<SEC-DOCUMENT>0001292814-11-001678.txt : 20110609
<SEC-HEADER>0001292814-11-001678.hdr.sgml : 20110609
<ACCEPTANCE-DATETIME>20110609112949
ACCESSION NUMBER:		0001292814-11-001678
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20110331
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:		11902459

	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>sbspr1q11_6k.htm
<DESCRIPTION>PR 1Q11
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   <TITLE>sbspr1q11_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Washington, DC 20549 </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORM 6-K</B></FONT></DIV>

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

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>REPORT OF FOREIGN ISSUER</B><BR><B>PURSUANT TO RULE 13a-16 OR 15d-16 OF THE</B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>SECURITIES EXCHANGE ACT OF 1934</B></FONT></DIV>

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<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;May 16, 2011</B></FONT></DIV><FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><I>(Exact name of registrant as specified in its charter) </I></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Basic Sanitation Company of the State of Sao Paulo - SABESP </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><I>(Translation of Registrant's name into English) </I></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><B>Rua Costa Carvalho, 300 <BR>S&#227;o Paulo, S.P., 05429-900 <BR>Federative Republic of Brazil </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><I>(Address of Registrant's principal executive offices) </I></FONT></DIV><BR>

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<BR>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">Indicate by check mark whether the registrant files or will file <BR>annual reports under cover Form 20-F or Form 40-F. <BR><BR>Form 20-F ___X___ Form 40-F ______</FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K <BR>in paper as permitted by Regulation S-T Rule 101(b)(1)__.</FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K <BR>in paper as permitted by Regulation S-T Rule 101(b)(7)__.</FONT></DIV>

<P align=center><FONT size=2 face="'Times New Roman, Times, Serif'">Indicate by check mark whether the registrant by furnishing the <BR>information contained in this Form is also thereby furnishing the <BR>information to the Commission pursuant to Rule 12g3-2(b) under <BR>the Securities Exchange Act of 1934. <BR><BR>Yes ______ No ___X___</FONT></P>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">If "Yes" is marked, indicated below the file number assigned to the<BR>registrant in connection with Rule 12g3-2(b):</FONT> </DIV>

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<P style="TEXT-ALIGN: right"><B><FONT size=1 face=sans-serif>CIA. DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP<BR></FONT></B><FONT size=1 face=sans-serif>Rui de Britto &#193;lvares Affonso<BR></FONT><FONT size=1 face=sans-serif>Chief Financial Officer and Investor Relations Officer<BR></FONT><FONT size=1 face=sans-serif>Mario Azevedo de Arruda Sampaio<BR></FONT><FONT size=1 face=sans-serif>Head of Capital Markets and Investor Relations</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=5 face=sans-serif>SABESP announces 1Q11 results</FONT></B></P>

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   <P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>S&#227;o Paulo, May 12, 2011 - </FONT><B><FONT size=2 face=sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </FONT></B><FONT size=2 face=sans-serif>(BM&amp;FBovespa: SBSP3; NYSE: SBS), one of the largest water and sewage services providers in the world based in the number of customers, announces today its </FONT><B><FONT size=2 face=sans-serif>results for the first quarter 2011 (1Q11)</FONT></B><FONT size=2 face=sans-serif>.<BR></FONT><FONT size=2 face=sans-serif>The Company&#8217;s operating and financial information, except when indicated </FONT><FONT size=2 face=sans-serif>otherwise is presented in Brazilian Reais, in accordance with the Brazilian Corporate Law. </FONT><U><FONT size=2 face=sans-serif>All comparisons in this release, unless otherwise stated, refer to the year 2010</FONT></U><FONT size=2 face=sans-serif>.</FONT></P>

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   <P style="TEXT-ALIGN: right"><FONT size=1 face=sans-serif>SBSP3: R$ 47.05/ share<BR></FONT><FONT size=1 face=sans-serif>SBS: US$ 58.76 (ADR=2 shares)<BR></FONT><FONT size=1 face=sans-serif>Total shares: 227,836,623<BR></FONT><FONT size=1 face=sans-serif>Market Value: R$ 10.7 billion<BR></FONT><FONT size=1 face=sans-serif>Closing price: 03/12/2011</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=sans-serif>1. Financial</FONT></B><FONT size=6 face=sans-serif> </FONT><B><FONT color=#000080 size=4 face=sans-serif>Highlights</FONT></B></P>

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   <TD style="BACKGROUND-COLOR: #000080" width="40%" align=middle><STRONG>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR color=#000000></FONT></P>

   <P align=center></P></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>1Q10</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>1Q11</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>Chg.(R$)</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>%</STRONG></FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT><FONT><FONT>

