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<SEC-DOCUMENT>0001292814-11-000050.txt : 20110107
<SEC-HEADER>0001292814-11-000050.hdr.sgml : 20110107
<ACCEPTANCE-DATETIME>20110107161018
ACCESSION NUMBER:		0001292814-11-000050
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20100630
FILED AS OF DATE:		20110107
DATE AS OF CHANGE:		20110107

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:		11517661

	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>sbspr2q10_6k.htm
<DESCRIPTION>EARNING RELEASE 2Q10
<TEXT>

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   <TITLE>sbspr2q10_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<HR align=left color=#000000 SIZE=2 noShade>
<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>
<HR align=center color=#000000 SIZE=1 width="25%" noShade>
<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>
<P></P>
<DIV align=center>
<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;August 6, 2010</B></FONT></DIV>
<P></P>
<FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>
<P></P>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<HR align=center color=#000000 SIZE=1 width="25%" noShade>
<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>
<HR align=center color=#000000 SIZE=1 width="25%" noShade>
<BR>
<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>
<HR align=center color=#000000 SIZE=1 width="25%" noShade>
<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>
<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>
<P></P>
<P></P>
<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>
<P></P>
</DIV>
<P></P>
<HR align=left color=#000000 SIZE=2 noShade>
<H5 style="PAGE-BREAK-BEFORE: always" align=left></H5>
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<P align=center>
<IMG border=0 src="sbspr2q10_6kx1x1.jpg">
</P>
<BR>
<P style="TEXT-ALIGN: right"><B><FONT size=1>CIA. DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP<BR>
</FONT></B><FONT size=1>Rui de Britto &#193;lvares Affonso<BR>
</FONT><FONT size=1>Chief Financial Officer and Investor Relations Officer<BR>
</FONT><FONT size=1>Mario Azevedo de Arruda Sampaio<BR>
</FONT><FONT size=1>Head of Capital Markets and Investor Relations</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 9pt" border=0 cellSpacing=0>
<TR>
     <TD width="50%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center>
<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=5>SABESP announces 2Q10 Results</FONT></B></P>
</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top rowSpan=4 align=left>
<P style="TEXT-ALIGN: justify; MARGIN-RIGHT: 0.1in"><FONT size=2>S&#227;o Paulo, August 6</FONT><SUP><FONT size=2>th</FONT></SUP><FONT size=2>, 2010 - </FONT><B><FONT size=2>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </FONT></B><FONT size=2>(BM&amp;FBovespa: SBSP3; NYSE: SBS), one of the largest water and sewage services providers in the world based on the number of customers, announces today its </FONT><B><FONT size=2>results for the second quarter 2010 (2Q10)</FONT></B><FONT size=2>. The Company s operating and financial information, except when indicated otherwise, is presented in Brazilian Reais, in accordance with the Brazilian Corporate Law. </FONT><U><FONT size=2>All comparisons in this release, unless otherwise stated, refer to the same period of 2009</FONT></U><FONT size=2>.</FONT></P>
</TD>
     <TD style="BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff" vAlign=top rowSpan=4 align=right>
<P style="MARGIN-RIGHT: 0.1in"><FONT size=1>SBSP3: R$ R$ <FONT face=Arial>35.79</FONT>/ share<FONT size=2><BR>
</FONT>SBS: US$&nbsp;40.92 (ADR=2 shares)</FONT><BR>
<FONT size=1>Total shares: 227,836,623</FONT><BR>
<FONT size=1>Market Value: R$&nbsp;8.2 billion</FONT><BR>
<FONT size=1>Closing price: 08/06/2010<BR>
<IMG border=0 src="sbspr2q10_6kx1x2.jpg">
</FONT></P>
</TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<BR>
<P align=center>
<IMG border=0 src="sbspr2q10_6kx1x3.jpg">
</P>
&nbsp;<BR>
</DIV>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4>1. Financial Highlights</FONT></B></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><I><FONT size=1>R$ million</FONT></I></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BACKGROUND-COLOR: #33339a" align=left>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BACKGROUND-COLOR: #33339a" align=right bgColor=#33339a><B><FONT color=#ffffff size=1>2Q09</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #33339a" align=right bgColor=#33339a><B><FONT color=#ffffff size=1>2Q10 </FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #33339a" align=right bgColor=#33339a><STRONG><FONT color=#ffffff size=1>Chg. (R$)</FONT></STRONG>&nbsp;&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px; BACKGROUND-COLOR: #33339a" align=right bgColor=#33339a><B><FONT color=#ffffff size=1>%</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #33339a" align=right bgColor=#33339a><B><FONT color=#ffffff size=1>1H09</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #33339a" align=right bgColor=#33339a><B><FONT color=#ffffff size=1>1H10&nbsp;</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #33339a" align=right bgColor=#33339a><STRONG><FONT color=#ffffff size=1>Chg. (R$)</FONT></STRONG>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; TEXT-INDENT: 4px; BACKGROUND-COLOR: #33339a" align=right bgColor=#33339a><B><FONT color=#ffffff size=1>%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>(+) Gross operating revenue</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>1,743.7</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>1,904.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>160.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9.2</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>3,523.0</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>3,790.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>267.1</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>7.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>(-) COFINS and PASEP taxes</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>120.0</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>134.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>14.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>12.3</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>246.0</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>268.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>22.3</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>9.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>(=) Net operating revenue</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>1,623.7</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>1,769.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>146.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9.0</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>3,277.0</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>3,521.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>244.8</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>7.5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>(-) Costs and expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>1,118.3</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>1,143.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>25.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>2.3</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>2,309.7</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>2,176.9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(132.8)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>(5.7)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>(+) Equity Results</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>(0.1)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>(0.1)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>(0.1)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>(0.2)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(0.1)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>100.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>(=) Earnings before financial expenses (EBIT*)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>505.3</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>626.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>120.9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>23.9</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>967.2</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>1,344.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>377.5</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>39.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>(+) Depreciation and amortization</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>161.5</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>151.0</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(10.5)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(6.5)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>323.2</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>294.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(28.4)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>(8.8)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>(=) EBITDA**</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>666.8</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>777.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>110.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>16.6</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>1,290.4</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>1,639.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>349.1</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>27.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>(%) EBITDA margin</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>41.1</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>43.9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>39.4</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>46.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #33339a 1px solid; BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left><FONT size=1>Net income</FONT>&nbsp;</TD>
     <TD style="BORDER-TOP: #33339a 1px solid; BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>464.7</FONT>&nbsp;</TD>
     <TD style="BORDER-TOP: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><FONT size=1>333.6</FONT>&nbsp;</TD>
     <TD style="BORDER-TOP: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>(131.1)</FONT>&nbsp;</TD>
     <TD style="BORDER-TOP: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>(28.2)</FONT>&nbsp;</TD>
     <TD style="BORDER-TOP: #33339a 1px solid; BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>720.9</FONT>&nbsp;</TD>
     <TD style="BORDER-TOP: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><FONT size=1>624.2</FONT>&nbsp;</TD>
     <TD style="BORDER-TOP: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>(96.7)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-TOP: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left><FONT size=1>Earnings per share (R$)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>2.04</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><FONT size=1>1.46</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>3.16</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><FONT size=1>2.74</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(*) Earnings before interest and taxes</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT size=1>(**) Earnings before interest, taxes, depreciation and amortization</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2>In 2Q10, net operating revenue reached R$ 1.8 billion, 9.0% grew compared to 2Q09. Costs and expenses in the amount of R$ 1.1 billion grew 2,3% versus 2Q09. EBITDA was R$ 666.8 million in 2Q09 and R$ 777.2 million in 2Q10, an increase of 16.6%.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2>EBIT grew 23.9%, from R$ 505.3 million in 2Q09 to R$ 626.2 million in 2Q10.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4>2. Gross operating revenue</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2>In 2Q10, gross operating revenue grew from R$ 1.7 billion in 2Q09 to R$ 1.9 billion in 2Q10, an increase of R$ 160.8 million or 9.2%. The main factors that led to this variation were the tariff adjustment of 4.43% in September 2009 and the increase of 4.0% in billed volume in relation to the same quarter of 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4>3. Billed volume</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2>The following tables show the billed water and sewage volume per customer category and region in 2Q09, 2Q10, 1H09 and 1H10.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>P&#225;gina 2 de 13</FONT></P>
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<P style="TEXT-ALIGN: center"><B><FONT size=2>BILLED WATER AND SEWAGE VOLUME </FONT></B><B><SUP><FONT size=2>(1) </FONT></SUP></B><B><FONT size=2>PER CUSTOMER CATEGORY - million m</FONT></B><B><SUP><FONT size=2>3</FONT></SUP></B></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0>
<TR>
     <TD width="19%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#33339a>&nbsp;</TD>
     <TD align=center bgColor=#33339a colSpan=3><B><FONT color=#ffffff size=2>Water</FONT></B></TD>
     <TD align=center bgColor=#33339a colSpan=3><B><FONT color=#ffffff size=2>Sewage</FONT></B></TD>
     <TD style="TEXT-INDENT: 5px" align=center bgColor=#33339a colSpan=3><B><FONT color=#ffffff size=2>Water + Sewage</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#33339a><B><FONT color=#ffffff size=2>Category</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q10</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q10</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q10</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Residential</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>344.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>356.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>3.6</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>278.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>290.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>4.3</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>622.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>646.9</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>3.9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Commercial</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>38.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>40.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>4.1</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>35.9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>37.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>5.0</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>74.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>78.0</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>4.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Industrial</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>8.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>9.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>8.2</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>8.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>9.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>6.9</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>17.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>18.5</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>7.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Public</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>12.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>13.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>6.5</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>10.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>10.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>5.0</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>22.