<SEC-DOCUMENT>0001292814-11-001676.txt : 20110609
<SEC-HEADER>0001292814-11-001676.hdr.sgml : 20110609
<ACCEPTANCE-DATETIME>20110609111830
ACCESSION NUMBER:		0001292814-11-001676
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110609
DATE AS OF CHANGE:		20110609

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:		11902436

	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>sbspr4q10_6k.htm
<DESCRIPTION>PR 4Q10
<TEXT>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=3><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=3><B>Washington, DC 20549 </B></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=3><B>FORM 6-K</B></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=3><B>REPORT OF FOREIGN ISSUER</B><BR>
<B>PURSUANT TO RULE 13a-16 OR 15d-16 OF THE</B></FONT></DIV>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=3><B>SECURITIES EXCHANGE ACT OF 1934</B></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center>
<DIV><FONT face="Times New Roman" color=#000000 size=2><B>For&nbsp;March 30, 2011</B></FONT></DIV><FONT face="Times New Roman" color=#000000 size=2><B>(Commission File No. 1-31317) </B></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=3><B>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </B></FONT></DIV>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=2><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 face="Times New Roman" color=#000000 size=3><B>Basic Sanitation Company of the State of Sao Paulo - SABESP </B></FONT></DIV>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=2><I>(Translation of Registrant's name into English) </I></FONT></DIV>
<DIV><FONT size=1></FONT>&nbsp;</DIV>
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<BR>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=2><B>Rua Costa Carvalho, 300 <BR>
S&#227;o Paulo, S.P., 05429-900 <BR>
Federative Republic of Brazil </B></FONT></DIV>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=2><I>(Address of Registrant's principal executive offices) </I></FONT></DIV><BR>
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<BR>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=2>Indicate by check mark whether the registrant files or will file <BR>
annual reports under cover Form 20-F or Form 40-F. <BR>
<BR>
Form 20-F ___X___ Form 40-F ______</FONT></DIV>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=2>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 face="Times New Roman" color=#000000 size=2>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 face="'Times New Roman, Times, Serif'" size=2>Indicate by check mark whether the registrant by furnishing the <BR>
information contained in this Form is also thereby furnishing the <BR>
information to the Commission pursuant to Rule 12g3-2(b) under <BR>
the Securities Exchange Act of 1934. <BR>
<BR>
Yes ______ No ___X___</FONT></P>
<P></P>
<DIV align=center><FONT face="Times New Roman" color=#000000 size=2>If "Yes" is marked, indicated below the file number assigned to the<BR>
registrant in connection with Rule 12g3-2(b):</FONT> </DIV>
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<P style="TEXT-ALIGN: right"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>CIA. DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP<BR>
</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Rui de Britto &#193;lvares Affonso<BR>
</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Chief Financial Officer and Investor Relations Officer<BR>
</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Mario Azevedo de Arruda Sampaio<BR>
</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Head of Capital Markets and Investor Relations</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=4>SABESP announces 4Q10 and 2010 results</FONT></B></P>
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<P align=justify><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>S&#227;o Paulo, March 29, 2011 - </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Companhia de Saneamento B&#225;sico do </FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Estado de S&#227;o Paulo - SABESP </FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(BM&amp;FBovespa: SBSP3; NYSE: SBS), one </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>of the largest water and sewage services providers in the world based in the </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>number of customers, announces today its </FONT><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>results for the fourth quarter </FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>2010 (4Q10) and full year 2010</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>. The Company&#146;s operating and financial </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>information, except when indicated otherwise is presented in Brazilian Reais, </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>in accordance with the Brazilian Corporate Law. </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>All comparisons in this </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>release, unless otherwise stated, refer to the year 2009</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>.</FONT></P>
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<P><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>SBSP3: R$ 45.40/ share</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>SBS: US$ 55.70 (ADR=2 shares)</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Total shares: 227,836,623</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Market Value: R$ 10.3 billion</FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Closing price: 03/29/2011</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=3>1. Financial Highlights</FONT></B></P>
<DIV align=left>
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     <TD align=left>&nbsp;</TD>
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     <TD align=right><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif size=1>R$ million</FONT></I></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #333399" align=left>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>4Q09</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>4Q10 </FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><FONT face=Arial color=#ffffff size=2><B>Chg. (R$)</B></FONT><FONT face=Arial size=2><B>&nbsp;</B></FONT></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>%</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>2009</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>2010</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>Chg. (R$)</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>%</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(+) Gross operating revenue</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,914.3</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,016.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>102.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>5.4</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>7,045.4</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>7,655.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>609.8</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>8.7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(+) Construction revenue</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>667.1</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>571.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(96.1)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(14.4)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,039.8</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,130.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>90.9</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>4.5</FONT></TD></TR>
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     <TD style="BORDER-LEFT: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(-) COFINS and PASEP taxes</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>139.6</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>146.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>6.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>4.8</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>505.7</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>555.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>49.8</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>9.8</FONT></TD></TR>
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     <TD style="BORDER-LEFT: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(=) Net operating revenue</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,441.8</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,441.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(0.3)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(0.0)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>8,579.5</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>9,230.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>650.9</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>7.6</FONT></TD></TR>
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     <TD style="BORDER-LEFT: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(-) Costs and expenses</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>996.6</FONT></TD>
     <TD style="BACKGROUND-COLOR: #dddddd" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,146.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>150.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>15.1</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>4,404.6</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>4,477.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>72.7</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1.7</FONT></TD></TR>
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     <TD style="BORDER-LEFT: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(-) Construction costs</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>657.2</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>557.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(100.0)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(15.2)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,009.7</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,081.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>71.4</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3.6</FONT></TD></TR>
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     <TD style="BORDER-LEFT: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(+) Equity Results</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right>&nbsp;<FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BACKGROUND-COLOR: #dddddd" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp;(1.4)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(1.4)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(0.1)</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(1.7)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(1.6)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD></TR>
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     <TD style="BORDER-LEFT: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(=) Earnings before financial expenses (EBIT*)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>788.0</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>736.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(51.8)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(6.6)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,165.1</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,670.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>505.2</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>23.3</FONT></TD></TR>
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     <TD style="BORDER-LEFT: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(+) Depreciation and amortization</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>77.3</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>119.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>42.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>54.3</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>562.2</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>552.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(10.0)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(1.8)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(=) EBITDA**</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>865.3</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>855.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(9.8)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(1.1)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,727.3</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,222.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>495.2</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>18.2</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 1px solid; BORDER-BOTTOM: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(%) EBITDA margin</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>35.4</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>35.0</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>31.8</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>34.9</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 1px solid; BORDER-BOTTOM: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Net income</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>510.3</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>574.9</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>64.6</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>12.7</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,507.7</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,630.4</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>122.7</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>8.1</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 1px solid; BORDER-BOTTOM: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Earnings per share (R$)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2.24</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2.52</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>6.62</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>7.16</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; TEXT-INDENT: 5px; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(*) Earnings before interest and taxes</FONT></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=3><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(**) Earnings before interest, taxes, depreciation and amortization</FONT></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: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The Company has prepared the Financial Statements according to the new accounting practices adopted in Brazil in compliance with the pronouncements, interpretations and guidelines of the Accounting Pronouncements Committee (CPC), effective from January 1, 2010, with retrospective effect from 2009, for comparison purposes. These Statements are also in accordance with the international financial reporting standards (IFRS), which are in consonance with the accounting practices adopted in Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 2010, net operating revenue reached R$ 9.2 billion, a 7.6% growth compared to 2009. Costs and expenses in the amount of R$ 6.6 billion grew 2.2% versus 2009. EBITDA was R$ 2.7 billion in 2009 and R$ 3.2 billion in 2010, an increase of 18.2%. EBITDA margin in 2010 was 34.9% and 31.8% in 2009.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>EBIT grew 23.3%, from R$ 2.2 billion in 2009 to R$ 2.7 billion in 2010.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Disconsidering the application of the new CPCs and IFRS and in accordance with the accounting practices in effect in 2009, net income in 2010 would have been R$ 1,468.6 million, 6.9% up on 2009, which would have totaled R$ 1,373.9 million. EBITDA would have come to R$ 3,115.2 million R$2,741.7 million in 2010 and 2009, respectively. The EBITDA margin would have stood at 42.9% in 2010 and 40.7% in 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=3>2. Reconciliation of net income</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><I><FONT face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif size=1>R$ million</FONT></I></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#333399>&nbsp;</TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>Jan-Dec/09 </FONT></B></TD>