   <P><FONT></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR color=#000000><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT>(+) Gross operating revenue</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></FONT></FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>1,844.5 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>1,989.8 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>145.3 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">7.9</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>(+) Construction revenue</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>452.2 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>450.2 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(2.0)</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(0.4)</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>(-) COFINS and PASEP taxes</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">133.6</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>145.4 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">11.8</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">8.8</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>(=) Net operating revenue</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>2,163.1 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>2,294.6 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">131.5</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">6.1</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>(-) Costs and expenses</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>1,026.6 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>1,428.0 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">401.4</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">39.1</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: @arial unicode ms"><FONT><FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" lang=PT-BR color=#000000>(-) Construction costs</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>441.6 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>439.4 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(2.2)</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(0.5)</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>(+) Equity Results </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>(0.1)</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>(1.0) </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(0.9)</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>(=) Earnings before financial expenses (EBIT*)</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>694.8 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>426.2 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(268.6)</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(38.7)</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>(+) Depreciation and amortization</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>143.0 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>228.1 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">85.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">59.5</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>(=) EBITDA**</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>837.8 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>654.3 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(183.5)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(21.9)</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>(%) EBITDA margin</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>38.7 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT>

   <P align=right></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>28.5 </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 5px; BORDER-RIGHT: #000080 2px solid" width="40%" noWrap align=left>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" lang=PT-BR color=#000000>Earnings per share (R$)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" lang=PT-BR color=#000000>1.31 </FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.80</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(116.2)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="15%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(38.9)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(*) Earnings before interest and taxes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT></TD>

   <TD width="15%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(**) Earnings before interest, taxes, depreciation and amortization</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>In 1Q11, net operating revenue reached R$ 2.3 billion, a 6.1% growth compared to 1Q10. Costs and expenses, including construction costs, in the amount of R$ 1.9 billion grew 27.2% versus 1Q10. EBITDA was R$ 837.8 million in 1Q10 and R$ 654.3 million in 1Q11, a decrease of 21.9%. EBITDA margin in 1Q11 was 28.5% and 38.7% in the same period of 2010.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>EBIT dropped 38.7%, from R$ 694.8 million in 1Q10 to R$ 426.2 million in 1Q11.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>1Q11 results were particularly affected by the accounting record of R$ 230.9 million, related to the following factors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0.2in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Complementation of the actuarial liability related to the retirement and pension plan supplementary benefits granted by State Law n&#186; 4819/58 (G0 Plan) totaling R$157.5 million with effect in January 1, 2011; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0.2in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Amortization term adjustment of the intangible asset, between the asset</FONT><FONT size=2 face=sans-serif>&#8217;s </FONT><FONT size=2 face=sans-serif>useful life and the contract effectiveness, whichever is the shortest one, totaling R$ 73.4 million.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>Excluding the effect of complementation of the actuarial liability, the EBITDA would increase from R$ 654.3 million to R$ 811.8 million and margin would rise from 28.5% to 35.4%.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>Excluding both effects mentioned above, the net income would increase from R$ 182.8 million to R$ 388.8 million.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=sans-serif>2. Gross operating revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>Gross operating revenue, including construction revenue, reached R$ 2.4 billion, a 6.2% increase in comparison to the 1Q10.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>Gross operating revenue from water supply and sewage collection grew from R$ 1.8 billion in 1Q10 to R$ 2.0 billion in 1Q11, an increase of R$ 145.3 million or 7.9%. The main factors that led to this variation were: the increase of 2.6% in water billed volume and of 3.1% in sewage billed volume and the tariff adjustment of 4.05% as of September 2010.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>The increase in the number of connections, the water supply at the wholesale level for the municipality of Sumar&#233;, the prison unit that became operational in the municipality of Hortol&#226;ndia, as well as the growth upturn after the 2009 global financial crisis, in the industry category, were the factors that contributed to higher billed volume.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=sans-serif>3. Construction revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>Construction revenue dropped R$ 2.0 million, or 0.4% when comparing to 1Q10, moving from R$ 452.2 million to R$ 450.2 million, due to lower investments in the period.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=sans-serif>Page 2 of 11</FONT></P></DIV>

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

<A name="page_3"></A><BR>

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<P style="TEXT-ALIGN: center" align=center><B><FONT color=#000080 size=4 face=sans-serif>
<IMG border=0 align=center src="logo.gif"></FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=sans-serif>4. Billed volume</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following tables show the billed water and sewage volume per customer category and region in 1Q10 and 1Q11.</FONT></P>

<DIV align=left>

<P></P>

<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman,serif"><STRONG><FONT style="FONT-FAMILY: Arial">BILLED WATER AND SEWAGE VOLUME <SUP>(1)</SUP> PER CUSTOMER CATEGORY - million m<SUP>3</SUP></FONT></STRONG></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt" align=center>