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>23.8</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>5.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#dddddd><B><FONT size=2>Total retail</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>403.9</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>419.5</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>3.9</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>332.9</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>347.7</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>4.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>736.8</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>767.2</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>4.1</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Wholesale</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>71.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>73.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>2.4</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>6.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>7.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>7.5</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>78.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>80.6</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>2.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Reused water</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#dddddd><B><FONT size=2>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>475.7</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>493.0</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>3.6</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>339.6</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>354.9</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>4.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>815.3</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>847.9</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>4.0</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#33339a>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H10</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H09</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H10</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H10</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Residential</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>696.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>721.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>3.6</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>560.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>584.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>4.3</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>1,256.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>1,305.5</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>3.9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Commercial</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>77.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>80.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>4.4</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>71.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>74.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>4.8</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>148.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>155.3</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>4.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Industrial</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>16.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>18.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>8.3</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>16.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>18.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>10.7</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>33.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>36.8</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>9.5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Public</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>23.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>24.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>4.7</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>19.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>19.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>3.1</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>42.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>44.1</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>4.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#dddddd><B><FONT size=2>Total retail</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>813.6</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>844.5</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>3.8</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>667.3</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>697.2</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>4.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>1,480.9</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>1,541.7</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>4.1</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Wholesale</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>143.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>145.9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>1.7</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>14.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>15.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>4.8</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>158.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>161.2</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>2.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Reused water</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.2</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left bgColor=#dddddd><B><FONT size=2>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>957.2</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>990.6</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>3.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>681.9</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>712.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>4.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>1,639.1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>1,703.1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>3.9</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><B><FONT size=2>BILLED WATER AND SEWAGE VOLUME </FONT></B><B><SUP><FONT size=2>(1) </FONT></SUP></B><B><FONT size=2>PER REGION - million m</FONT></B><B><SUP><FONT size=2>3</FONT></SUP></B></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0>
<TR>
     <TD width="19%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#33339a>&nbsp;</TD>
     <TD align=center bgColor=#33339a colSpan=3>&nbsp;<STRONG><FONT color=#ffffff size=2>Water</FONT></STRONG></TD>
     <TD align=center bgColor=#33339a colSpan=3>&nbsp;<STRONG><FONT color=#ffffff size=2>Sewage</FONT></STRONG></TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; TEXT-INDENT: 5px" align=center bgColor=#33339a colSpan=3><B><FONT color=#ffffff size=2>Water + Sewage</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#33339a>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q10</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q10</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>2Q10</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Metropolitan</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>269.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>278.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>3.5</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>226.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>236.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>4.2</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>496.0</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>515.0</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>3.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Regional </FONT><SUP><FONT size=2>(2)</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>134.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>140.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>4.5</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>106.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>111.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>5.0</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>240.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>252.2</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>4.7</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#dddddd><B><FONT size=2>Total retail</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>403.9</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>419.5</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>3.9</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>332.9</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>347.7</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>4.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>736.8</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>767.2</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>4.1</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Wholesale</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>71.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>73.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>2.4</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>6.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>7.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>7.5</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>78.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>80.6</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>2.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Reused water</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#dddddd><B><FONT size=2>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>475.7</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>493.0</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>3.6</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>339.6</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>354.9</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>4.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>815.3</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>847.9</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>4.0</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#33339a>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H10</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H10</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=2>1H10</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Metropolitan</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>539.0</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>555.9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>3.1</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>451.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>469.9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>4.0</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>990.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>1,025.8</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>3.5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Regional </FONT><SUP><FONT size=2>(2)</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>274.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>288.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>5.1</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>215.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>227.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>5.4</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>490.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>515.9</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>5.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#dddddd><B><FONT size=2>Total retail</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>813.6</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>844.5</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>3.8</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>667.3</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>697.2</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>4.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>1,480.9</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>1,541.7</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>4.1</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Wholesale</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>143.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>145.9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>1.7</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>14.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>15.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>4.8</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>158.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>161.2</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>2.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Reused water</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>0.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.2</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left bgColor=#dddddd><B><FONT size=2>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>957.2</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>990.6</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>3.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>681.9</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>712.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>4.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>1,639.1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>1,703.1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>3.9</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=9><FONT size=1>(1) Unaudited</FONT></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=9><FONT size=1>(2) Including coastal and countryside</FONT></TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4>4. Costs, administrative and selling expenses</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2>In 2Q10, costs of products and services, administrative and selling expenses grew 2.3% (R$ 25.2 million). As a percentage of net revenue, costs and expenses declined from 68.9% in 2Q09 to 64.6% in 2Q10.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>P&#225;gina 3 de 13</FONT></P>
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<TR>
     <TD width="20%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