     <TD align=center bgColor=#333399><FONT face=Arial color=#ffffff size=2><B>Jan-Dec/10&nbsp;</B></FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Net income according to the accounting practices adopted in Brazil until December 31, 2009</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,373.9</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,468.6</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>EBITDA</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,741.7</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,115.2</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(%) EBITDA Margin</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>40.7</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>42.9</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Revenue recognition - margin according to ICPC01*</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>28.8</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>33.4</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Post-employment benefits - Law 4,819/58</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(44.6)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(19.7)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Pension plan liabilities - G1 Plan</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>77.4</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Donations</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(5.9)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(5.4)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Borrowing costs capitalization</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>195.6</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>105.4</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Other GAAP differences</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(1.5)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>29.2</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Deferred tax effects over differences mentioned above</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(38.6)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(58.5)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Net income for the year according to CPC/IFRS</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,507.7</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,630.4</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>EBITDA</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,727.3</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,222.5</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(%) EBITDA Margin</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>31.8</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>34.9</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>*ICPC &#150; Interpretation of the Brazilian Accounting Pronouncements Committee</FONT></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 face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=3>3. Gross operating revenue</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gross operating revenue, including construction revenue, reached R$ 9.8 billion, a 7.7% increase in comparison to 2009.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 2 of 13</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Gross operating revenue from water and sewage grew from R$ 7.0 billion in 2009 to R$ 7.7 billion in 2010, an increase of R$ 609.8 million or 8.7%. The main factors that led to this variation were the tariff adjustments as of September 2009 (4.43%) and as of September 2010 (4.05%), and the increase of 3.8% in water billed volume and of 4.5% in sewage billed volume. Considering the 5.04% inflation, measured by the average IPCA of 2010 in comparison to the average IPCA of 2009, operating revenue actually grew 3.5%.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=3>4. Construction revenue</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Construction revenue grew R$ 90.9 million, or 4.5% when comparing to the previous year, moving from R$ 2,039.8 million to R$ 2,130.7 million, mostly due to the adoption of a new index for the calculation of construction margin. In 2009, 1.5% was used, and in 2010 the ratio was 2.6%.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=3>5. Billed volume</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>The following tables show the billed water and sewage volume per customer category and region in 4Q09, 4Q10, 2009 and 2010.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>
<TR>
     <TD width="28%"></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>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=10><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>BILLED WATER AND SEWAGE VOLUME </FONT></B><B><SUP><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>(1) </FONT></SUP></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>PER CUSTOMER CATEGORY - million m</FONT></B><B><SUP><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3</FONT></SUP></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#333399>&nbsp;</TD>
     <TD align=center bgColor=#333399 colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>Water</FONT></B></TD>
     <TD align=center bgColor=#333399 colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>Sewage</FONT></B></TD>
     <TD align=center bgColor=#333399 colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>Water + Sewage</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>Category</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q09</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q10</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q09</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q10</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q09</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q10</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Residential</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>358.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>370.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3.4</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>289.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>301.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.0</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>647.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>671.2</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3.6</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Commercial</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>40.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>41.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3.0</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>37.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>38.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3.8</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>77.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>79.9</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3.4</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Industrial</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.4</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>9.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.5</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>18.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>19.4</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.4</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Public</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>12.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>13.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.8</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>10.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1.0)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>22.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>23.2</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2.2</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total retail</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>419.7</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>433.9</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.4</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>346.4</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>359.8</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.9</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>766.1</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>793.7</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.6</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wholesale</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>72.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>74.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1.5</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(25.3)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>81.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>80.5</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1.3)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Reused water</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.1</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>492.8</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>508.0</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.1</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>355.1</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>366.3</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.2</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>847.9</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>874.3</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.1</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left bgColor=#333399>&nbsp;</TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2009</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2010</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2009</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2010</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2009</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2010</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Residential</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,393.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,449.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.0</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,124.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,177.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.7</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,517.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,626.2</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.3</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Commercial</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>155.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>162.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.4</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>143.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>150.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.9</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>299.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>313.1</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.6</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Industrial</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>34.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>37.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.1</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>34.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>37.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.6</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>69.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>75.0</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.4</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Public</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>47.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>50.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.8</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>38.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>40.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3.9</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>85.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>90.3</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>5.5</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total retail</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,630.0</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,698.7</FONT></B></TD>
     <TD align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4.2</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,341.5</FONT></B></TD>
     <TD align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,405.9</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4.8</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>2,971.5</FONT></B></TD>
     <TD align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3,104.6</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4.5</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wholesale</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>288.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>293.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1.8</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>31.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>28.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(8.7)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>319.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>321.7</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.8</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Reused water</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.3</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=left bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,918.8</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,992.3</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.8</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,372.6</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,434.3</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4.5</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3,291.4</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3,426.6</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4.1</FONT></B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>
<TR>
     <TD width="28%"></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>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=10><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>BILLED WATER AND SEWAGE VOLUME </FONT></B><B><SUP><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>(1) </FONT></SUP></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>PER REGION - million m</FONT></B><B><SUP><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3</FONT></SUP></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#333399>&nbsp;</TD>
     <TD align=center bgColor=#333399 colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>Water</FONT></B></TD>
     <TD align=center bgColor=#333399 colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>Sewage</FONT></B></TD>
     <TD align=center bgColor=#333399 colSpan=3><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>Water + Sewage</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#333399>&nbsp;</TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q09</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q10</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q09</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q10</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q09</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q10</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Metropolitan</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>278.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>284.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2.1</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>234.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>241.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2.7</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>513.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>525.7</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2.4</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Regional </FONT><SUP><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2)</FONT></SUP></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>141.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>149.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.0</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>111.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>118.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.4</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>252.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>268.0</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.1</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total retail</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>419.7</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>433.9</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.4</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>346.4</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>359.8</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.9</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>766.1</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>793.7</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.6</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wholesale</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>72.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>74.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1.5</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>8.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(25.3)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>81.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>80.5</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(1.3)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Reused water</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.1</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>492.8</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>508.0</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.1</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>355.1</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>366.3</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.2</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>847.9</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>874.3</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.1</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left bgColor=#333399>&nbsp;</TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2009</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2010</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2009</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2010</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2009</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2010</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Metropolitan</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,083.