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



<TR height=20>

   <TD style="BACKGROUND-COLOR: #000080" width="28%" align=middle><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="24%" colSpan=3 align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Water</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="24%" colSpan=3 align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Sewage</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="24%" colSpan=3 align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Water + Sewage</FONT></STRONG></FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #000080" width="28%"><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Category</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q10</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q11</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">%</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q10</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q11</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">%</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q10</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q11</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">%</FONT></STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Residential</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">364.6</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">373.4</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.4</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">294.1</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">303.6</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.2</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">658.7</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">677.0</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.8</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Commercial</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">40.3</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">41.3</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.5</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">37.0</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">38.3</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.5</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">77.3</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">79.6</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.0</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Industrial</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">9.0</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">9.4</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">4.4</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">9.3</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">9.9</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">6.5</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">18.3</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">19.3</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">5.5</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Public</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">11.2</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">12.2</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">8.9</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">9.1</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">9.5</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">4.4</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">20.3</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">21.7</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">6.9</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="28%"><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total retail</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">425.1</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">436.3</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.6</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">349.5</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">361.3</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.4</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">774.6</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">797.6</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.0</FONT></STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Wholesale</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">72.5</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">74.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.2</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">8.1</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">7.5</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(7.4)</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">80.6</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">81.6</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1.2</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Reused water</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.1</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.1</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="28%"><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">497.7</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">510.5</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.6</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">357.6</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">368.8</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.1</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">855.3</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">879.3</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.8</FONT></STRONG></FONT></TD></TR></TABLE></P>

<P align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black><STRONG><FONT style="FONT-FAMILY: Arial">BILLED WATER AND SEWAGE VOLUME<SUP> (1) </SUP>PER REGION - million m<SUP>3</SUP></FONT></STRONG></FONT></P></DIV>

<DIV align=left>

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



<TR height=20>

   <TD style="BACKGROUND-COLOR: #000080" width="28%"></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="24%" colSpan=3 align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Water</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="24%" colSpan=3 align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Sewage</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="24%" colSpan=3 align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Water + Sewage</FONT></STRONG></FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #000080" width="28%"><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Region</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q10</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q11</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">%</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q10</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q11</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">%</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q10</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q11</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="8%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff; FONT-SIZE: 12pt"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">%</FONT></STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Metropolitan</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">277.2</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">285.3</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.9</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">233.7</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">241.3</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.3</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">510.9</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">526.6</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.1</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: calibri"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Regional</FONT><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"></FONT></FONT><SUP>(2)</SUP></FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">147.9</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">151.0</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.1</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">115.8</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">120.0</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.6</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">263.7</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">271.0</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.8</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total retail</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">425.1</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">436.3</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.6</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">349.5</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">361.3</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.4</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">774.6</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">797.6</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.0</FONT></STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Wholesale</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">72.5</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">74.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.2</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">8.1</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">7.5</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(7.4)</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">80.6</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">81.6</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1.2</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Reused water</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.1</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.1</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="28%"><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Total</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">497.7</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">510.5</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.6</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">357.6</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">368.8</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000000 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">3.1</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">855.3</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">879.3</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="8%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.8</FONT></STRONG></FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT style="FONT-SIZE: 8pt" lang=PT-BR color=black face=Arial,sans-serif>(1) Unaudited </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR color=black face=Arial,sans-serif>(2) Including coastal and countryside </FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=sans-serif>5. Costs, administrative and selling expenses</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In 1Q11, costs of products and services, administrative and selling expenses grew 27.2% (R$ 399.2 million). As a percentage&nbsp;of net revenue, costs and expenses moved from 67</FONT><FONT size=2 face=sans-serif>.9% i</FONT><FONT size=2 face=sans-serif>n 1Q10 to 81</FONT><FONT size=2 face=sans-serif>.4%&nbsp;in 1Q11</FONT><FONT size=2 face=sans-serif>.</FONT></P>

<DIV align=left>

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



<TR>

   <TD width="40%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"><FONT style="FONT-SIZE: 12pt"><FONT style="FONT-FAMILY: calibri">