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<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><I><FONT size=1>R$ million</FONT></I></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#33339a>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=1>2Q09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=1>2Q10</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=1>Chg.</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=1>%</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right bgColor=#33339a><B><FONT color=#ffffff size=1>1H09</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=1>1H10</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#33339a><B><FONT color=#ffffff size=1>Chg.</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; TEXT-INDENT: 4px" align=right bgColor=#33339a><B><FONT color=#ffffff size=1>%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>Payroll and benefits</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>360.9</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>359.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1.6)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(0.4)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>848.9</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>681.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(167.4)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>(19.7)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>Supplies</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>36.8</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>32.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(4.5)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(12.2)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>71.6</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>66.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(5.0)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>(7.0)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>Treatment supplies</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>33.1</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>31.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(2.0)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(6.0)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>71.9</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>67.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(4.7)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>(6.5)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>Services</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>276.3</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>274.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1.7)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(0.6)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>457.9</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>489.9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>32.0</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>7.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>Electric power</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>121.7</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>129.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>8.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6.7</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>238.8</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>260.0</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>21.2</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>8.9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>General expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>42.3</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>36.0</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(6.3)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(14.9)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>100.3</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>108.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>8.5</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>8.5</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>Tax expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>10.0</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>11.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>17.0</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>34.0</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>38.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>4.8</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>14.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Sub-total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><B><FONT size=1>881.1</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=1>874.8</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(6.3)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(0.7)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><B><FONT size=1>1,823.4</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=1>1,712.8</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(110.6)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><B><FONT size=1>(6.1)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>Depreciation and amortization</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>161.5</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>151.0</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(10.5)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(6.5)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>323.2</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>294.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(28.4)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>(8.8)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>Credit write-offs</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>75.7</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>117.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>42.0</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>55.5</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=1>163.1</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=1>169.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>6.2</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>3.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Costs, administrative and selling expenses</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><B><FONT size=1>1,118.3</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=1>1,143.5</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>25.2</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>2.3</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><B><FONT size=1>2,309.7</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=1>2,176.9</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(132.8)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><B><FONT size=1>(5.7)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left><FONT size=1>% over net revenue</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=1>68.9</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=1>64.6</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=1>70.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=1>61.8</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=1>-</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2>4.1. Payroll and Benefits</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In 2Q10 payroll and benefits decreased by R$ 1.6 million or 0.4%, from R$ 360.9 million to R$ 359.3 million, due to the following:</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>The Company s workforce reduction relating to the lay-offs from April/09 to June/10 (TAC + 2% of the workforce) with a dismissal of 2,387 employees; and</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>This reduction was partially offset by the 6.69% wages adjustment as of May 2009 and 5.05% as of May 2010.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In 1H10 this item decreased R$ 167.4 million, due to 1Q09 provision made, which did not occur in 2010. Excluding the non-recurring TAC effect of R$ 146.6 million, there was a reduction of R$ 20.8 million or 3.0% decrease.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2>4.2. Supplies</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In 2Q10, expenses with Supplies decreased by R$ 4.5 million or 12.2%, when compared to the same period 2009, from R$ 36.8 million to R$ 32.3 million. The main factors for this variation were: i) the lower expenses with materials for the maintenance of the aqueduct systems, water and sewage treatment station, and the lifts in the Metropolitan Region of S&#227;o Paulo (RMSP) in the amount of R$ 3.1 million; and ii) expenses with vehicle fuel and lubricants amounting to R$ 1.2 million, resulting from the lower fuel consumption on account of the allocation of new vehicles and the higher demand for outsourced services, such as Global R and Global Sourcing.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2>4.3. Treatment supplies</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>Treatment supplies expenses in 2Q10 were R$ 2.0 million, or 6.0% lower than in 2Q09, from R$ 33.1 million to R$ 31.1 million. The main factors were:</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>R$ 4.5 million reduction, due to the lower consumption of aluminum polychloride of approximately 45% and aluminum sulphate replacement. The aluminum sulphate consumption grew around 30%, however the product average cost decreased 54%, which contributed significantly in the expenses reduction of the period; and</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Increase of R$ 2.6 million, due to the adjustment in the price of chlorine and ferric chloride in November 2009 and the increase in the consumption of a few products, such as: i) activated carbon, due to the water reserves and climatic conditions, as well as the proliferation of algae in the Dams that serve the Alto Tiet&#234; Production System; ii) start of the use of hydrogen peroxide in Santos, Praia Grande and S&#227;o Vicente; iii) polyelectrolytes, due to the commencement of operation of the centrifuges in the Barueri system.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>P&#225;gina 4 de 13</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2>4.4. Services</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In 2Q10 this item decreased R$ 1.7 million or 0.6%, from R$ 276.3 million to R$ 274.6 million. The main factors were:</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>R$ 26.8 million decrease in the provision made in 2Q09, related to the actions established in the agreement signed between Sabesp and the S&#227;o Paulo Municipal Government; and</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Appropriation of the expenses of two quarters, made in 2Q09 at the beginning of the booking of the Public Private Partnership (PPP) contract of Alto Tiet&#234;, in contrast to the recognition of expenses of just one quarter in 2Q10, resulting in a decrease of R$ 6.1 million.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>Excluding provision effects, the third-party service account would have grown by R$ 31.2 million, or, 11.3%. There was an increase in the following services:</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Advertising campaigns focused on socio-environmental initiatives, such as: Planeta Sustent&#225;vel, Jornal SPTV Globo, Projeto de M&#237;dia TV Record - a television news programs - among others, in the amount of R$ 8.5 million, recurring for the next quarters;</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Residential connection and sewage network maintenance in the amount of R$ 8.2 million, due to the increase in demand and the contractual amounts based on Global Sourcing in the municipalities of the Regional Systems and the increases in the execution of the maintenance services in the RMSP, besides the intensification of actions to meet the demands of the C&#243;rrego Limpo Program with the Municipal Government of S&#227;o Paulo (PMSP) and actions to optimize the sewage systems in the Baixada Santista region;</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Hiring of consultancy, advisory and specialized services for diverse purposes in the amount of R$ 4,1 million covering: supply of information and water forecasts in real time, study of the flora and fauna to obtain the environmental license for the Rio Taia&#231;upeba basin, call center in the municipalities belonging to the Regional Systems - Contact Center R, development of the new virtual branch office and accounts management system, update of the technical register of the geographic information system SIGNOS (inventory of the distribution networks, supply, collection and treatment), among others;</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Hydrometer reading and bill delivery in the amount of R$ 3.8 million, as a result of increased number of connections and usage of new technologies that allow greater security and agility in the bill issue and reading system, besides the delivery of water bills in a few Business Units by post;</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Paving services and replacement of sidewalks in the amount of R$ 3.2 million;</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Renting of vehicles in the amount of R$ 1.1 million, with most of the delivery of vehicles starting from the 2nd half of 2009, in place of own fleet;</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Freight and carriage expenses in the amount of R$ 1.1 million due to the outsourcing of the transport of chemical products, recurring in the coming quarters; and</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Expenses of R$ 1.0 million with the implementation of the Program for the Rational Use of Water (PURA) the municipal schools as a result of the agreement between Sabesp and the S&#227;o Paulo Municipal Government.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>P&#225;gina 5 de 13</FONT></P>
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<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2>4.5. Electric power</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In 2Q10 this item increased R$ 8.1 million or 6.7%, from R$ 121.7 million to R$ 129.8 million. This increase is due to the following factors:</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Tariff adjustment, which had a 5.6% impact in the average tariff in the captive market, which represents 77% of the installed capacity, impacting the weighted average increase between the captive market and free market by around 5.8%; and</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Weighted average cost increase of 6.7% between the markets.</FONT></P>
<DIV align=center>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 70%; FONT-FAMILY: 'Arial'" cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD width="25%"></TD>
     <TD width="23%"></TD>
     <TD width="26%"></TD>
     <TD width="26%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#33339a>&nbsp;</TD>
     <TD align=center bgColor=#33339a><B><FONT color=#ffffff size=2>Participation</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#33339a><B><FONT color=#ffffff size=2>Costs Variation</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=center bgColor=#33339a><B><FONT color=#ffffff size=2>Weighted Average</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#33339a>&nbsp;</TD>
     <TD align=center bgColor=#33339a><B><FONT color=#ffffff size=2>(%)</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#33339a><B><FONT color=#ffffff size=2>(%)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; TEXT-INDENT: 9px" align=center bgColor=#33339a><B><FONT color=#ffffff size=2>(%)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Free market</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2>23.0</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2>12.0</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; TEXT-INDENT: 9px" align=center><FONT size=2>2.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Captive market</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2>77.0</FONT>&nbsp;</TD>