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,119.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3.3</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>911.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>947.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4.0</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,995.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2,066.4</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>3.6</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Regional </FONT><SUP><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(2)</FONT></SUP></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>546.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>579.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.1</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>430.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>458.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.6</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>976.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1,038.2</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.3</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total retail</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,630.0</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,698.7</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4.2</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,341.5</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,405.9</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4.8</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>2,971.5</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3,104.6</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4.5</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Wholesale</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>288.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>293.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>1.8</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>31.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>28.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(8.7)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>319.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>321.7</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.8</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Reused water</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>0.3</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=left bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Total</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,918.8</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,992.3</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3.8</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,372.6</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>1,434.3</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4.5</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3,291.4</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>3,426.6</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>4.1</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(1) Unaudited</FONT></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>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(2) Including coastal and countryside</FONT></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>
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<P style="TEXT-ALIGN: center"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 3 of 13</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=3>6. Costs, administrative and selling expenses</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 2010, costs of products and services, administrative and selling expenses grew 2.2% (R$ 144.1 million). As a percentage of net revenue, costs and expenses declined from 74.8% in 2009 to 71.1% in 2010. Considering the inflation of 5.04% in the period, there was an actual decline of 2.8% in costs and selling and administrative expenses.</FONT></P>
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<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="9%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="7%"></TD>
     <TD width="7%"></TD>
     <TD width="8%"></TD>
     <TD width="6%"></TD>
     <TD width="7%"></TD></TR>
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     <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 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif size=1>R$ million</FONT></I></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#333399>&nbsp;</TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q09</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>4Q10</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>Chg.</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2009</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2010</FONT></B></TD>
     <TD align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>Chg.</FONT></B></TD>
     <TD style="TEXT-INDENT: 4px" align=center bgColor=#333399><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>%</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Payroll and benefits</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>334.1</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>263.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(70.5)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(21.1)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,603.2</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,401.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(202.2)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(12.6)</FONT></TD></TR>
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     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Supplies</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>44.8</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>43.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(1.1)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(2.5)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>156.0</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>146.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(9.3)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(6.0)</FONT></TD></TR>
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     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Treatment supplies</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>31.5</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>37.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>6.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>20.0</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>136.7</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>136.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(0.2)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(0.1)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Services</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>216.9</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>258.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>41.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>19.1</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>911.1</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>969.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>58.4</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>6.4</FONT></TD></TR>
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     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Electric power</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>125.3</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>139.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>13.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>11.0</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>485.5</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>531.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>45.8</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>9.4</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>General expenses</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>131.4</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>169.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>37.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>28.8</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>377.5</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>444.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>66.7</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>17.7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Tax expenses</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>11.6</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>12.8</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1.2</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>10.3</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>55.0</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>63.4</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>8.4</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>15.3</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Sub-total</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>895.6</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>924.6</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>29.0</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3.2</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,725.0</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,692.6</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>(32.4)</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>(0.9)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Depreciation and amortization</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>77.3</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>119.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>42.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>54.3</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>562.2</FONT></TD>
     <TD align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>552.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(10.0)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(1.8)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 1px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Credit write-offs</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>23.7</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>102.8</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>79.1</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>333.8</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>117.4</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>232.5</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>115.1</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>98.0</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 1px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Sub-total</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>996.6</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,146.7</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>150.1</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>15.1</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>4,404.6</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>4,477.3</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>72.7</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1.7</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 3px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Construction costs</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>657.2</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 3px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>557.2</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(100.0)</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(15.2)</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,009.7</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 3px solid" align=right bgColor=#dddddd><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,081.1</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>71.4</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 3px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3.6</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 3px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Costs, administrative and selling expenses</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 3px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,653.8</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,703.9</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 3px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>50.1</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 3px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3.0</FONT></B></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 3px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>6,414.3</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 3px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>6,558.4</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 3px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>144.1</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 3px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2.2</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>% over net revenue</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>67.7</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>69.8</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-LEFT: #333399 3px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>74.8</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>71.1</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: justify"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=2>6.1. Payroll and benefits</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 2010 payroll and benefits decreased by R$ 202.2 million or 12.6%, from R$ 1,603.2 million to R$ 1,401.0 million, due to the following:</FONT></P>
<UL>
<LI><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Decline of R$140.4 million resulting from the 2009 provision for the payment of severance to employees</FONT> <FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>who requested retirement in order to comply with the Term of Adjustment of Conduct - TAC;</FONT>
<LI><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Adjustment of actuarial calculation relating to the migration of approximately four thousand employees</FONT> <FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>from the Defined Benefits Plan to Sabesprev Mais in December 2010, amounting to R$ 104.9 million;</FONT>
<LI><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Adjustment in the provision for Profit Sharing in the amount of R$ 18.3 million due to the reversal of the</FONT> <FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>amounts provisioned in 2009; and</FONT>
<LI><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Reduction of R$ 13.9 million in payroll and benefits as a result of the layoffs under the TAC + 2% of the</FONT> <FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>staff, despite the 5.05% salary raise in May 2010.</FONT> </LI></UL>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>This decrease was partly offset by the following factors:</FONT></P>
<UL>
<LI><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Complementary contribution of R$ 31.7 million to the actuarial liability relating to the complementary</FONT> <FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>pension (G0 Plan) due to the change in the parameter with the reduction in the discount rate from 6.6% to</FONT> <FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>6.0%; and</FONT>
<LI><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Company&#146;s contribution of R$ 33.0 million relating to the deficit caused by employees that migrated to</FONT> <FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sabesprev-Mais.</FONT> </LI></UL>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 4Q10 payroll and benefits decreased by R$ 70.5 million or 21.1%</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=2>6.2. Supplies</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 2010, expenses with Supplies decreased by R$ 9.3 million or 6.0%, when compared to 2009, from R$ 156.0 million to R$ 146.7 million. The main factors for this variation were lower expenses with materials for the maintenance of the equipment, maintenance in the production and of the aqueduct systems, water and sewage treatment station, and the pumping stations in the S&#227;o Paulo Metropolitan Region (SPMR) in the amount of R$ 10.0 million.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 4Q10 expenses with supplies decreased by R$ 1.1 million or 2.5%</FONT></P>
<P style="TEXT-ALIGN: center"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 4 of 13</FONT></P>
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<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=right><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6.3. Treatment supplies</FONT></B></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 2010 this item did not change significantly when comparing to 2009. However, between 4Q09 and 4Q10, these expenses increased by R$ 6.3 million or 20.0%, from R$ 31.5 million to R$ 37.8 million, due to the following:</FONT></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=right>