   <P></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR color=#000000><FONT style="FONT-FAMILY: calibri"><EM><FONT style="FONT-SIZE: 12pt"><STRONG>R$ million</STRONG></FONT></EM></FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #000080" width="40%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q10</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q11</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">Chg.</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: calibri; COLOR: #ffffff"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">%</FONT></STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Payroll and benefits</FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">357.3</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">556.5</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">199.2</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">55.8</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Supplies </FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">34.4</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">37.2</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.8</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">8.1</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Treatment supplies</FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">36.1</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">45.6</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">9.5</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">26.3</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Services</FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">215.4</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">231.4</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">16.0</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">7.4</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Electric power</FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">130.2</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">141.3</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">11.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">8.5</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>General expenses</FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">72.7</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">127.4</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">54.7</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">75.2</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Tax expenses</FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">27.1</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">27.4</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.3</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1.1</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 2px solid; BORDER-TOP: #000080 1px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P><STRONG></STRONG></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT lang=PT-BR color=#000000><FONT style="FONT-FAMILY: arial"><STRONG><FONT style="FONT-SIZE: 10pt">Sub-total</FONT></STRONG></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-TOP: #000080 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">873.2</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 1px solid; BACKGROUND-COLOR: #c0c0c0; BORDER-TOP: #000080 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">1,166.8</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-TOP: #000080 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">293.6</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-TOP: #000080 1px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">33.6</FONT></STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT>

   <P></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000>Depreciation and amortization</FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial">143.0</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial">228.1</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial">85.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">59.5</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT>

   <P></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000>Credit write-offs</FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial">10.4</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial">33.1</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial">22.7</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">218.3</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-LEFT: #000080 2px solid; BORDER-TOP: #000080 1px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT>

   <P><STRONG></STRONG></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000><FONT style="FONT-FAMILY: Arial"><STRONG>Sub-total</STRONG></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000080 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">1,026.6</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #c0c0c0; BORDER-TOP: #000080 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">1,428.0</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000080 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">401.4</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 1px solid; BORDER-TOP: #000080 1px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">39.1</FONT></STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT>

   <P></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000>Construction costs</FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">441.6</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial">439.4</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">(2.2)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">(0.5)</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000000 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT>

   <P></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000>Costs, administrative and selling expenses</FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">1,468.2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial">1,867.4</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">399.2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">27.2</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000000 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT>

   <P></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000>% over net revenue</FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">67.9</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">81.4</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">-</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">-</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: center"><FONT size=2 face=sans-serif>Page 3 of 11</FONT></P></DIV>