     <TD align=center><FONT size=2>5.0</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; TEXT-INDENT: 9px" align=center><FONT size=2>3.9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left><FONT size=2>Weighted Average</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=center><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=center><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; TEXT-INDENT: 9px; BORDER-BOTTOM: #33339a 1px solid" align=center><FONT size=2>6.7</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2>4.6. General expenses</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In 2Q10 general expenses decreased R$ 6.3 million or 14.9%, from R$ 42.3 million to R$ 36.0 million, mainly due to the decrease in provision for legal contingencies, institutional support and others.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2>4.7. Depreciation and Amortization</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>This item decreased R$ 10.5 million or 6.5%, from R$ 161.5 million to R$ 151.0 million. This variation is mainly due to the estimates review, with increase in the useful life of the assets, recurring for the next quarters.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2>4.8. Credit write-offs</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>Credit write-offs increased by R$ 42.0 million, or 55.5%, from R$ 75.7 million to R$ 117.7 million, mainly due to the need to complement the overdue debts of the S&#227;o Paulo Municipal Government in 2Q10.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2>4.9. Tax expenses</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In 2Q10 tax expenses grew R$ 1.7 million or 17.0%, due to the payment of the Municipal Real Estate Tax (IPTU) to the Municipality of S&#227;o Paulo.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=4>5. Other operating revenues and expenses</FONT></B></P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2>5.1 Other operating revenues</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>These increased by R$ 5.6 million or 48.3% in 2Q10, mainly due to the revenue generated through the PURA program and the transfer of funds by the OGU (Federal Government s Budget) - Sanitation is Life Program.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2>5.2 Other operating expenses</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In 2Q10 other operating revenues increased R$ 3.5 million or 42.7%, due to:</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>R$ 7.5 million increase due to asset write-offs; and</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>R$ 2.3 million decrease due to allocation of fiscal incentives in 2Q09.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>P&#225;gina 6 de 13</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4>6. Financial expenses and revenues</FONT></B></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0>
<TR>
     <TD width="48%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><I><FONT size=1>R$ million</FONT></I></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#33339a>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2Q09</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2Q10</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#33339a><B><FONT color=#ffffff size=2>Var.</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; TEXT-INDENT: 4px" align=center bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Financial expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left>&nbsp;</TD>
     <TD align=left bgColor=#dddddd>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=2>Interest and charges on domestic loans and financing</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>94.8</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=2>124.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>29.5</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>31.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=2>Interest and charges on international loans and financing</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>15.2</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=2>11.8</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=2>(3.4)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>(22.4)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=2>Interest rate over lawsuit indemnity, net of provisions</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>33.9</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=2>45.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>11.4</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>33.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px; BORDER-BOTTOM: #33339a 1px solid" align=left><FONT size=2>Other financial expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>8.6</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><FONT size=2>13.6</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>5.0</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>58.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left><B><FONT size=2>Total financial expenses</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>152.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>195.0</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>42.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>27.9</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left><FONT size=2>Financial revenues</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>42.5</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><FONT size=2>48.3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>5.8</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>13.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left><B><FONT size=2>Financial expenses net of revenues</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>110.0</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>146.7</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>36.7</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>33.4</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2>6.1. Financial expenses</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In 2Q10 financial expenses grew R$ 42.5 million, or 27.9%, as described below:</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Increase in interest by R$ 29.5 million, on loans and financing due to the 10th issue of debentures in November 2009, 11th issue of debentures in March 2010, 12th issue of debentures in June 2010 and new contracts signed with Caixa Econ&#244;mica Federal in May 2010; and</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Interest over lawsuit in the amount of R$ 11.4 million.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2>6.2. Financial revenues</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>Financial revenues increased by R$ 5.8 million, due to the higher volume of financial investments.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=4>7. Monetary variations on assets and liabilities</FONT></B></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0>
<TR>
     <TD width="48%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><I><FONT size=1>R$ million</FONT></I></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#33339a>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2Q09</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2Q10</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#33339a><B><FONT color=#ffffff size=2>Var.</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; TEXT-INDENT: 4px" align=center bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Monetary variation over loans and financing</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 4px" align=right><FONT size=2>0.8</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=2>22.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>22.0</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Currency exchange variation over loans and financing</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>(237.8)</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=2>14.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>252.0</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>(106.0)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left><FONT size=2>Other monetary/exchange rate variations</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 4px; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>5.8</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><FONT size=2>2.5</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>(3.3)</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>(56.9)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left><B><FONT size=2>Variation on liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>(231.2)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>39.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>270.7</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>(117.1)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left><FONT size=2>Variation on assets</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>14.0</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><FONT size=2>47.6</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>33.6</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>240.0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left><B><FONT size=2>Net Variation</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>(245.2)</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>(8.1)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>237.1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><B><FONT size=2>(96.7)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2>7.1. Variations on liabilities</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2>The effect on the monetary variations on liabilities in 2Q10 was R$ 270.7 million higher, compared to 2Q09, due to:</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: left"><FONT size=2>&#149; </FONT><FONT size=2>Exchange variation on foreign loans and financing generated a negative impact of R$ 252.0 million, due to the 1.2% appreciation of the U.S. Dollar in 2Q10 compared to the 15.7% depreciation in 2Q09;</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: left"><FONT size=2>&#149; </FONT><FONT size=2>Monetary variations on domestic loans and financing increased by R$ 22.0 million, mainly due to:</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: left"><FONT size=2>&#149; </FONT><FONT size=2>R$ 23.3 million increase due to the positive variation of the IGPM in 2Q10 of 2.84%, compared to a negative impact of 0.32% in 2Q09; and</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: left"><FONT size=2>&#149; </FONT><FONT size=2>R$ 1.3 million decrease due to the lower variation of the TR interest rate in 2Q10 of 0.11% compared to 0.16% in 2Q09.</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: left"><FONT size=2>&#149; </FONT><FONT size=2>Other monetary variations decreased R$ 3.3 million related to lawsuit.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>P&#225;gina 7 de 13</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2>7.2. Monetary variations on assets</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>Monetary variations on assets increased R$ 33.6 million, due to the following factors:</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Customer installment agreements updates of tariff debts in the amount of R$ 5.0 million;</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Judicial deposits updates related to lawsuits in the amount of R$ 7.8 million; and</FONT></P>
<P style="MARGIN-LEFT: 0.1in; TEXT-ALIGN: justify"><FONT size=2>&#149; </FONT><FONT size=2>Monetary variation referred to the 11th debentures issuance funding in the amount of R$ 20.6 million, due to change in the Unit Price between the issue date and settlement date.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=4>8. Operating indicators</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>Sabesp continues to work strenuously to reduce water losses, which has enabled a continued reduction in the loss ratio, from 26.7% in 2Q09 to 25.8% in 2Q10</FONT><FONT size=2>.</FONT></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left bgColor=#33339a><B><FONT color=#ffffff size=2>Operating indicators*</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2Q09</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2Q10</FONT></B>&nbsp;</TD>
     <TD align=center bgColor=#33339a><B><FONT color=#ffffff size=2>%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=2>Water connections </FONT><SUP><FONT size=2>(1)</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>7,037</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=2>7,207</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>2.4</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=2>Sewage connections </FONT><SUP><FONT size=2>(1)</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>5,427</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=2>5,609</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>3.4</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=2>Population directly served - water </FONT><SUP><FONT size=2>(2)</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>23.2</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=2>23.4</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>0.9</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=2>Population directly served - sewage </FONT><SUP><FONT size=2>(2)</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>19.3</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=2>19.7</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>2.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=2>Number of employees</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>15,834</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=2>15,095</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>(4.7)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=2>Water volume produced </FONT><SUP><FONT size=2>(3) </FONT></SUP><FONT size=1>(*)</FONT>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=right><FONT size=2>1,424</FONT>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><FONT size=2>1,463</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>2.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px; BORDER-BOTTOM: #33339a 1px solid" align=left><FONT size=2>Water losses (%) </FONT><SUP><FONT size=2>(*)</FONT></SUP>&nbsp;</TD>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>26.7</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><FONT size=2>25.8</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right><FONT size=2>(3.4)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(1) In thousand units at the end of the period</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(2) In million inhabitants at the end of the period, not including wholesale</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>(3) In million of cubic meters at the end of the period</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1>* Not revised by the Independent Auditors</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4>9. Loans and financing</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In June, the Company issued R$ 500 million in debentures, its 12</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>issue, to be subscribed by the Sanitation Fund Portfolio of the Government Severance Indemnity Fund (FGTS).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>The company has 18 months to use the funds that will be released in 3 installments. The first installment of R$ 170 million has already been released on the settlement date and signature of the agreement. The remaining balance is deposited in a restricted account and will be released according to evidence that funds will be used in the Company s investment plan. The maturity is 15 years, with a four-year grace period and 11 years of repayment amortized in monthly installments at a rate of 9.5% per year adjusted by the TR (government interest rate).</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In July, the Company s Board of Directors approved the 5</FONT><SUP><FONT size=2>th </FONT></SUP><FONT size=2>promissory note issue for public distribution, with firm commitment and restricted placement efforts, in accordance with CVM Instruction 476, in the total amount of R$ 600 million.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>The Promissory Notes maturity will be 180 days from their issue date. The funds raised by the Company through the payment of the Promissory Notes will be used to settle the financial obligations falling due in 2010 and 2011.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>The Promissory Notes will be paid with the funds to be raised by the Company through the public issue of debentures by it, and the structuring and distribution process will be conducted by the Underwriters on a firm commitment basis.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2>In August, Brazil s Senate authorized the federal government to tender guarantee to Japan International Cooperation Agency s loan (JICA) to Sabesp, in the approximate amount of US$ 65 million. These funds will be invested in the Environmental Improvement Integrated Program at Billings reservoir water source area (Pr&#243;-Billings).</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2>P&#225;gina 8 de 13</FONT></P>