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   <LI></LI></TD>

   <TD vAlign=top width="96%" colSpan=2>

   <P align=justify><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Increase of R$ 3.8 million, due to the higher consumption of activated carbon, which is extremely</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>seasonal varying in accordance with climatic conditions, caused by the proliferation of algae in dams that </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>serve the Alto Tiet<FONT size=2 face=Arial>&#233;</FONT> production system; and</FONT> </P></TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="2%">&nbsp;&nbsp; </TD>

   <TD vAlign=top width="94%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="4%" align=right>

   <LI></LI></TD>

   <TD vAlign=top width="96%" colSpan=2>

   <P align=justify><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Increase of R$ 2.2 million in the consumption of a few products, such as: i) aluminum sulphate due to the</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>price adjustment; and ii) hydrogen peroxide, due to a new contract specifically to serve the sewage </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=2 face=Arial>s</FONT>ystem in S&#227;o Vicente and Praia Grande.</FONT></P></TD></TR></TABLE></P>

<P></P>

<P></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6.4. Services</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 2010 this item increased R$ 58.4 million or 6.4%, from R$ 911.1 million to R$ 969.5 million. The main factors were:</FONT></P>

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   <TD width="96%" colSpan=2><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Residential connection and sewage network maintenance in the amount of R$ 18.4 million, due to the:</FONT> </TD></TR>

<TR>

   <TD width="4%" align=right>&nbsp;</TD>

   <TD vAlign=top width="2%" align=left><FONT size=2 face=Wingdings-Regular,WingDings>&#252;</FONT> </TD>

   <TD width="94%" align=left>

   <P align=justify><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Increase in demand and the contractual amounts based on Global Sourcing in the municipalities of the Regional Systems, actions to optimize the sewage systems and the increase in maintenance works in the Baixada Santista region; and</FONT> </P></TD></TR>

<TR>

   <TD width="4%" align=right>&nbsp;</TD>

   <TD vAlign=top width="2%" align=left><FONT size=2 face=Wingdings-Regular,WingDings>&#252;</FONT> </TD>

   <TD width="94%" align=left>

   <P align=justify><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Intensification of actions to meet the demands of the C&#243;rrego Limpo Program with the increase in sewage connections, cleaning and maintenance of stretches of the stream with the Municipal Government of S&#227;o Paulo and increase in the execution of the maintenance services in the SPMR.</FONT> </P></TD></TR>

<TR>

   <TD vAlign=top width="4%" align=right>

   <LI></LI></TD>

   <TD width="96%" colSpan=2 align=left>

   <P align=justify><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Paving services and replacement of sidewalks in the amount of R$ 14.2 million, on account of the </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>offsetting</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>of accounts with the Municipal Government of Santana do Parnaiba, in the Metropolitan Region </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>of</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>S&#227;o Paulo (SPMR), and with the municipal governments of the cities served by the Regional Systems;</FONT> </P></TD></TR>

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   <TD vAlign=top width="4%" align=right>

   <LI></LI></TD>

   <TD width="96%" colSpan=2 align=left>

   <P align=justify><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Hiring of consultancy, advisory and specialized services for diverse purposes in the amount of R$ 10.4 </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>million</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>including: organizational restructuring, implementation of value added management, hiring of </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>auditing</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>services, real time forecast information, study of flora and fauna to obtain the environmental </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>license</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>for the Rio Taia&#231;upeba basin, Contact Center R - teleservice in the municipalities belonging to the </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Regional</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Systems, among others;</FONT> </P></TD></TR>

<TR>

   <TD vAlign=top width="4%" align=right>

   <LI></LI></TD>

   <TD width="96%" colSpan=2 align=left>

   <P align=justify><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Hydrometer reading and bill delivery expenses in the amount of R$ 9.4 million as a result of the usage of </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>new</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>technologies that allow greater security and agility in the bill issue and reading system at the SPMR</FONT><BR><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>and</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>several municipalities belonging to the Regional Systems, in addition to the higher number of </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>connections</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>and the intensification of loss control actions;</FONT> </P></TD></TR>

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   <TD vAlign=top width="4%" align=right>

   <LI></LI></TD>

   <TD width="96%" colSpan=2 align=left>

   <P align=justify><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Provision of services by the Companhia de Engenharia de Transito (CET) relating to works on public </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>roads</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>and agreement with Municipal Government of S&#227;o Paulo for the storm drain cleanup operation, </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>amounting</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>to R$ 6.0 million;</FONT> </P></TD></TR>

<TR>

   <TD vAlign=top width="4%" align=right>

   <LI></LI></TD>

   <TD width="96%" colSpan=2 align=left>

   <P align=justify><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Postage and telegraphs in the amount of R$ 4.6 million related to the delivery of water bills at a few </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Business</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Units by post;</FONT> </P></TD></TR>

<TR>

   <TD vAlign=top width="4%" align=right>

   <LI></LI></TD>

   <TD width="96%" colSpan=2 align=left>

   <P align=justify><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Combat frauds of R$ 4.5 million on account of intensified loss control actions through inclusion of the </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>activity</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>in the Global Sourcing; and</FONT> </P></TD></TR>

<TR>

   <TD vAlign=top width="4%" align=right>

   <LI></LI></TD>

   <TD width="96%" colSpan=2><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Expenses with risk contracts for the recovery of credits, in the amount of R$ 4.1 million, due to the </FONT><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>intensification</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>of collection operations, which led to a R$ 311.6 million increase in revenues in 2010.</FONT> </TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>There was a decrease in the following services:</FONT></P>

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   <LI></LI></TD>

   <TD width="96%" colSpan=2><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Agreement with the municipality of S&#227;o Paulo:</FONT> </TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="2%"><FONT size=2 face=Wingdings-Regular,WingDings>&#252;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="94%"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Decrease of R$ 13.8 million due to a non-recurring decrease in the implementation of the Program for the Rational Use of Water (PURA) in municipal schools; and</FONT> </TD></TR>

<TR>

   <TD width="4%">&nbsp;</TD>

   <TD vAlign=top width="2%"><FONT size=2 face=Wingdings-Regular,WingDings>&#252;</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="94%"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Increase of R$ 4.9 million in the provision made in 2010 relating to the actions established in the agreement.</FONT> </TD></TR></TABLE>

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<UL>
<LI><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Decrease of R$ 7.9 million in the purchase of treated water due to the termination of the contract with</FONT> <FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>&#193;guas de Cajamar S/A in March 2010,and remuneration paid for the water supplied by Geoplan S/A to</FONT> <FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>S&#227;o Bernardo do Campo, appropriated in 2009; and</FONT>
<LI><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Decrease of R$ 5.0 million in the expense in 2010, as expected for the second year of the Public Private</FONT> <FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Partnership Alto Tiet&#234;.</FONT> </LI></UL>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 4Q10 services increased R$ 41.4 million, or 19.1%, mainly due to revision of provisions related to the agreement between Sabesp and the S&#227;o Paulo Municipal Government in 4Q09.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=2>6.5. Electric power</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 2010 this item increased R$ 45.8 million or 9.4%, from R$ 485.5 million to R$ 531.3 million.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>This result is associated with the tariff increase in the free and captive markets and the modest 1.9% increase in consumption, below average growth in the country and consumption class (utilities), especially considering the startup of new production units.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=2>6.6. General expenses</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 2010 general expenses increased R$ 66.7 million or 17.7%, from R$ 377.5 million to R$ 444.2 million, mainly due to the R$ 161.1 million provision envisaged in the agreement with the Municipal Government of S&#227;o Paulo, which is equivalent to 7.5% of the municipality&#146;s gross revenue after deducting the Cofins and Pasep, calculated from the date of signing of the agreement, that is June 23, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>This increase was partially offset by the lower need for provision for legal contingencies in relation to 2009, amounting to R$ 102.5 million.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 4Q10 general expenses increased R$ 37.9 million, mainly due to the factors described above with the S&#227;o Paulo Municipal Government in the amount of R$ 80.6 million, partially offset by the decrease in provision for legal contingencies in comparison to the 4Q09, in the amount of R$ 49.6 million.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=2>6.7. Depreciation and amortization</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>This item decreased R$ 10.0 million or 1.8%, from R$ 562.2 million to R$ 552.2 million.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=2>6.8. Credit write-offs</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Credit write-offs increased by R$ 115.1 million, from R$ 117.4 million to R$ 232.5 million, mainly due to the need for complementing the provision on the billing of private clients and municipal public entities.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=2>6.9. Tax expenses</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 2010 this expense grew R$ 8.4 million or 15.3%, due to the payment of the Municipal Real Estate Tax &#150; IPTU, especially in the municipality of S&#227;o Paulo in the amount of R$ 9.4 million.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=3>7. Other operating revenues and expenses</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Other operating expenses (net of revenues) decreased by R$ 44.7 million or 100.2%, mainly due to the following factors: (i) the adjustment of provision related to the actuarial commitment with the beneficiaries according the Law n&#186; 4819/58 in the amount of R$ 30.9 million in 2009, whereas in 2010, this amount was reclassified to the payroll and related taxes account; and (ii) decline of R$ 4.1 million arising from the write-off of works in progress in 2009.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 6 of 13</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8. Financial expenses and revenues</FONT></B></P>

