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<SEC-DOCUMENT>0001292814-10-003682.txt : 20101209
<SEC-HEADER>0001292814-10-003682.hdr.sgml : 20101209
<ACCEPTANCE-DATETIME>20101209171727
ACCESSION NUMBER:		0001292814-10-003682
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20101209
DATE AS OF CHANGE:		20101209

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:		101243057

	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>sbs20101209_6k.htm
<DESCRIPTION>SUMMARY OF THE MINUTES
<TEXT>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Washington, DC 20549 </B></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORM 6-K</B></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><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 color=#000000 size=3 face="Times New Roman"><B>SECURITIES EXCHANGE ACT OF 1934</B></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<P></P>
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<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;December 9, 2010</B></FONT></DIV>
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<FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </B></FONT></DIV>
<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><I>(Exact name of registrant as specified in its charter) </I></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center></DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Basic Sanitation Company of the State of Sao Paulo - SABESP </B></FONT></DIV>
<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><I>(Translation of Registrant's name into English) </I></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><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 color=#000000 size=2 face="Times New Roman"><I>(Address of Registrant's principal executive offices) </I></FONT></DIV><BR>
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<BR>
<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">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 color=#000000 size=2 face="Times New Roman">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>
<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">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>
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<P></P>
<P></P>
<P></P>
<P align=center><FONT size=2 face="'Times New Roman, Times, Serif'">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>
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<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">If "Yes" is marked, indicated below the file number assigned to the<BR>
registrant in connection with Rule 12g3-2(b):</FONT>
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</DIV>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 5.55pt 0pt 0in" align=right><FONT style="mso-bidi-font-family: Verdana" face=Verdana,sans-serif><FONT style="FONT-SIZE: 9pt" face=Verdana,sans-serif></FONT></FONT><FONT style="mso-bidi-font-family: Verdana" face=Verdana,sans-serif></FONT>
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     <TD width="50%" align=right>&nbsp;<FONT style="mso-ansi-language: PT-BR; mso-bidi-font-family: Verdana" face=Verdana,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=Verdana,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo</FONT></FONT>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt 0in" align=right><FONT style="mso-bidi-font-family: Verdana" face=Verdana,sans-serif><FONT style="FONT-SIZE: 9pt" face=Verdana,sans-serif>Conselho de Administra&#231;&#227;o</FONT></FONT><FONT style="mso-bidi-font-family: Verdana" face=Verdana,sans-serif></FONT></P>
</DIV></TD></TR></TABLE></DIV><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Folio Md BT,sans-serif">&nbsp; </FONT>
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</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0.45in 0pt 0in" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Verdana,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.45in 0pt 0in" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Verdana,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#150; SABESP</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.45in 0pt 0in" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Verdana,sans-serif>Corporate Taxpayer ID (CNPJ): 43.776.517/0001-80</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.45in 0pt 0in" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Verdana,sans-serif>Company Registry (NIRE): 35.3000.1683-1</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.45in 0pt 0in"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Verdana,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.45in 0pt 0in"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Verdana,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Verdana,sans-serif>SUMMARY OF THE MINUTES OF THE SEVEN HUNDRED AND TWENTY-EIGHTH BOARD OF DIRECTORS&#146; MEETING</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US color=black face=Verdana,sans-serif>At 9:00 a.m. on October 28, 2010, the Chairwoman of the Board of Directors called a meeting on an ordinary basis, in accordance with the head provisions of Article 13 of the Company&#146;s Bylaws, in the conference room of the Company&#146;s head offices located at Rua Costa Carvalho, 300, in the city of S&#227;o Paulo, which was attended by the undersigned members of the Board of Directors of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP. Installing the meeting, Mrs. Dilma Seli Pena greeted everyone present and justified the absence of Board members, Alexander Bialer and M&#225;rio Engler Pinto J&#250;nior. (...) </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Continuing the proceedings, the Chairwoman placed </FONT><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US
 color=black face=Verdana,sans-serif>item 8 </FONT></B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>of the agenda, </FONT><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>&#147;Approval of the terms and conditions of the Eurobonds issue&#148;</FONT></B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> </FONT><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>&nbsp;</FONT></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>&nbsp;</FONT></I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>turning the floor over to the Chief Financial Officer and Investor Relations Officer, Rui de Britto &#193;lvares Affonso, and the Head of Capital Markets and Investor Relations, Mario Azevedo de Arruda Sampaio, to jointly pre
sent the item, based on the Proposal to the Board of Directors of October 22, 2010, Executive Board Resolution 0466/2010 of October 21, 2010, Internal Circular 057/2010 of October 19, 2010, and the presentation distributed to the Board members and duly filed along with the meeting-related documentation. With the item put up for discussion, Board member Manuelito Pereira Magalh&#227;es Junior questioned about the possibility of using the Eurobond funds to pay previous loans, to which Mr. Mario Sampaio replied that the debenture issue gives the flexibility of using the funds according to the company&#146;s working capital needs or may be redeemed before maturity. The item was then put to vote pursuant to Clause XIII of Article 14 of the Company&#146;s Bylaws and the following terms and conditions for the issue of Eurobonds in the international securities market were </FONT><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>approved unanimously</FONT></B><FONT s
