
    <td width="12%"></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="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>R&#36; '000</b>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" bgcolor="#333399"><font color="#FFFFFF"><b>ASSETS</b>&nbsp;</font></td>
    <td bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td colspan="3" align="center" bgcolor="#333399"><font color="#FFFFFF"><b>PARENT COMPANY</b>&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td colspan="3" align="center" bgcolor="#333399"><font color="#FFFFFF"><b>CONSOLIDATED</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>03/31/2009</b>&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF"><b>03/31/2008</b>&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF"><b>03/31/2009</b>&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF"><b>03/31/2008</b>&nbsp;</font></td>
  </tr>

  <tr valign="bottom">
    <td align="left"><b>Current</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>
  </tr>

  <tr valign="bottom">
    <td align="left">&nbsp;Cash and Cash Equivalents&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">797,909&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">622,059&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">801,514&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">625,732&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Accounts Receivable, net&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,127,086&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,129,746&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,127,086&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,129,746&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Accounts Receivable from Shareholders&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">147,269&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">210,131&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">147,269&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">210,131&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Inventory&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">42,228&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">47,678&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">42,228&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">47,678&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Taxes and contributions&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">6,552&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">4,665&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">6,552&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">4,665&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Other Receivables&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">27,044&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">49,478&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">27,048&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">49,478&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Deferred income tax and social contribution&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">181,286&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">170,982&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">181,286&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">170,982&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>
    <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>2,329,374</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>2,234,739</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>2,332,983</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>2,238,412</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="9">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Non-current</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>
  </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>
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Accounts Receivable, net&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">282,867&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">326,472&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">282,867&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">326,472&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Accounts Receivable from Shareholders&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,399,023&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,389,835&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,399,023&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,389,835&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Indemnities Receivable&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">146,213&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">148,794&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">146,213&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">51,236&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">49,127&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">51,236&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">49,127&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Other accounts receivable&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">207,985&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">192,257&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">207,985&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">192,257&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Taxes and contributions&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">455,856&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">435,341&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">455,856&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">435,341&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>
    <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"><b>2,543,180</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>2,541,826</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>2,543,180</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>2,541,826</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="9">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Investments&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">4,521&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">4,552&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">719&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">15,047,121&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">14,926,433&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">15,047,337&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">14,926,616&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Intangible Assets&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">837,807&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">815,416&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">837,807&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">815,416&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>
    <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">15,889,449&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">15,746,401&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">15,885,863&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">15,742,752&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>
    <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>18,432,629</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>18,288,227</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>18,429,043</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>18,284,578</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="9">&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>
    <td></td>
    <td align="center" style="border-top: 1px solid #000000;">&nbsp;</td>
    <td></td>
    <td align="center" style="border-top: 1px solid #000000;">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Total Assets</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>20,762,003</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>20,522,966</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>20,762,026</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>20,522,990</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>
    <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="9">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="9">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" bgcolor="#333399"><font color="#FFFFFF"><b>LIABILITIES AND SHAREHOLDERS' EQUITY</b>&nbsp;</font></td>
    <td bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF"><b>03/31/2009</b>&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF"><b>03/31/2008</b>&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF"><b>03/31/2009</b>&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF">&nbsp;</font></td>
    <td align="center" bgcolor="#333399"><font color="#FFFFFF"><b>03/31/2008</b>&nbsp;</font></td>
  </tr>

  <tr>
    <td colspan="9">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Current</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>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Suppliers and Constructors&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">175,656&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">187,139&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">175,657&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">187,143&nbsp;</td>
  </tr>

  <tr valign="bottom">
    <td align="left">&nbsp;Loans and Financing&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,289,791&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,448,860&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,289,791&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,448,860&nbsp;</td>
  </tr>

  <tr valign="bottom">
    <td align="left">&nbsp;Salaries and Payroll Charges&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">357,065&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">196,056&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">357,087&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">196,075&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Deferred Taxes and Contributions&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">139,814&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">130,409&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">139,814&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">130,410&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Taxes and contributions&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">50,498&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">64,369&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">50,498&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">64,369&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Interest on Own Capital Payable&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">275,007&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">275,007&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">275,007&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">275,007&nbsp;</td>
  </tr>