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<TR>

   <TD width="52%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></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 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B></TD>

   <TD bgColor=#333399 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B></TD>

   <TD bgColor=#333399 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Var.</FONT></B></TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#333399 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial expenses</FONT></TD>

   <TD style="BORDER-LEFT: #333399 3px solid" align=left>&nbsp;</TD>

   <TD bgColor=#dddddd align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest and charges on domestic loans and financing</FONT></TD>

   <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>390.8</FONT></TD>

   <TD bgColor=#dddddd align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>481.8</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91.0</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23.3</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest and charges on international loans and financing</FONT></TD>

   <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>61.8</FONT></TD>

   <TD bgColor=#dddddd align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50.8</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11.0)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17.8)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate over lawsuit</FONT></TD>

   <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>314.5</FONT></TD>

   <TD bgColor=#dddddd align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>155.8</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(158.7)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50.5)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 3px solid; BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other financial expenses</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 3px solid; BORDER-LEFT: #333399 3px solid; TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25.8)</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 3px solid; TEXT-INDENT: 1px" bgColor=#dddddd align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34.0)</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 3px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8.2)</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 3px solid; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31.8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total financial expenses</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 3px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>741.3</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#dddddd align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>654.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(86.9)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(11.7)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial revenues</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 3px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>163.5</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#dddddd align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>223.0</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59.5</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36.4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial expenses net of revenues</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 3px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>577.8</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#dddddd align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>431.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(146.4)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(25.3)</FONT></B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8.1. Financial expenses</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 2010 financial expenses dropped R$ 86.9 million, or 11.7%. The main factors that influenced this result were:</FONT></P>

<UL>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Decrease in the interest over lawsuit in the amount of R$ 158.7 million, due to the lower interest variation</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>of 6.1% according to the judicial debt update table; and</FONT>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Increase in interest by R$ 91.0 million, on domestic loans and financing due to some new funding in the</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>period, such as: (i) the 10</FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>th </FONT></SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>issue of debentures in November 2009, (ii) the 11</FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>th </FONT></SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>issue of debentures in</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>March 2010, (iii) the 12</FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>th </FONT></SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>issue of debentures in June 2010, (iv) the 5</FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>th </FONT></SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>issue of promissory notes in</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>August 2010, and (v) the payments for financing agreements already signed.</FONT> </LI></UL>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8.2. Financial revenues</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Financial revenues increased by R$ 59.5 million, mainly due to the higher volume of financial investment.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9. Monetary variation on assets and liabilities</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="52%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></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 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q09</FONT></B></TD>

   <TD bgColor=#333399 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q10</FONT></B></TD>

   <TD bgColor=#333399 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Var.</FONT></B></TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#333399 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary variation on loans and financing</FONT></TD>

   <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.4</FONT></TD>

   <TD bgColor=#dddddd align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>87.3</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85.9</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,135.7</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Currency exchange variation over loans and financing</FONT></TD>

   <TD style="BORDER-LEFT: #333399 3px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(536.8)</FONT></TD>

   <TD bgColor=#dddddd align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(66.2)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>470.6</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(87.7)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other monetary/exchange rate variations</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 3px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23.5</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#dddddd align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47.2</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23.7</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.9</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Variation on liabilities</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 3px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(511.9)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#dddddd align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>68.3</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>580.2</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(113.3)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variation on assets</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 3px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55.6</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#dddddd align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120.9</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>65.3</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117.4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Variation</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 3px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(567.5)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#dddddd align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(52.6)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>514.9</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(90.7)</FONT></B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9.1. <FONT size=2 face=Arial>Monetary </FONT>Variation on Liabilities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>The effect on the monetary variations on liabilities in 2010 was R$ 580.2 million higher, compared to 2009, due to:</FONT></P>

<UL>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Exchange variation on foreign loans and financing generated a negative impact of R$ 470.6 million, due</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>to the 4.3% depreciation of the U.S. Dollar in 2010 compared to the 25.5% depreciation in 2009;</FONT>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Monetary variations on domestic loans and financing increased by R$ 85.9 million, mainly due to the R$</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>89.2 million increase due to the positive variation of the IGPM in 2010 of 11.3%, compared to a negative</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>impact of 1.7% in 2009; and the R$ 3.3 million decrease due to the lower variation of the TR interest rate</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>in 2010 of 0.69% compared to 0.71% in 2009; and</FONT>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Other monetary variations increased R$ 23.7 million related to lawsuit.</FONT> </LI></UL>

<P style="TEXT-ALIGN: center"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Page 7 of 13</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9.2. Monetary variations on assets</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Monetary variations on assets increased R$ 65.3 million, mainly due to the following factors:</FONT></P>

<UL>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Installment agreements updates, mainly with the municipalities of Taubat&#233; and Ferraz de Vasconcelos;</FONT>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Monetary updates of deposits related to lawsuits; and</FONT>

<LI><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Monetary update of the funds raised through the 11</FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>th </FONT></SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>debenture issue, caused by the change in the Unit</FONT> <FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Price between the issue date and settlement date.</FONT> </LI></UL>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10. Operating indicators</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>In 2010 the water loss ratio remained stable in 26%, due to interruption in the water network maintenance services provided by third parties and contractual transition problems. The new companies hired presented a poor performance in meeting the loss ratio goal of 25%. Important to note that the works resumed their normal courses to align losses with our planned trajectory.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="68%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating indicators*</FONT></B></TD>

   <TD bgColor=#333399 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q09</FONT></B></TD>

   <TD bgColor=#333399 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4Q10</FONT></B></TD>

   <TD bgColor=#333399 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Water connections </FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT></SUP></TD>

   <TD align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,118</FONT></TD>

   <TD bgColor=#dddddd align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>7,295</FONT></TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.5</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Sewage connections </FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(1)</FONT></SUP></TD>