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     <TD width="20%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><I><FONT size=1>R$ million</FONT></I></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" vAlign=center align=left bgColor=#33339a><B><FONT color=#ffffff size=2>INSTITUTION</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2010</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2011</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2012</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2013</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2014</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#33339a><B><FONT color=#ffffff size=2>2015</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#33339a><FONT color=#ffffff><FONT size=2><STRONG>2016 and onwards</STRONG><FONT style="BACKGROUND-COLOR: #33339a" color=#000000></FONT></FONT></FONT></TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; TEXT-INDENT: 2px" vAlign=center align=center bgColor=#33339a><B><FONT color=#ffffff size=2>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=2>Local market</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Banco do Brasil</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>147.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>315.0</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>342.9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>373.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>98.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>1,277.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Caixa Econ&#244;mica Federal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>41.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>88.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>98.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>99.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>61.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>39.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>393.7</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>821.3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Debentures</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>238.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>475.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>235.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>579.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>368.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>391.0</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>603.2</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>2,891.3</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>FIDC - SABESP I</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>27.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>13.9</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>41.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>BNDES</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>21.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>44.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>67.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>38.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>34.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>34.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>228.4</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>468.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Others</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>1.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>5.3</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>0.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>1.8</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>10.6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Interest and charges</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>117.2</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>15.6</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>132.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#dddddd><B><FONT size=2>Local market total</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>595.5</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>957.1</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>744.6</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>1,091.3</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>562.8</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>465.1</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>1,227.1</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>5,643.5</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=2>International market</FONT></B>&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 style="BORDER-RIGHT: #33339a 1px solid" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>IDB</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>33.0</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>66.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>66.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>66.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>66.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>66.1</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>275.3</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>638.8</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Eurobonds</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>252.2</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>252.2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>JBIC</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>11.7</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>23.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>23.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>23.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>23.5</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>328.7</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>434.4</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>IDB 1983AB</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>42.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>42.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>42.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>42.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>42.8</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>233.1</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>447.1</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=2>Interest and charges</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>16.4</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2>-</FONT>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=2>16.4</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#dddddd><B><FONT size=2>International market total</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>49.4</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>120.6</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>132.4</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>132.4</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>132.4</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>132.4</FONT></B>&nbsp;</TD>
     <TD align=right bgColor=#dddddd><B><FONT size=2>1,089.3</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>1,788.9</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left bgColor=#dddddd><B><FONT size=2>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>644.9</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>1,077.7</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>877.0</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>1,223.7</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>695.2</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>597.5</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>2,316.4</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=right bgColor=#dddddd><B><FONT size=2>7,432.4</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT size=2>P&#225;gina 9 de 13</FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<a name="_bclPageBorder10"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4>10. Future Events</FONT></B></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0>
<TR>
     <TD width="47%"></TD>
     <TD width="2%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT color=#000080 size=2><U>APIMEC Meeting</U></FONT></B></TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT color=#000080 size=2><U>Conference Call in English</U></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT size=2>August 11</FONT></B><B><SUP><FONT size=2>th </FONT></SUP></B><B><FONT size=2>, 2010</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><B><FONT size=2>August 11</FONT></B><B><SUP><FONT size=2>th </FONT></SUP></B><B><FONT size=2>, 2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=2>3:00 pm (Bras&#237;lia) / 2:00 pm (US EST)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>10:30 am (Bras&#237;lia) / 09:30 am (US EST)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Dial-in access: 1(412) 858-4600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><I><FONT size=2><U>Replay </U></FONT></I><FONT size=2><U>available at the</U></FONT></TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Conference ID: Sabesp</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=2><U>Company s website</U></FONT></TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><I><FONT size=2><U>Replay </U></FONT></I><FONT size=2><U>- available until 08/19/2010</U></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Dial-in access: 1(412) 317-0088</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=center><FONT size=2>Replay ID: 442888#</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: center"><U><FONT color=#0000ff size=2>Click here </FONT></U><FONT size=2>for live webcast or access through the internet at: </FONT><U><FONT color=#0000ff size=2>www.sabesp.com.br</FONT></U></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2>For more information, please contact:</FONT></B></P>
<P style="TEXT-ALIGN: left"><I><FONT size=2>Mario Arruda Sampaio <BR>
Phone: (55 11) 3388-8664<BR>
</FONT></I><I><FONT size=2>E-mail: </FONT></I><I><U><FONT color=#0000ff size=2>maasampaio@sabesp.com.br</FONT></U></I></P>
<P style="TEXT-ALIGN: left"><I><FONT size=2>Angela Beatriz Airoldi <BR>
Phone: (55 11) 3388-8793 <BR>
E-mail: </FONT></I><I><U><FONT color=#0000ff size=2>abairoldi@sabesp.com.br</FONT></U></I></P>
<P style="TEXT-ALIGN: justify"><I><FONT size=2>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 economi
c 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></I></P>
<P style="TEXT-ALIGN: center"><FONT size=2>P&#225;gina 10 de 13</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_11"></A><BR>
<a name="_bclPageBorder11"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4>Income Statement</FONT></B></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0>
<TR>
     <TD width="36%"></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>
     <TD width="1%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Brazilian Corporate Law</FONT></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><FONT size=1>R$ '000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" vAlign=center align=left bgColor=#000080 rowSpan=2>&nbsp;<STRONG><FONT color=#ffffff size=1>ASSETS</FONT></STRONG></TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" vAlign=center align=center bgColor=#000080 colSpan=3><B><FONT color=#ffffff size=1>PARENT COMPANY</FONT></B>&nbsp;</TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #ffffff 1px solid" vAlign=center align=center bgColor=#000080 colSpan=3><B><FONT color=#ffffff size=1>CONSOLIDATED</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#000080><B><FONT color=#ffffff size=1>06/30/2010</FONT></B>&nbsp;</TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#000080><B><FONT color=#ffffff size=1>03/31/2010</FONT></B>&nbsp;</TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#000080><B><FONT color=#ffffff size=1>06/30/2010</FONT></B>&nbsp;</TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" vAlign=center align=center bgColor=#000080><B><FONT color=#ffffff size=1>03/31/2010</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-LEFT: #33339a 1px solid" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid" align=left><B><FONT size=1>Current</FONT></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 style="BORDER-RIGHT: #33339a 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Cash and Cash Equivalents</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,046,840</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>851,564</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,047,359</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>852,523</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Accounts Receivable from Clients</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,083,895</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,162,978</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,083,895</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>1,162,978</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Related Party Balance</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>155,348</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>138,618</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>155,348</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>138,618</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Inventory</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>31,101</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>34,706</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>31,101</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>34,706</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Recoverable Taxes</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4,773</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>5,219</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4,773</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>5,219</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Other Receivables</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>553,174</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>177,843</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>553,267</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>177,937</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Deferred income tax and social contribution</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>263,369</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>250,951</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>263,369</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>250,951</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid" align=left><B><FONT size=1>Total Current Assets</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>3,138,500</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>2,621,879</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>3,139,112</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><B><FONT size=1>2,622,932</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-LEFT: #33339a 1px solid" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Non-Current</FONT></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 style="BORDER-RIGHT: #33339a 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>Long Term Assets:</FONT>&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 style="BORDER-RIGHT: #33339a 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Accounts Receivable from Clients</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>270,484</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>274,773</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>270,484</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>274,773</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Related Party Balance</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>934,208</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>945,423</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>934,208</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>945,423</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Indemnities Receivable</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>146,213</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>146,213</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>146,213</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>146,213</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Judicial Deposits</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>47,682</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>47,439</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>47,682</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>47,439</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Other Receivables</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>102,872</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>101,370</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>102,872</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>101,370</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Deferred income tax and social contribution</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>620,858</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>591,286</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>620,858</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>591,286</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>2,122,317</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>2,106,504</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>2,122,317</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><B><FONT size=1>2,106,504</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-LEFT: #33339a 1px solid" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Investments</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4,110</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4,217</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>720</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>720</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Permanent Assets</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>15,969,828</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>15,682,941</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>15,972,770</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>15,685,606</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Intangible Assets</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>1,644,407</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>1,581,273</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>1,644,407</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>1,581,273</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>17,618,345</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>17,268,431</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>17,617,897</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>17,267,599</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Total Non-Current Assets</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>19,740,662</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>19,374,935</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>19,740,214</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>19,374,103</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-LEFT: #33339a 1px solid" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Total Assets</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1>22,879,162</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1>21,996,814</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1>22,879,326</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1>21,997,035</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-LEFT: #33339a 1px solid" colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left bgColor=#000080><B><FONT color=#ffffff size=1>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B>&nbsp;</TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#000080><B><FONT color=#ffffff size=1>06/30/2010</FONT></B>&nbsp;</TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#000080><B><FONT color=#ffffff size=1>03/31/2010</FONT></B>&nbsp;</TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#000080><B><FONT color=#ffffff size=1>06/30/2010</FONT></B>&nbsp;</TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right bgColor=#000080><B><FONT color=#ffffff size=1>03/31/2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Current</FONT></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 style="BORDER-RIGHT: #33339a 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Contractors and Suppliers</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>175,860</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>168,563</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>175,933</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>168,704</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Loans and Financing</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,412,954</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>955,811</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,412,954</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>955,811</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Salaries and Payroll Charges</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>241,482</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>234,958</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>241,570</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>235,034</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Taxes and Contributions Payable</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>168,689</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>235,429</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>168,692</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>235,433</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Taxes and Contributions Deferred</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>27,134</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>28,941</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>27,134</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>28,941</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Interest on Own Capital Payable</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>56</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>365,423</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>56</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>365,423</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Provision for Contingencies</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>713,318</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>712,270</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>713,318</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>712,270</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Accounts Payable</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>281,846</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>237,777</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>281,846</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>237,777</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Other Payables</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>206,283</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>155,307</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>206,283</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>155,307</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Total Current Liabilities</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>3,227,622</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>3,094,479</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>3,227,786</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><B><FONT size=1>3,094,700</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #33339a 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Non-Current</FONT></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 style="BORDER-RIGHT: #33339a 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><FONT size=1>Long Term Liabilities:</FONT>&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 style="BORDER-RIGHT: #33339a 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Loans and Financing</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6,019,456</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>5,610,061</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6,019,456</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>5,610,061</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Taxes and Contributions Payable</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>69,375</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>77,287</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>69,375</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>77,287</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Taxes and Contributions Deferred</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>162,600</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>157,655</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>162,600</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>157,655</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Provision for Contingencies</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>852,695</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>871,452</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>852,695</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>871,452</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Provisions for actuarial liabilities Law 4819/58</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>507,772</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>520,055</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>507,772</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>520,055</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Pension Fund Obligations</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>504,114</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>492,061</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>504,114</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>492,061</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Other Payables</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>383,648</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>355,515</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>383,648</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>355,515</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Total Non Current Liabilities</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>8,499,660</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>8,084,086</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>8,499,660</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><B><FONT size=1>8,084,086</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #33339a 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Shareholders' Equity</FONT></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 style="BORDER-RIGHT: #33339a 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Capital Stock</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6,203,688</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6,203,688</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6,203,688</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>6,203,688</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Capital Reserves</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>124,255</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>124,255</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>124,255</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>124,255</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Revaluation Reserves</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>2,088,454</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>2,106,063</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>2,088,454</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>2,106,063</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Profit Reserves</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>2,054,594</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>2,054,594</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>2,054,594</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid" align=right><FONT size=1>2,054,594</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Accrued income</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>680,889</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>329,649</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>680,889</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1>329,649</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Total Shareholders' Equity</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>11,151,880</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>10,818,249</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>11,151,880</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>10,818,249</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #33339a 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #33339a 1px solid" align=left><B><FONT size=1>Total Liabilities and Shareholders' Equity</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1>22,879,162</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1>21,996,814</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1>22,879,326</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1>21,997,035</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BORDER-RIGHT: #33339a 1px solid; BORDER-LEFT: #33339a 1px solid; BORDER-BOTTOM: #33339a 1px solid" align=left colSpan=9>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT size=2>P&#225;gina 11 de 13</FONT></P>
</DIV>
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<A name="page_12"></A><BR>
<a name="_bclPageBorder12"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=4>Balance Sheet</FONT></B></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 9pt; WIDTH: 100%; FONT-FAMILY: 'Arial'" cellSpacing=0 border=0>
<TR>
     <TD width="35%"></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>
     <TD width="1%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Corporate Law Method (Law No. 6,404/76)</FONT></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><FONT size=1>R$ '000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BACKGROUND-COLOR: #000080" align=left>&nbsp;</TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #ffffff 1px solid" align=center bgColor=#000080 colSpan=3><B><FONT color=#ffffff size=1>PARENT COMPANY</FONT></B>&nbsp;</TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #ffffff 1px solid" align=center bgColor=#000080 colSpan=3><B><FONT color=#ffffff size=1>CONSOLIDATED</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left bgColor=#000080>&nbsp;</TD>
     <TD bgColor=#000080>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #000080" align=center bgColor=#000080><B><FONT color=#ffffff size=1>Apr-Jun/10 </FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #000080"></TD>