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

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<P style="TEXT-ALIGN: center" align=center><B><FONT color=#000080 size=2 face=sans-serif>
<IMG border=0 align=center src="logo.gif"></FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2 face=sans-serif>5.1. Payroll and benefits</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>In 1Q11 payroll and benefits increased by R$ 199.2 million or 55.8%, from R$ 357.3 million to R$ 556.5 million, due to the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0.2in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>5.05% increase in wages since May 2010;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0.2in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Complementation of the actuarial liability totaling R$157.5 million, referring to the actuarial calculation made on December 31, 2010 related to G0 Plan; non-recurring for the next quarters; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0.2in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Adjustment in the provision for Profit Sharing in the amount of R$ 7.2 million due to the reversal of the amounts provisioned in 1Q10.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2 face=sans-serif>5.2. Supplies</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>In 1Q11, expenses with Supplies increased by R$ 2.8 million or 8.1%, when compared to the same quarter of 2010, from R$ 34.4 million to R$ 37.2 million. The main factors for this variation were higher 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$ 2.5 million.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2 face=sans-serif>5.3. Treatment supplies</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>Between 1Q11 and 1Q10, expenses with treatment supplies increased by R$ 9.5 million or 26.3%, from R$ 36.1 million to R$ 45.6 million, due to the following:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.07in; MARGIN-LEFT: 0.27in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Addition of R$ 5.4 million in the consumption of ferric sulphate and aluminum polyvinyl in replacement of aluminum sulphate caused by worsen water quality at the Water Treatment Stations of Alto da Boa Vista, Rio Claro and Botucatu; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.07in; MARGIN-LEFT: 0.27in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Increase of R$ 3.6 million, due to the higher consumption of copper sulphate and activated carbon, which is extremely seasonal varying in accordance with climatic conditions, caused by the proliferation of algae, taste and odor in dams that serve the Alto Tiet&#234; production system.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>The consumption verified in 1Q10, came below usual level, due to the quality of water at that time, i.e., the trend of treatment material expenses has been broken. Therefore, the comparison with 1Q11 results in an evolvement apparently significant. Excluding this rupture, the evolvement would have been 7.8%. Considering an average inflation of 6.1%, the actual increase would be 1.6%.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT color=#000080 size=2 face=sans-serif>5.4. Services</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>In 1Q11 this item increased R$ 16.0 million or 7.4%, from R$ 215.4 million to R$ 231.4 million. The main factors were:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.07in; MARGIN-LEFT: 0.27in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Agreement with the municipality of S&#227;o Paulo</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0.4in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Increase of R$ 12.8 million in the provision made in 1Q11 relating to the actions established in the agreement;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0.4in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Water loss control actions totaling R$ 5.9 million mainly due to maintenance of networks, water and sewage connections and reinforced measures to prevent fraud; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0.4in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Addition of R$ 0.6 million, due to transportation of sediments of lakes Parque do Ibirapuera and Parque da Aclima&#231;&#227;o;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.07in; MARGIN-LEFT: 0.27in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Expenses with risk contracts for the recovery of credits, in the amount of R$ 2.2 million, due to collection operations;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.07in; MARGIN-LEFT: 0.27in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Postage and telegraphs in the amount of R$ 2.0 million related to the delivery of water bills at some Business Units by post, due to judicial request;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.07in; MARGIN-LEFT: 0.27in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Hydrometer reading and bill delivery expenses in the amount of R$ 2.0 million as a result of the usage of new technologies that allow greater security and agility in the bill issue and reading system at municipalities belonging to the Regional Systems, in addition to the higher number of connections and the intensification of loss control actions at the S&#227;o Paulo Metropolitan Region; and</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=sans-serif>Page 4 of 11</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0.25in" align=center><FONT size=2 face=sans-serif>
<IMG border=0 align=center src="logo.gif"></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN-LEFT: 0.25in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Freight and truckage were contracted for R$ 1.0 million for the outsourced transportation of chemical products.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.05in; MARGIN-LEFT: 0.3in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Advertising campaigns with a R$ 8.9 million decrease due to the completion of certain advertising campaign contracts, such as: </FONT><I><FONT size=2 face=sans-serif>Onda Limpa</FONT></I><FONT size=2 face=sans-serif>, </FONT><I><FONT size=2 face=sans-serif>SPTV 2&#170; Edi&#231;&#227;o</FONT></I><FONT size=2 face=sans-serif>, </FONT><I><FONT size=2 face=sans-serif>C&#243;rrego Limpo Fase 2</FONT></I><FONT size=2 face=sans-serif>, among others; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.1in; MARGIN-LEFT: 0.3in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Hiring of consultancy, advisory and specialized services with R$ 4.5 million decrease due to the completion of certain contracts comprising: organizational restructuring, implementation of value-added management.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=sans-serif>5.5. Electric power</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>In 1Q11 this item increased R$ 11.1 million or 8.5%, from R$ 130.2 million to R$ 141.3 million.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>This result is associated with the average weighted tariff increase of approximately 4.5% in the free and captive markets and the 5.7% increase in consumption, which was influenced by the startup of new operating units.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=sans-serif>5.6. General expenses</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>In 1Q11 general expenses increased R$ 54.7 million or 75.2%, from R$ 72.7 million to R$ 127.4 million, mainly due to the R$ 76.1 million provision envisaged in the agreement with the Municipal Government of S&#227;o Paulo, which is equivalent to 7.5% </FONT><FONT size=2 face=sans-serif>of the municipality&#8217;s gross revenue afte</FONT><FONT size=2 face=sans-serif>r deducting the Cofins and Pasep contributions, calculated from the date of signing of the agreement, that is June 23, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>This increase was partially offset by the lower need for provision for legal contingencies in relation to 1Q10, amounting to R$ 32.8 million.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=sans-serif>5.7. Depreciation and amortization</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>This item increased R$ 85.1 million or 59.5%, from R$ 143.0 million to R$ 228.1 million, due to the amortization term adjustment between the asset</FONT><FONT size=2 face=sans-serif>&#8217;s </FONT><FONT size=2 face=sans-serif>useful life and the contract effectiveness, whichever is the shortest one.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=sans-serif>5.8. Credit write-offs</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>Credit write-offs increased by R$ 22.7 million, from R$ 10.4 million to R$ 33.1 million, mainly due to the need of complementing the provision for Public Entities Sales, not materialized in 1Q10, as well as in view of the lower credit recovery through the receivable of private customers debts in relation to the same period in 2010.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=sans-serif>6. Financial&nbsp;</FONT></B><B><FONT color=#000080 size=4 face=sans-serif>expenses and revenues</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=sans-serif></FONT></B></P>

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



<TR>

   <TD width="40%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT>

   <P><STRONG></STRONG></P></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR color=#000000><FONT><EM><FONT style="FONT-FAMILY: arial"><STRONG><FONT style="FONT-SIZE: 10pt">R$ million</FONT></STRONG></FONT></EM></FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #000080" width="40%"><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG><FONT style="FONT-FAMILY: Arial">&nbsp;</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: Calibri"><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG><FONT style="FONT-FAMILY: Arial">1Q10</FONT></STRONG></FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: Calibri"><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG><FONT style="FONT-FAMILY: Arial">1Q11</FONT></STRONG></FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: Calibri"><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG><FONT style="FONT-FAMILY: Arial">Var.</FONT></STRONG></FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="FONT-FAMILY: Calibri"><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG><FONT style="FONT-FAMILY: Arial">%</FONT></STRONG></FONT></FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 10pt"><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: Arial"><FONT lang=PT-BR color=#000000>Financial expenses</FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%"></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%"><FONT style="FONT-FAMILY: Arial">&nbsp;</FONT></TD>