   <TD align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5,520</FONT></TD>

   <TD bgColor=#dddddd align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>5,718</FONT></TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.6</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Population directly served - water </FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP></TD>

   <TD align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>23,<FONT size=2 face=Arial>4</FONT></FONT></TD>

   <TD bgColor=#dddddd align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>23,6</FONT></TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Population directly served - sewage </FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP></TD>

   <TD align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>19,600</FONT></TD>

   <TD bgColor=#dddddd align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>20,024</FONT></TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2.2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Number of employees</FONT></TD>

   <TD align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15,103</FONT></TD>

   <TD bgColor=#dddddd align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>15,330</FONT></TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>1.5</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Water volume produced </FONT><SUP><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT></SUP></TD>

   <TD align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,845</FONT></TD>

   <TD bgColor=#dddddd align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,952</FONT></TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>3.8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Water losses (%)</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" bgColor=#dddddd align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>26</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1) In thousand units</FONT></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 face=ArialMT,Arial,Helvetica,sans-serif>(2) In&nbsp;<FONT size=1 face=Arial>millions</FONT> inhabitants. Not including wholesale</FONT></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 face=ArialMT,Arial,Helvetica,sans-serif>(3) In million<FONT size=1 face=Arial>s</FONT> of cubic meters</FONT></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 face=ArialMT,Arial,Helvetica,sans-serif>* Unaudited</FONT></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: center"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Page 8 of 13</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=3>11. Loans and financing</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In 2010, Sabesp contracted new debt in the amount of R$ 3.4 billion and amortized a total of R$ 1.8 billion. Net debt closed 2010 at R$ 6.2 billion, a 7.4% upturn on 2009. At the end of 2010, debt backed by foreign currency corresponded to 27% of the total, the same level as in 2009, 54% of which from multilateral agencies. Even considering the new funds the Company has been raising to comply with the investment program and the need to refinance debt, in 2010, net debt/EBITDA closed the year at 1.9x, versus 2.1x in 2009.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In December, Sabesp issued Eurobonds in the amount of US$350 million, maturing in 2020, with a 6.25% rate per year and interest paid on a half-yearly basis. These funds will be used to settle financial obligations of the company in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>In February 2011, the company signed an agreement with the Japan International Cooperation Agency &#150; JICA for an additional financing of the Onda Limpa Program, in the amount of approximately US$ 190.0 million. The funds will be used in construction works and provision of services in the Baixada Santista Metropolitan Region. The financing matures in 18 years, with interest rate ranging between 1.8% and 2.5% per year.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Sabesp is still negotiating financing facilities with JICA for the Program for the Reduction of Water Loss. The program includes an estimated US$ 572.0 million for investments, of which US$366.0 million from financing and US$ 206.0 million as counterpart. Given the current phase of the negotiation, it is not possible to estimate when the financing will be contracted.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>
<TR>
     <TD width="26%"></TD>
     <TD width="11%"></TD>
     <TD width="9%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="7%"></TD>
     <TD width="9%"></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 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif size=1>R$ million</FONT></I></B></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>INSTITUTION</FONT></B></TD>
     <TD style="TEXT-INDENT: 1px" vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>2011</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>2012</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>2013</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>2014</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>2015</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>2016</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>2017 and</FONT></B><BR>
<B><FONT face=Arial color=#ffffff size=2>onwards</FONT></B></TD>
     <TD style="TEXT-INDENT: 2px" vAlign=center align=center bgColor=#333399><B><FONT face=Arial color=#ffffff size=2>Total</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Local market</FONT></B></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: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Banco do Brasil</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>316.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>344.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>375.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>98.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,134.8</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Caixa Econ&#244;mica Federal</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>91.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>102.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>103.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>65.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>42.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>41.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>428.4</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>874.5</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Debentures</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>498.4</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>233.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>545.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>312.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>312.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,902.1</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Debentures BNDES</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>34.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>34.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>34.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>34.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>137.8</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>279.4</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Debentures FI FGTS</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>22.7</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>45.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>45.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>386.1</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>499.8</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Promissory Notes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>599.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>599.8</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>FIDC - SABESP I</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>13.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>13.9</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>BNDES</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>45.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>70.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>43.3</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>230.7</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>507.5</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Others</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>0.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>0.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>0.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>0.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>0.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1.2</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>6.6</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Interest and charges</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>142.0</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>142.0</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Local market total</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,109.7</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,353.7</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,103.1</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>573.1</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>475.0</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>161.6</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,184.2</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>5,960.4</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>International market</FONT></B></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: #333399 2px solid" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>IDB</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>63.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>63.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>63.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>63.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>63.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>63.2</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>195.5</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>574.7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Eurobonds</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>232.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>576.1</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>808.7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>JBIC</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>11.8</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>23.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>23.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>23.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>23.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>23.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>307.1</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>436.9</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>IDB 1983AB</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39.9</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39.6</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39.5</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>175.7</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>413.5</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Interest and charges</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>15.1</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>15.1</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>International market total</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>130.0</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>126.4</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>126.4</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>126.4</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>126.4</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>358.9</FONT></B></TD>
     <TD align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,254.4</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right bgColor=#d8d8d8><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,248.9</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=left bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Total</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,239.7</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,480.1</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,229.5</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>699.5</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>601.4</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>520.5</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,438.6</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=right bgColor=#dddddd><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>8,209.3</FONT></B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 9 of 13</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=3>12. Upcoming Events</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="49%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Conference Call in Portuguese</FONT></B></TD>
     <TD align=center><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>Conference Call in English</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>March 30, 2011</FONT></TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>March 30, 2011</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>2:00 pm (Bras&#237;lia) / 1:00 pm (US EST)</FONT></TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>4:00 pm (Bras&#237;lia) / 3:00 pm (US EST)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Dial in access: (55 11) 3127-4971</FONT></TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Dial in access: 1(412) 317-6776</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Conference ID: Sabesp</FONT></TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Conference ID: Sabesp</FONT></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Replay available until 04/06/2011</FONT></TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Replay available until 04/07/2011</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Dial in access: (55 11) 3127-4999</FONT></TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Dial in access: 1(412) 317-0088</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Replay ID: 97484595</FONT></TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Replay ID: 448638#</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT face=ArialMT,Arial,Helvetica,sans-serif color=#000000 size=2>Click here </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>for live webcast or access through the internet at: </FONT><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>www.sabesp.com.br</FONT></U></P>
<P style="TEXT-ALIGN: left"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>For more information, please contact:</FONT></B></P>
<P style="TEXT-ALIGN: left"><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Mario Arruda Sampaio <BR>
Phone: (55 11) 3388-8664<BR>
</FONT></I><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>E-mail: </FONT></I><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif color=#000000 size=2>maasampaio@sabesp.com.br</FONT></I></P>
<P style="TEXT-ALIGN: left"><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=2>Angela Beatriz Airoldi <BR>
Phone: (55 11) 3388-8793 <BR>
E-mail: </FONT></I><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif color=#000000 size=2>abairoldi@sabesp.com.br</FONT></I></P>
<P style="TEXT-ALIGN: left"><I><FONT face=Arial-ItalicMT,Arial,Helvetica,sans-serif size=1>Statements contained in this press release may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, SABESP performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.</FONT></I></P>
<P style="TEXT-ALIGN: center"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 10 of 13</FONT></P>
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<P style="TEXT-ALIGN: center"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=4>Income Statement</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>
<TR>
     <TD width="50%"></TD>
     <TD width="13%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Corporate Law Method (Law No. 6,404/76)</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>R$ '000</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#000080>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 3px solid" vAlign=center align=center bgColor=#000080 colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>PARENT COMPANY</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 3px solid" vAlign=center align=center bgColor=#000080 colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>CONSOLIDATED</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#000080>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2010</FONT></B></TD>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2009</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2010</FONT></B></TD>
     <TD style="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Gross Revenue from Sales and Services</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>9,785,901</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>9,085,190</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>9,786,575</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>9,085,190</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Water Supply - Retail</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,985,025</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,690,722</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,985,433</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,690,722</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Water Supply - Wholesale</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>184,779</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>142,138</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>184,779</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>142,138</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Sewage Collection and Treatment</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,331,979</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,069,871</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,332,236</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,069,871</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Sewage Collection and Treatment - Wholesale</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>21,810</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>21,851</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>21,810</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>21,851</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Construction Revenue - Water</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,052,836</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>772,118</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,052,840</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>772,118</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Construction Revenue - Sewage</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,077,839</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,267,691</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,077,844</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,267,691</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Other Services</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>131,633</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>120,799</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>131,633</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>120,799</FONT></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1></FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1></FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Taxes on Sales and Services - COFINS and PASEP</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(555,531)</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(505,671)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(555,548)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(505,671)</FONT></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Net Revenue from Sales and Services</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>9,230,370</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>8,579,519</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>9,231,027</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>8,579,519</FONT></B></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1></FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1></FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Costs of Sales and Services</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(5,194,154)</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(5,087,254)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(5,194,548)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(5,087,254)</FONT></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Gross Profit</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>4,036,216</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,492,265</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>4,036,479</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,492,265</FONT></B></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=left></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Operating Expenses</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Selling</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(712,941)</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(610,422)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(712,946)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(610,422)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Administrative</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(651,271)</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(716,594)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(653,200)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(717,100)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Other operating revenue (expenses), net</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,809</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(44,425)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,830</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(44,425)</FONT></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Operating