     <TD style="BACKGROUND-COLOR: #000080" align=center bgColor=#000080><STRONG><FONT color=#ffffff size=1>Apr-Jun/09</FONT></STRONG>&nbsp;&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #000080" bgColor=#000080>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #000080" align=center bgColor=#000080><B><FONT color=#ffffff size=1>Apr-Jun/10 </FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #000080"></TD>
     <TD style="BACKGROUND-COLOR: #000080" align=center bgColor=#000080><STRONG><FONT color=#ffffff size=1>Apr-Jun/09</FONT></STRONG>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Gross Revenue from Sales and Services</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>1,904,453</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>1,743,652</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><B><FONT size=1>1,904,453</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><B><FONT size=1>1,743,652</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Water Supply - Retail</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>961,920</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>888,380</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>961,920</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>888,380</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Water Supply - Wholesale</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>87,802</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>81,056</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>87,802</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>81,056</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Sewage Collection and Treatment</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>813,834</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>739,604</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>813,834</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>739,604</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Sewage Collection and Treatment - Wholesale</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>5,474</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4,387</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>5,474</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>4,387</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Other Services</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>35,423</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>30,225</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>35,423</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>30,225</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000080 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Taxes on Sales and Services - COFINS and PASEP</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(134,665)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(120,029)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>(134,665)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>(120,029)</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000080 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Net Revenue from Sales and Services</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>1,769,788</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>1,623,623</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><B><FONT size=1>1,769,788</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><B><FONT size=1>1,623,623</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000080 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Costs of Sales and Services</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(781,247)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(830,083)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>(781,247)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>(830,083)</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000080 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Gross Profit</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>988,541</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>793,540</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><B><FONT size=1>988,541</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><B><FONT size=1>793,540</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000080 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Operating Expenses</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Selling</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(255,450)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(187,307)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>(255,450)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>(187,307)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Administrative</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(106,815)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(100,884)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>(106,936)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>(101,048)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Other operating expenses, net</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>3,926</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>2,345</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>3,926</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>2,345</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000080 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Operating Income Before Shareholdings</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>630,202</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>507,694</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><B><FONT size=1>630,081</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><B><FONT size=1>507,530</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Equity Result</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(107)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(79)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000080 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Earnings Before Financial Results</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>630,095</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>507,615</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><B><FONT size=1>630,081</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><B><FONT size=1>507,530</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Financial, net</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(124,384)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(102,604)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>(124,370)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>(102,519)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1>Exchange gain (loss), net</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(14,217)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>237,769</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>(14,217)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>237,769</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000080 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Earnings before Income Tax and Social Contribution</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>491,494</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>642,780</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><B><FONT size=1>491,494</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><B><FONT size=1>642,780</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000080 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Income Tax and Social Contribution</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000080 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Current</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(198,095)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(200,881)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>(198,095)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>(200,881)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1>Deferred</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>40,232</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>22,766</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>40,232</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>22,766</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-LEFT: #000000 1px solid">&nbsp;</TD>
     <TD></TD>
     <TD style="BORDER-RIGHT: #000080 1px solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Net Income (loss) for the period</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>333,631</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>464,665</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><B><FONT size=1>333,631</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><B><FONT size=1>464,665</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Registered common shares ('000)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>227,836</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>227,836</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><B><FONT size=1>227,836</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><B><FONT size=1>227,836</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Earnings per shares - R$ (per share)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>1.46</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>2.04</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><B><FONT size=1>1.46</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><B><FONT size=1>2.04</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>Depreciation and Amortization</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(150,960)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(161,483)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><FONT size=1>(150,960)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><FONT size=1>(161,483)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid" align=left><B><FONT size=1>EBITDA</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>777,129</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>666,753</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid" align=right><B><FONT size=1>777,115</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" align=right><B><FONT size=1>666,668</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; TEXT-INDENT: 2px; BORDER-BOTTOM: #000080 1px solid" align=left><FONT size=1>% over net revenue</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>43.9%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>41.1%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>43.9%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid; BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>41.1%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2>P&#225;gina 12 de 13</FONT></P>
</DIV>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<A name="page_13"></A><BR>
<a name="_bclPageBorder13"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=4>Cash Flow</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 9pt" border=0 cellSpacing=0>
<TR>
     <TD width="35%"></TD>
     <TD width="15%"></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>
     <TD width="1%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1>Brazilian Corporate Law</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD colSpan=2 align=right><B><FONT size=1>R$ '000</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#000080 align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #000080" bgColor=#000080 colSpan=3 align=center><B><FONT color=#ffffff size=1>PARENT COMPANY</FONT></B>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000080 1px solid; BACKGROUND-COLOR: #000080" bgColor=#000080>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #000080" bgColor=#000080 colSpan=3 align=center><B><FONT color=#ffffff size=1>CONSOLIDATED</FONT></B>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" bgColor=#000080 align=center></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#000080 align=left><B><FONT color=#ffffff size=1>Description</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #000080" bgColor=#000080 align=center><B><FONT color=#ffffff size=1>Apr-Jun/10 </FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #000080"></TD>
     <TD style="BACKGROUND-COLOR: #000080" bgColor=#000080 align=center><STRONG><FONT color=#ffffff size=1>Apr-Jun/09 </FONT></STRONG></TD>
     <TD style="BACKGROUND-COLOR: #000080"></TD>
     <TD style="BACKGROUND-COLOR: #000080" bgColor=#000080 align=center><STRONG><FONT color=#ffffff size=1>Apr-Jun/10 </FONT></STRONG></TD>
     <TD style="BACKGROUND-COLOR: #000080"></TD>
     <TD style="BACKGROUND-COLOR: #000080" bgColor=#000080 align=center><STRONG><FONT color=#ffffff size=1>Apr-Jun/09</FONT></STRONG>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" bgColor=#000080 align=center></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Cash flow from operating activities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 1px solid" rowSpan=39>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" rowSpan=38 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Net income for the period before taxes and social contribution</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>491,494</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>642,780</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>491,494</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>642,780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Provisions for contingencies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>36,721</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>106,720</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>36,721</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>106,720</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Reversion of provision for losses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>310</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>780</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>310</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Other provisions</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>75</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>107</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>75</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>107</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Liabilities related to pension plans</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>16,040</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>19,150</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>16,040</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>19,150</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Write-off of property, plant and equipment</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,871</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4,268</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>10,871</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>4,268</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Depreciation and Amortization</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>150,960</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>161,483</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>150,961</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>161,483</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Interest calculated over loans and financing payable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>137,071</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>111,051</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>137,071</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>111,051</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Monetary and exchange variation over loans and financing</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>37,007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(237,005)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>37,007</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(237,005)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Variation on liabilities and