   <TD width="15%"></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%"></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 10pt"><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: Arial"><FONT lang=PT-BR color=#000000>Interest and charges on domestic loans and financing</FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">81.5</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">120.1</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">28.6</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">47.4</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 10pt"><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: Arial"><FONT lang=PT-BR color=#000000>Interest and charges on international loans and financing</FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">15.7</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">19.3</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">3.6</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">22.9</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 10pt"><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: Arial"><FONT lang=PT-BR color=#000000>Interest rate over lawsuit</FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">106.3</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">28.7</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">(77.6)</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">(73.0)</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 10pt"><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: Arial"><FONT lang=PT-BR color=#000000>Other financial expenses</FONT></FONT></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">17.5</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">8.4</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">(9.1)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">(52.0)</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 10pt"><FONT><FONT>

   <P><STRONG></STRONG></P></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT lang=PT-BR color=#000000><FONT><STRONG><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 10pt">Total financial expenses</FONT></FONT></STRONG></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">221.0</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">176.5</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">(44.5)</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">(20.1)</FONT></STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000>Financial revenues</FONT></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">40.0</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial">78.8</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">38.8</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">97.0</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="40%"><FONT style="FONT-FAMILY: Arial"><FONT><FONT>

   <P><STRONG></STRONG></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000><FONT><STRONG><FONT style="FONT-FAMILY: Arial">Financial expenses net of revenues</FONT></STRONG></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">181.0</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">97.7</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">(83.3)</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Calibri"><STRONG><FONT style="FONT-FAMILY: Arial">(46.0)</FONT></STRONG></FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=sans-serif>6.1. Financial expenses</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>In 1Q11 financial expenses dropped R$ 44.5 million, or 20.1%. The main factors that influenced this result were:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0.25in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Decrease in the amount relating to lawsuit in the amount of R$ 77.6 million, due to the lower need for provision; and</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=sans-serif>Page 5 of 11</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.05in; MARGIN-LEFT: 0.3in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Increase in interest by R$ 38.6 million, on domestic loans and financing due to some new funding in the period, such as: (i) the 12</FONT><SUP><FONT size=2 face=sans-serif>th </FONT></SUP><FONT size=2 face=sans-serif>issue of debentures in June 2010, (ii) the 13</FONT><SUP><FONT size=2 face=sans-serif>th </FONT></SUP><FONT size=2 face=sans-serif>issue of debentures in January 2011, and (iii) the payments for financing agreements already signed.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=sans-serif>6.2. Financial revenues</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Financial revenues increased by R$ 38.8 million, as a result of higher volume for financial investments due to the increase in cash position.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=sans-serif>7. Monetary variation on assets and liabilities</FONT></B></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>R$ milh&#245;es</FONT></I></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif>1Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif>Var.</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif>%</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>Monetary variation on loans and financing</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,8 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (6,2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23,8)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>Currency exchange variation on loans and financing</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,2 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (69,1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp; (93,3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (385,5)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>Other monetary/exchange rate variations</FONT></FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,0 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Variation on liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61,8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (34,8)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp; (96,6)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (156,3)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Variation on assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,4 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,2 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp; (11,2)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47,9)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Net Variation</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38,4 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (47,0)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp; (85,4)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (222,4)</FONT></B></P></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT color=#000080 size=2 face=sans-serif>7.1. Monetary variations on liabilities</FONT></B></P></DIV>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The effect on the monetary variations on liabilities in 1Q11 was R$ 96.6 million lower, compared to 1Q10, due to:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.05in; MARGIN-LEFT: 0.3in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Exchange variation on foreign loans and financing generating a negative impact of R$ 93.3 million, due to the 2.3% depreciation of the U.S. Dollar in 1Q11 compared to the 2.3% appreciation in 1Q10;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.05in; MARGIN-LEFT: 0.3in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Monetary variations on domestic loans and financing decreased by R$ 6.2 million, mainly due to the R$ 8.3 million decrease due to the positive variation of the IGPM in 1Q11 of 2.43%, compared to a 2.77% variation in 1Q10; and the R$ 2.1 million increase due to the higher variation of the TR interest rate in 1Q11 of 0.25% compared to 0.08% in 1Q10; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.05in; MARGIN-LEFT: 0.3in"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>Other monetary variations totaling increases of R$ 2.9 million related to lawsuit.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=sans-serif>7.2. Monetary variations on assets</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Monetary variations on assets decreased R$ 11.2 million, mainly due to installment agreements updates and monetary updates of deposits related to lawsuits in 1Q10.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=sans-serif>8. Operating indica<FONT style="COLOR: #000080">tors</FONT></FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>In the last 12 months, the water loss ratio remained stable in 26%, due to interruption in the water network maintenance services provided by third parties&nbsp;</FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>contractual transition problems. </FONT><FONT size=2 face=sans-serif>On the second half of 2010 the works resumed their normal courses, which will turn the ratio back to the planned path. However, as this ratio is an average </FONT><FONT size=2 face=sans-serif>between the last 12 months, it did not show </FONT><FONT size=2 face=sans-serif>these </FONT><FONT size=2 face=sans-serif>impacts. </FONT></P>