Income Before Shareholdings</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,673,813</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,120,824</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,672,163</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,120,318</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Equity Result</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(1,694)</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(218)</FONT></TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Earnings Before Financial Results, net</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,672,119</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,120,606</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,672,163</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,120,318</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Financial, net</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(445,025)</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(538,703)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(445,553)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(538,415)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Exchange gain (loss), net</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>66,151</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>528,449</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>66,146</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>528,449</FONT></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Earnings before Income Tax and Social Contribution</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,293,245</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,110,352</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,292,756</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,110,352</FONT></B></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=left></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Income Tax and Social Contribution</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp; </TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1></FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1></FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Current</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(697,077)</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(748,708)</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(697,115)</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>(748,708)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Deferred</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>34,279</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>146,103</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>34,806</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>146,103</FONT></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Net Income (loss) for the period</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,630,447</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,507,747</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,630,447</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>1,507,747</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Registered common shares ('000)</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>227,836</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>227,836</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>227,836</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>227,836</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Earnings per shares - R$ (per share)</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>7.16</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>6.62</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>7.16</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>6.62</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Depreciation and Amortization</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>(552,175)</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>(562,234)</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>(552,183)</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>(562,237)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>EBITDA</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,222,485</FONT></B></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,727,265</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,222,516</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,726,980</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px; BORDER-BOTTOM: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>% over net revenue</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>34.9%</FONT></TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>31.8%</FONT></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>34.9%</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>31.8%</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 11 of 13</FONT></P>
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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 face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#000080 size=3>Balance Sheet</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>
<TR>
     <TD width="38%"></TD>
     <TD width="16%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Brazilian Corporate Law</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>R$ '000</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left bgColor=#000080 rowSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>ASSETS</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 3px solid" align=center bgColor=#000080 colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>PARENT COMPANY</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 3px solid" align=center bgColor=#000080 colSpan=2><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>CONSOLIDATED</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>12/31/2010</FONT></B></TD>
     <TD align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>12/31/2009</FONT></B></TD>
     <TD align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>12/31/2010</FONT></B></TD>
     <TD align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>12/31/2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Current</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Cash and Cash Equivalents</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,988,004</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>769,433</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,989,179</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>771,008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Accounts Receivable from Clients</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>971,047</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,179,730</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>971,318</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,179,730</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Related Party Balance</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>137,772</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>135,987</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>137,772</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>135,987</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Inventory</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>36,090</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39,877</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>36,096</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39,877</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Restricted cash</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>302,570</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>112,750</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>302,570</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>112,750</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Recoverable Taxes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>108,675</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,017</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>108,675</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,017</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Other Receivables</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>30,716</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>28,663</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>44,511</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>28,754</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Total Current Assets</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,574,874</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,269,457</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,590,121</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>2,271,123</FONT></B></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Non-Current</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Long Term Assets:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Accounts Receivable from Clients</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>352,839</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>266,543</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>352,839</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>266,543</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Related Party Balance</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>231,076</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>260,365</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>231,076</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>260,365</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Indemnities Receivable</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>146,213</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>146,213</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>146,213</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>146,213</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Judicial Deposits</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>43,543</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>46,365</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>43,543</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>46,365</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Deferred income tax and social contribution</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>77,913</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>43,636</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>78,440</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>43,636</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>National Water Agencie - ANA</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>62,540</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>60,839</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>62,540</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>60,839</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Other Receivables</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>47,884</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>39,473</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>49,370</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>40,193</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>962,008</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>863,434</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>964,021</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>864,154</FONT></B></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1></FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1></FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1></FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Investments</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>8,262</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>4,334</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Intangible Assets</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>18,541,522</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>16,915,262</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>18,546,836</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>16,917,417</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Permanent Assets</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>206,384</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>190,430</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>249,606</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>190,430</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>18,756,168</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>17,110,026</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>18,796,442</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>17,107,847</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Total Non-Current Assets</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>19,718,176</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>17,973,460</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>19,760,463</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>17,972,001</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Total Assets</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>23,293,050</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>20,242,917</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>23,350,584</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #000000 3px double" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>20,243,124</FONT></B></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1></FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B></TD>
     <TD align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>12/31/2010</FONT></B></TD>
     <TD align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>12/31/2009</FONT></B></TD>
     <TD align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>12/31/2010</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=center bgColor=#000080><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif color=#ffffff size=2>12/31/2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Current</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Contractors and Suppliers</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>142,634</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>195,606</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>144,043</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>195,765</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Current portion of</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>long term loans</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,239,716</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,009,947</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,242,143</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,009,947</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Salaries and Payroll Charges</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>246,325</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>239,109</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>246,467</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>239,152</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Income tax and social contribution payable</FONT></TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>88,632</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>88,637</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Other taxes and contributions payable</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>157,768</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>130,230</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>158,050</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>130,230</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Interest on Own Capital Payable</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>354,254</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>365,442</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>354,254</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>365,442</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Provisions</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>766,603</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>643,863</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>766,603</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>643,863</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Other accounts payable</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>378,256</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>239,494</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>378,256</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>239,494</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Other payables</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>216,230</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>168,600</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>216,298</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>168,600</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Total Current Liabilities</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,501,786</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,080,923</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,506,114</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>3,081,130</FONT></B></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Non-Current</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Loans and Financing</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>6,969,576</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>5,548,023</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>7,022,472</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>5,548,023</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Other taxes and contributions payable</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>53,045</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>85,029</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>53,045</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>85,029</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Deferred income tax and social contribution</FONT></TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>-</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Deferred Cofins/Pasep taxes</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>112,962</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>120,417</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>112,962</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>120,417</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Provisions</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>693,227</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>824,957</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>693,227</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>824,957</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Pension Plan Obligations</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,804,038</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,831,753</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,804,038</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>1,831,753</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 1px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Other Payables</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>476,616</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>313,231</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>476,926</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>313,231</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Total Non Current Liabilities</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>10,109,464</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>8,723,410</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>10,162,670</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>8,723,410</FONT></B></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Shareholders' Equity</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Capital Stock</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>6,203,688</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>6,203,688</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>6,203,688</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>6,203,688</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Capital Reserves</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>124,255</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>124,255</FONT></TD>
     <TD align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>124,255</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>124,255</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid; TEXT-INDENT: 2px" align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Income reserve and accrued earnings</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,353,857</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,110,641</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>3,353,857</FONT></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>2,110,641</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Total Shareholders' Equity</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>9,681,800</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>8,438,584</FONT></B></TD>
     <TD align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>9,681,800</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>8,438,584</FONT></B></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;&nbsp; </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Total Liabilities and Shareholders' Equity</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>23,293,050</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>20,242,917</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>23,350,584</FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #000000 3px double" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>20,243,124</FONT></B></TD></TR>
<TR height=20>
     <TD style="BORDER-LEFT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD>
     <TD style="BORDER-RIGHT: #333399 2px solid; BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>&nbsp; </FONT></B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: center"><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Page 12 of 13</FONT></P>
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<A name="page_13"></A><BR>