  <tr valign="bottom">
    <td align="left">&nbsp;Provision for Judicial Pendencies&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">492,092&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">459,395&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">492,092&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">459,395&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Services Payable&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">198,112&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">198,511&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">198,112&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">198,511&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Other Payables&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">58,230&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">57,149&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">58,230&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">57,149&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>
    <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;<b>Total current liabilities</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>3,036,265</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>3,016,895</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>3,036,288</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>3,016,919</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="9">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Non-current</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>
  </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>
    <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">5,384,714&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">5,416,248&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">5,384,714&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">5,416,248&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Taxes and Contributions Payable&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">107,196&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">114,210&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">107,196&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">114,210&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Deferred Taxes and Contributions&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">145,205&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">141,492&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">145,205&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">141,492&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Provision for Contingencies&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">677,932&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">698,253&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">677,932&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">698,253&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Pension Fund Obligations&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">434,553&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">419,871&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">434,553&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">419,871&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;Other Payables&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">227,495&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">223,568&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">227,495&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">223,568&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>
    <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>6,977,095</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>7,013,642</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>6,977,095</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>7,013,642</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="9">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Shareholder's Equity</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>
  </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>
    <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">124,255&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">124,255&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">124,255&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">124,255&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp; &nbsp;Revaluation Reserves&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">2,231,350&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">2,253,012&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">2,231,350&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">2,253,012&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp; &nbsp;Profit Reserves&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,911,474&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,911,474&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,911,474&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">1,911,474&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp; &nbsp;Accrued income&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">277,876&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left"><div align="right">-&nbsp;</div></td>
    <td>&nbsp;</td>
    <td align="right">277,876&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left"><div align="right">-&nbsp;</div></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>
    <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 Shareholder's Equity</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>10,748,643</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>10,492,429</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>10,748,643</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>10,492,429</b>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="9">&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>
    <td></td>
    <td align="center" style="border-top: 1px solid #000000;">&nbsp;</td>
    <td></td>
    <td align="center" style="border-top: 1px solid #000000;">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><b>Total Liabilities and Shareholder's Equity</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>20,762,003</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>20,522,966</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>20,762,026</b>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><b>20,522,990</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>
    <td></td>
    <td align="center" style="border-top: 1px solid #000000;">&nbsp;</td>
    <td></td>
    <td align="center" style="border-top: 1px solid #000000;">&nbsp;</td>
  </tr>
</table>
<BR>
<P align="center">
Page 10 of 11 </P>