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

<P style="MARGIN: 0px">

<TABLE border=0 cellSpacing=0 width="100%">



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   <TD style="BACKGROUND-COLOR: #000080" width="55%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT><FONT style="COLOR: #ffffff">

   <P><STRONG></STRONG></P></FONT></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="COLOR: #ffffff"><FONT lang=PT-BR color=#000000><FONT style="COLOR: #ffffff"><STRONG><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT>Operating indicators*</FONT></FONT></FONT></FONT></STRONG></FONT></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="COLOR: #ffffff"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q10</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="COLOR: #ffffff"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1Q11</FONT></STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="15%" align=middle><FONT style="COLOR: #ffffff"><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">%</FONT></STRONG></FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="55%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR color=#000000><FONT>Water connections <SUP><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">(1)</FONT></SUP></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">7,161</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">7,332</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.4</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="55%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial">

   <P></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR color=#000000><FONT style="FONT-FAMILY: arial">Sewage connections <SUP><FONT style="FONT-SIZE: 10pt">(1)</FONT></SUP></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial">5,563</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial">5,758</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">3.5</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="55%"><FONT style="FONT-FAMILY: Arial">

   <P></P></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000><FONT style="FONT-FAMILY: Arial">Population directly served - water <SUP>(2)</SUP></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial">23.4</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial">23.7</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">1.3</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="55%"><FONT style="FONT-FAMILY: Arial">

   <P></P></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000><FONT style="FONT-FAMILY: Arial">Population directly served - sewage <SUP>(2)</SUP></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial">19.7</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial">20.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">2.0</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="55%"><FONT style="FONT-FAMILY: Arial">

   <P></P></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000>Number of employees</FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial">15,165</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial">15,153</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">(0.1)</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="55%"><FONT style="FONT-FAMILY: Arial">

   <P></P></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000><FONT style="FONT-FAMILY: Arial">Water volume produced <SUP>(3)</SUP></FONT></FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial">732</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial">755</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">3.2</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="55%"><FONT style="FONT-FAMILY: Arial">

   <P></P></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=#000000>Water losses (%)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">25.7</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="15%" align=right><FONT style="FONT-FAMILY: Arial">26.2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial">1.9</FONT></TD></TR></TABLE><FONT style="FONT-SIZE: 8pt" lang=PT-BR color=black face=Arial,sans-serif>(1) In thousand units </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR color=black face=Arial,sans-serif>(2) In&nbsp;<FONT style="FONT-SIZE: 8pt" face=Arial>millions</FONT> inhabitants. Not including wholesale </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR color=black face=Arial,sans-serif>(3) In millions of cubic meters </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR color=black face=Arial,sans-serif>* Unaudited </FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=sans-serif>Page 6 of 11</FONT></P></DIV>

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

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

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

<P style="TEXT-ALIGN: center" align=center><B><FONT color=#000080 size=4 face=sans-serif>
<IMG border=0 align=center src="logo.gif"></FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=sans-serif>9. Loans and financing</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>The final maturity of the Receivables Securitization Fund </FONT><FONT size=2 face=sans-serif>&#8211; </FONT><FONT size=2 face=sans-serif>FIDC occurred in March 2011. This fund, created in 2006, </FONT><FONT size=2 face=sans-serif>totaling R$ 250 million, was amortized in 54 monthly equal installments.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>On April 15, BNDES and BNDESPAR, fully subscribed the 14</FONT><SUP><FONT size=2 face=sans-serif>th </FONT></SUP><FONT size=2 face=sans-serif>issue of debentures in the total amount of R$ 275.3 million. This was the second issue conducted within the 3 issue program with the BNDES, in the amount of approximately </FONT><FONT size=2 face=sans-serif>R$ 830 million. The proceeds obtained from this issue will be used in programs such as water supply systems, sewage collection and treatment and loss reduction.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=sans-serif>The final maturity of the 8</FONT><SUP><FONT size=2 face=sans-serif>th </FONT></SUP><FONT size=2 face=sans-serif>issue of debentures will take place in June 2011, with the amortization of the 2</FONT><SUP><FONT size=2 face=sans-serif>nd </FONT></SUP><FONT size=2 face=sans-serif>series, totaling R$ 465 million, with funds already secured by the Company through the issue, on December 2010, of the 2020 Eurobonds in the amount of US$ 350 million, as announced to the market.</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0 width="100%">