interest</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,070</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,467</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,070</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>1,467</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Variation on assets and interest</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(33,677)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,030)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(33,677)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,030)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Provisions for bad debt</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>117,744</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>75,749</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>117,744</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>75,749</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Provision for TAC (Conduct Adjustment Term)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,153</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(17,378)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>9,153</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(17,378)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Provision for S&#227;o Paulo Municipal Government Agreement</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>35,475</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>62,231</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>35,475</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>62,231</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Equity Result</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>107</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>79</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><B><FONT size=1>Operating activities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>1,010,421</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>930,452</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>1,010,315</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>930,373</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid">&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD></TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><B><FONT size=1>Variation on Assets and Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>(412,825)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>(144,631)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>(412,881)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>(144,472)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><B><FONT size=1>(Increase) decrease in assets:</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Accounts receivable from clients</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(12,831)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6,685</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(12,831)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>6,685</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Balances and transactions with related parties</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(2,572)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(5,382)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(2,572)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(5,382)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Inventories</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,295</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>2,303</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>3,295</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>2,303</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Recoverable Taxes</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>446</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>3,356</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>446</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>3,356</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Other accounts receivable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(376,342)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(25,194)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(376,341)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(25,199)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Judicial deposits</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(665)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(20,472)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(665)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(20,472)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><B><FONT size=1>Increase (decrease) in liabilities:</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Loans and financing</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,220</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(3,709)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,152</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(3,561)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Salaries and payroll charges</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(2,629)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>494</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(2,617)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>507</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Provision for actuarial liabilities - Law 4819/58</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(12,283)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(12,605)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(12,283)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(12,605)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Taxes and contributions payable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(22,197)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(28,526)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(22,198)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(28,523)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Accounts payable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>20,369</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>19,721</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>20,369</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>19,721</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Other accounts payable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>40,662</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>53,957</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>40,662</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>53,957</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Contingencies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(45,311)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(131,122)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(45,311)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(131,122)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Pension plan - transfer to Sabesprev</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(3,987)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(4,137)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(3,987)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(4,137)</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid">&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD></TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><B><FONT size=1>Others</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>(442,151)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>(349,924)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>(442,151)</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1>(349,924)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Interest paid</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(191,913)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(174,793)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(191,913)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(174,793)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Income tax and contribution paid</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>(250,238)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>(175,131)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>(250,238)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>(175,131)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><B><FONT size=1>Net cash generated from operating activities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>155,445</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>435,897</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 1px solid">&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>155,283</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>435,977</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=right>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid">&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD></TD>
     <TD align=right>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD></TD>
     <TD align=right>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" rowSpan=4 align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Cash flow from investing activities:</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000080 1px solid" rowSpan=3>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Acquisition of property, plant and equipment</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(404,294)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(432,878)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(404,572)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(433,235)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Increase in intangible assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(22,413)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(13,869)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(22,413)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(13,869)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Receivables by the permanent assets sale</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>2,270</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>-</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>2,270</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><B><FONT size=1>Net cash used in investing activities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>(426,707)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>(444,477)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 1px solid">&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>(426,985)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>(444,834)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=right>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid">&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD></TD>
     <TD align=right>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000080 1px solid" rowSpan=4>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD></TD>
     <TD align=right>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" rowSpan=4 align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Cash flow from financing activities</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Funding</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,872,185</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>666,544</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>1,872,185</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>666,544</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Loan amortizations</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,040,280)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(484,966)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>(1,040,280)</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>(484,966)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Payment of interest on own capital</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>(365,367)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>(285,331)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 1px solid">&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>(365,367)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>(285,331)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><B><FONT size=1>Net cash generated (invested) at financing activities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>466,538</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>(103,753)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 1px solid">&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>466,538</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>(103,753)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=right>&nbsp;</TD></TR>
<TR>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid">&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD></TD>
     <TD align=right>&nbsp;</TD>
     <TD style="BORDER-LEFT: #000080 1px solid" rowSpan=3>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD></TD>
     <TD align=right>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000080 1px solid" rowSpan=3 align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><B><FONT size=1>Increase in cash and equivalents</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>195,276</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(112,333)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1>194,836</FONT></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><B><FONT size=1>(112,610)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Cash and cash equivalents at the beginning of the period</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>851,564</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>797,909</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1>852,523</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right><FONT size=1>801,514</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><FONT size=1>Cash and cash equivalents at the end of the period</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>1,046,840</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>685,576</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 1px solid">&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>1,047,359</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><FONT size=1>688,904</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left><B><FONT size=1>Changes in Cash and Cash Equivalents</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>195,276</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>(112,333)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 1px solid">&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>194,836</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right><B><FONT size=1>(112,610)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT size=2>P&#225;gina 13 de 13</FONT></P>
</DIV>
<DIV style="PAGE-BREAK-BEFORE: always">
<HR align=center SIZE=2 width="100%" noShade>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<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>
</FONT></DIV>
<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;August 6, 2010</FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center>
<TABLE border=0 cellSpacing=0 cellPadding=0 width="70%">
<TR>
     <TD vAlign=top width="50%" colSpan=3>
<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>
<TR>
     <TD height=16></TD>
     <TD height=16></TD>
     <TD height=16></TD></TR>
<TR>
     <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>
<HR align=left color=#000000 SIZE=1 noShade>
</TD>
     <TD></TD></TR>
<TR>
     <TD><FONT size=1>&nbsp;</FONT></TD>
     <TD vAlign=bottom width="53%" align=center>
<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>
     <TD></TD></TR></TABLE></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<P>&nbsp;</P>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>
<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>
<HR align=left color=#000000 SIZE=2 noShade>
</DIV>

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