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

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

<P align="center">
<B><FONT color="#000080">Cash Flow </FONT></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=1%></TD>
	<TD width=15%></TD>
	<TD width=1%></TD>
	<TD width=15%></TD>
	<TD width=1%></TD>
	<TD width=15%></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=left>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>R&#36; '000</B>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left bgcolor="#333399">&nbsp;</TD>
	<TD bgcolor="#333399">&nbsp;</TD>
	<TD align=center bgcolor="#333399">&nbsp;</TD>
	<TD align="center" bgcolor="#333399">&nbsp;</TD>
	<TD align=center bgcolor="#333399">&nbsp;</TD>
	<TD align="center" bgcolor="#333399">&nbsp;</TD>
  <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>CONSOLIDATED</B>&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#333399"><font color="#FFFFFF"><B>Description</B>&nbsp;</font></TD>
	<TD bgcolor="#333399">&nbsp;</TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Jan-Mar/09</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399">&nbsp;</TD>
	<TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Jan-Mar/08</B>&nbsp;</font></TD>
	<TD align="center" bgcolor="#333399">&nbsp;</TD>
  <TD align=center bgcolor="#333399"><font color="#FFFFFF"><B>Jan-Mar/09</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>
	<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>256,214</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>303,725</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>256,214</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=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>Deferred income tax and social contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(40,977)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(22,326)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(40,977)</TD></TR>
<TR valign="bottom">
	<TD align=left>Provisions for contingencies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>48,068&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>91,958&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>48,068&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Reversion of provision for losses&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>288&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(226)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>288&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Other provisions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>122&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>117&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>122&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Liabilities related to pension plans&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>19,037&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>17,514&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>19,037&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Loss in the write-off of property, plant and equipment&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,780&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>3,236&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1,780&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Depreciation and Amortization&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>161,692&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>150,126&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>161,693&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Interest calculated on loans and financing payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>123,271&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>118,965&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>123,271&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Foreign exchange loss on loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(32,648)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>38,013&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(32,648)</TD></TR>
<TR valign="bottom">
	<TD align=left>Monetary variation over interest on own capital&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>7,338&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Passive monetary exchange variation and interest&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>1,555&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2,593&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>1,555&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Active monetary exchange variation and interest&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(8,479)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(6,141)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(8,479)</TD></TR>
<TR valign="bottom">
	<TD align=left>Equity result&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>31&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>Provisions for bad debt&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>87,400&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>57,468&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>87,400&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Adjusted net income</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>617,354</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>762,360</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>617,324</B>&nbsp;</TD></TR>
<TR>
	<TD colspan=7>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>(Increase) decrease in assets:</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>Clients&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(41,130)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(93,120)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(41,131)</TD></TR>
<TR valign="bottom">
	<TD align=left>Accounts receivable from shareholders&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>55,709&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>169,292&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>55,709&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Receivable indemnities&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>2,581&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>2,581&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Inventories&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>5,162&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>7,931&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>5,162&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Recoverable Taxes&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(1,887)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6,480&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(1,887)</TD></TR>
<TR valign="bottom">
	<TD align=left>Other accounts receivable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>7,119&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(26,844)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>7,115&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Judicial deposits&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>6,353&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(8,043)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>6,353&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Increase (decrease) in liabilities:</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>Accounts payable to suppliers and contractors&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(4,249)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(34,080)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(4,252)</TD></TR>
<TR valign="bottom">
	<TD align=left>Salaries and payroll charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>161,009&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>18,404&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>161,015&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Taxes and contributions&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>836&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>13,821&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>832&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Services payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(15,091)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(10,495)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(15,091)</TD></TR>
<TR valign="bottom">
	<TD align=left>Other accounts payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>388&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>813&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>388&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Contingencies&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(38,082)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(82,929)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(38,082)</TD></TR>
<TR valign="bottom">
	<TD align=left>Pension plan&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(4,355)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(4,118)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(4,355)</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Variation on assets and liabilities</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>134,363&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(42,888)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>134,357&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" 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>751,717</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>719,472</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>751,681</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right"></TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right"></TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR>
	<TD colspan=7>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Cash flow from investing activities:</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>Acquisition of property, plant and equipment&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(325,691)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(218,029)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(325,723)</TD></TR>
<TR valign="bottom">
	<TD align=left>Increase in intangible assets&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(4,233)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(14,634)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(4,233)</TD></TR>
<TR>
	<TD colspan=7>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" 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>(329,924)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(232,663)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(329,956)</B></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" 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=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Loans and Financing - long term</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>Funding&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>178,193&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>38,821&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>178,193&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>Payments&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(424,136)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(202,240)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(424,136)</TD></TR>
<TR>
	<TD colspan=7>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left><B>Interest on own capital payment</B>&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(408,162)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" 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>(245,943)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(571,581)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(245,943)</B></TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Net increase (decrease) in cash equivalents&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>175,850</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(84,772)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>175,782</B>&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>622,059&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>464,997&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>625,732&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>797,909&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>380,225&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>801,514&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
  <TD align="right"></TD>
  <TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>Change in Cash&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right><B>175,850</B>&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>(84,772)</B></TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right><B>175,782</B>&nbsp;</TD></TR>
<TR valign="bottom" style="font-size: 1px">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right"></TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD>
	<TD align="right"></TD>
	<TD align="right" style="border-top: 1px solid #000000;">&nbsp;</TD></TR>
<TR>
	<TD colspan=7>&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Additional information on cash flow:&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>Interest and taxes over loans and financing&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>105,658&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>96,260&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>105,658&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Capitalization of interest and financial charges&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>(35,283)</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>12,826&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>(38,283)</TD></TR>
<TR valign="bottom">
	<TD align=left>Payable income tax and social contribution&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>513,873&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>145,037&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>513,873&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>-&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>3,100&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>-&nbsp;</TD></TR>

<TR valign="bottom">
	<TD align=left>COFINS and PASEP taxes payable&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>129,604&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>178,731&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>129,604&nbsp;</TD></TR>
<TR valign="bottom">
	<TD align=left>Agreements and commitment to program contracts&nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD align=right>19,190&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>45,973&nbsp;</TD>
	<TD align="right">&nbsp;</TD>
	<TD align=right>19,190&nbsp;</TD></TR>
</TABLE>
<BR>
<P align="center">
Page 11 of 11 </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: May 15, 2009</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-----