tyle="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>: </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>1.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Amount:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> Up to US$ 350,000,000.00</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>2.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Currency:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> U.S. dollar</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=PT-BR color=black face=Verdana,sans-serif>3.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=PT-BR color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=PT-BR color=black face=Verdana,sans-serif>Borrower:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=PT-BR color=black face=Verdana,sans-serif> Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#150; SABESP.</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>4.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Lead Managers:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> Banco Ita&#250; Europa S.A. and Santander Investment Securities Inc.</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>5.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Purpose:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> Refinancing of maturing loans </FONT></I></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>6.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Regulations:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> Rule 144A and Rule S, without registration with the U.S. Securities and Exchange Commission (SEC).</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>7.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Term:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> 10 years, including &#147;high yield call&#148; option starting from the 5<SUP>th</SUP> year, with the following premiums: in the 6<SUP>th</SUP> year: 1/2 of coupon, 7<SUP>th</SUP> year: 1/3 of coupon, 8<SUP>th</SUP> year: 1/6 of coupon, 9<SUP>th</SUP> and 10<SUP>th</SUP> years: payment at par.</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>8.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Coupon: </FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>up to</FONT></I><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> </FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>6.750% p.a.; the final interest on the Eurobonds will be fixed based on the market conditions at the time of pricing the Issue.</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>9.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Yield</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>: Up to 6.875% p.a.</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>10.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"> </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Commission:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> 0.09% on the face value of the Eurobonds, to be paid upon the closing of the deal.</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>11.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"> </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Collateral:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> Clean.</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>12.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"> </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Expenses:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> Sabesp will bear all direct expenses of up to US$ 800,000.00 and reimbursable expenses up to US$ 690,350.00.</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>13.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"> </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Method of Payment:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> a) principal: single payment on maturity date and b) interest: half-yearly</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>14.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman"> </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>Financial Covenants:</FONT></I></B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif> equal to or less restrictive than those defined in SABESP Eurobonds&#146; 16.</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>The Board of Directors hereby ratifies all the acts practiced by the Executive Board relating to the Issue and authorizes the Executive Board members, pursuant to the Bylaws, to practice all the acts required for carrying out the Issue, including but not limited to:</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>(i) the hiring of ancillary services such as lawyers and auditors; </FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>(ii) signing of the &#147;Purchase Agreement&#148; and the &#147;Indenture&#148; of Issue, including the terms they consider appropriate, signing and/or authorizing the issue of the &#147;Eurobonds&#148;, the &#147;Preliminary Offering Memorandum&#148; and the &#147;Offering Memorandum&#148;, as well as statements and any other agreements or other documents required for carrying out the Issue and placement of the Eurobonds in the international market;</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>(iii) taking all and any measures they consider necessary or desirable for selling the Eurobonds and their listing on the Luxembourg Stock Exchange;</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>(iv) naming a trustee and a payment agent for Eurobonds; </FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>(v) naming the attorney(s)-in-fact to sign jointly with another attorney-in-fact or Executive Officer, all the above-mentioned documents; and </FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>(vi) naming the overseas Process Agent for matters related to the Issue.</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10.5pt" lang=EN-US color=black face=Verdana,sans-serif>The Board of Directors also determines that any increase in the amount or rates or in other terms mentioned above should be sent back to it for deliberation. (...)</FONT></I></P>
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<P align=justify><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Verdana,sans-serif>After being approved, these minutes were signed by the members of the Board of Directors in attendance. </FONT><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=PT-BR face=Verdana,sans-serif>Dilma Seli Pena, Gesner Jos&#233; de Oliveira Filho, Jer&#244;nimo Antunes, Heraldo Gilberto de Oliveira, Humberto Rodrigues da Silva, Manuelito Pereira Magalh&#227;es J&#250;nior, Reinaldo Guerreiro, Roberto Yoshikazu Yamazaki and Stela Goldenstein.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 12pt 4.05pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=PT-BR face=Verdana,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 12pt 4.05pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Verdana,sans-serif>This is a free translation of the excerpt of the Minutes recorded in the Minutes Book of the Board of Directors.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 12pt 11.15pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Verdana,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 12pt 32.3pt 0pt 0in"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Verdana,sans-serif>S&#227;o Paulo, November 11, 2010</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.45in 0pt 0in"><FONT style="FONT-SIZE: 11pt" face=Verdana,sans-serif>Dilma Seli Pena</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.45in 0pt 0in"><FONT style="FONT-SIZE: 11pt" face=Verdana,sans-serif>Sandra Maria Giannella</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.45in 0pt 0in"><FONT style="FONT-SIZE: 11pt" face=Verdana,sans-serif>Chairwoman of the</FONT> <FONT style="FONT-SIZE: 11pt" face=Verdana,sans-serif>Board of Directors</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.45in 0pt 0in"><FONT style="FONT-SIZE: 11pt" face=Verdana,sans-serif>Executive Secretary of the </FONT><FONT style="FONT-SIZE: 11pt" face=Verdana,sans-serif>Board of Directors</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.45in 0pt 0in"><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 11pt" lang=EN-US face=Verdana,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;<BR>
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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE </U></B></FONT><FONT size=1>&nbsp;</FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">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. <BR>
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<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;December 9, 2010</FONT></DIV>
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<DIV align=left><FONT color=#000000 size=3 face="Times New Roman"><B>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </B></FONT></DIV></TD></TR>
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     <TD vAlign=top align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></TD>
     <TD vAlign=bottom align=left>/s/ Rui de Britto &#193;lvares Affonso<BR>
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<DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Name: Rui de Britto &#193;lvares Affonso </FONT></DIV>
<DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Title: Chief Financial Officer and Investor Relations Officer </FONT></DIV></TD>
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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>
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<P align=justify><FONT size=2 face="'Times New Roman, Times, Serif'">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 o
r 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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