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<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash Flow</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="51%"></TD>

   <TD width="14%"></TD>

   <TD width="11%"></TD>

   <TD width="11%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Corporate Law</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ '000</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 vAlign=center rowSpan=2 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B></TD>

   <TD bgColor=#000080 colSpan=2 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>PARENT COMPANY</FONT></B></TD>

   <TD bgColor=#000080 colSpan=2 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CONSOLIDATED</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Jan-Dec/10</FONT></B></TD>

   <TD bgColor=#000080 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Jan-Dec/09</FONT></B></TD>

   <TD bgColor=#000080 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Jan-Dec/10</FONT></B></TD>

   <TD bgColor=#000080 align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Jan-Dec/09</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow from operating activities</FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Earnings before income tax and social contribution</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,293,246</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,110,352</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,292,756</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,110,352</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation and Amortization</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>552,176</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>562,233</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>552,184</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>562,236</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Losses from the sale of fixed and intangible assets</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,385</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,372</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,385</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,372</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provisions for bad debt</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>402,694</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>308,188</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>402,694</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>308,188</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provisions</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>352,614</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>596,543</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>352,614</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>596,543</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest calculated over loans and financing payable</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>449,682</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>395,897</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>450,297</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>395,897</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary and exchange variation over loans and financing</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,139</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(535,409)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,139</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(535,409)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variation on liabilities and interest</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,112</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,112</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variation on assets and interest</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(59,916)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,252)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(59,916)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,252)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value margin on intangible assets from</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>concession agreements</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(49,603)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,145)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(49,603)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,145)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity Result</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,694</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>218</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>S&#227;o Paulo municipal goverment transfers</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,368</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,368</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for Sabesprev Mais</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,587</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,587</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other write-offs</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>&nbsp;19,331</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,197</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,331</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,197</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted net income (generated by operating activities)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,116,509</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,425,194</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,114,948</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,424,979</FONT></B></TD></TR>

<TR height=20>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Variation on Assets and Liabilities</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(667,069)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(153,257)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(679,847)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(153,166)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Increase) decrease in assets:</FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable from clients</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(245,412)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(285,853)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(245,683)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(285,854)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Balances and transactions with related parties</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,708</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,547</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,708</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,547</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventories</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,490</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,758</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,484</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,758</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recoverable Taxes</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(157,916)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24,491)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(157,916)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24,491)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Indemnities receivable</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,581</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,581</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Judicial deposits</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,864)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,009)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,864)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,009)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other accounts receivable</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,038)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,535</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,508)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,444</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Increase (decrease) in liabilities:</FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Contractors and suppliers</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(67,337)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,404)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(66,087)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,249)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other suppliers</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>138,762</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,533</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>138,762</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,533</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Salaries and payroll charges</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,624)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,050</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,525)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,077</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other taxes and contributions payable</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,558)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19,506)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,316)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19,505)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes on revenues</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,455)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,792)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,455)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,792)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provisions</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(330,256)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(240,032)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(330,256)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(240,032)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension Plan Obligations</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,881)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,549</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,881)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,549</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other accounts payable</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,312</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>190,277</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,690</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>190,277</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp; </FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp; </FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Others</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,352,052)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,199,361)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,352,052)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,199,361)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest paid</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(618,600)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(555,573)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(618,600)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(555,573)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax and contribution paid</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(733,452)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(643,788)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(733,452)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(643,788)</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp; </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash generated from operating activities</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,097,388</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,072,576</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,083,049</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,072,452</FONT></B></TD></TR>

<TR height=20>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD align=left></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow from investing activities:</FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restricted cash</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(189,820)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,748)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(189,820)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,748)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase in investment</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,620)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of property, plant and equipment</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(44,161)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,373)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(87,383)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,347)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of intangible assets</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,810,999)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,973,096)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,814,166)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,973,096)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income from the sale of fixed assets</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=middle><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,161</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,161</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash used in investing activities</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,050,600)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,962,056)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,091,369)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,964,030)</FONT></B></TD></TR>

<TR height=20>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD align=left></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow from financing activities</FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Funding</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,370,709</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,237,056</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,425,417</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,237,056</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortizations</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,800,507)</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,896,480)</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,800,507)</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,896,480)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Payment of interest on own capital</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(398,419)</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(303,722)</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(398,419)</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(303,722)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash generated (invested) at financing activities</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,171,783</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>36,854</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,226,491</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>36,854</FONT></B></TD></TR>

<TR height=20>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Increase (decrease) in cash and equivalents</FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,218,571</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>147,374</FONT></B></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,218,171</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>145,276</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents at the beginning of the period</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>769,433</FONT></TD>

   <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>622,059</FONT></TD>

   <TD style="BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>771,008</FONT></TD>

   <TD style="BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>625,732</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents at the end of the period</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,988,004</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>769,433</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,989,179</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>771,008</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in Cash and Cash Equivalents</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,218,571</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>147,374</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,218,171</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>145,276</FONT></B></TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Page 13 of 13</FONT></P></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE&nbsp;</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;March 30, 2011</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center>

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<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>

   <P>&nbsp;/s/ Rui de Britto &#193;lvares Affonso </P>

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   <P></P></TD>

   <TD></TD></TR>

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   <TD><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="53%" align=middle>

   <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></P>

<P>&nbsp;</P>

<P></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></P>

<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 or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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<P>&nbsp;</P>

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<DIV>&nbsp;</DIV></DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