<TR>

   <TD width="28%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT><FONT>

   <P></P></FONT></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=PT-BR color=#000000><FONT><EM><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT>R$ million </FONT></FONT></FONT></FONT></EM></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #000080" width="28%"><FONT style="COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial">

   <P><STRONG></STRONG></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial"><FONT style="COLOR: #ffffff"><FONT style="FONT-SIZE: 10pt"><STRONG>INSTITUTION </STRONG></FONT></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="9%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>2011</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="9%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>2012</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="9%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>2013</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="9%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>2014</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="9%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>2015</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="9%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>2016</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="9%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>2017 and onwards</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" width="9%" align=middle><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><STRONG>Total</STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" lang=PT-BR color=#000000><STRONG>Local market</STRONG></FONT></P></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%">&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt" lang=PT-BR color=#000000>Banco do Brasil</FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">240.5</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">345.4</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">375.9</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">99.0</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1,060.8</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Caixa Econ&#244;mica Federal</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">69.5</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">102.5</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">103.9</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">65.2</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">43.0</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">41.6</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">429.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">854.8</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Debentures</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">510.1</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">833.8</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">547.2</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">313.1</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">313.1</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">45.4</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2,562.7</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Debentures BNDES</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.0</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">35.2</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">35.2</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">35.2</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">35.2</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">138.8</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">281.6</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Debentures FI FGTS</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">22.7</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">45.4</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">45.4</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">340.7</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">454.2</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>BNDES</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">33.8</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">71.3</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">43.4</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">39.2</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">39.2</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">39.2</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">230.7</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">496.8</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Others</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">2.1</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.8</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.5</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.5</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.6</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">0.6</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">1.2</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">6.3</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Interest and charges</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">130.2</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">130.2</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P><STRONG></STRONG></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000><STRONG>Local market total</STRONG></FONT></FONT></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>986.2</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>1,355.8</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>1,106.1</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>574.9</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>476.5</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>162.0</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>1,185.9</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>5,847.4</STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P><STRONG></STRONG></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000><STRONG>International market</STRONG></FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>-</STRONG></FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>-</STRONG></FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>-</STRONG></FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>-</STRONG></FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>-</STRONG></FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>-</STRONG></FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>-</STRONG></FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>-</STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>BID</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">61.9</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">61.9</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">61.9</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">61.9</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">61.9</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">61.9</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">185.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">556.5</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Eurobonds</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">227.4</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">562.9</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">790.3</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>JBIC</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">11.3</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">22.6</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">22.6</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">22.6</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">22.6</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">22.6</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">293.8</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">418.1</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>JICA</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">10.2</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">20.3</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">20.3</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">20.3</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">20.3</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">20.3</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">263.9</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">375.6</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>BID 1983AB</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">39.0</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">38.7</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">38.7</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">38.7</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">38.7</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">38.7</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">171.8</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">404.3</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000>Interest and charges</FONT></FONT></FONT></FONT></P></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">31.1</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt">31.1</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P><STRONG></STRONG></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000><STRONG>International market total</STRONG></FONT></FONT></FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>153.5</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>143.5</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>143.5</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>143.5</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>143.5</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>370.9</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>1,477.4</STRONG></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>2,575.8</STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="28%"><FONT style="FONT-SIZE: 10pt"><FONT style="FONT-FAMILY: arial"><FONT>

   <P><STRONG></STRONG></P></FONT></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 10pt"><FONT lang=PT-BR color=#000000><STRONG>Total</STRONG></FONT></FONT></FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>1,139.7</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>1,499.3</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>1,249.6</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>718.4</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>620.0</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>532.9</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>2,663.3</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BACKGROUND-COLOR: #c0c0c0; BORDER-RIGHT: #000080 2px solid" width="9%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><STRONG>8.423.2</STRONG></FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: center"><FONT size=2 face=sans-serif>Page 7 of 11</FONT></P></DIV>

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

<A name="page_8"></A><BR>

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

<P style="TEXT-ALIGN: center" align=center><B><FONT color=#000080 size=4 face=sans-serif>
<IMG border=0 align=center src="logo.gif"></FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=sans-serif>10. Conference Calls</FONT></B></P>

<DIV align=center>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="49%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=middle><B><U><FONT color=#000080 size=2 face=sans-serif>In Portuguese</FONT></U></B>&nbsp;</TD>

   <TD noWrap align=middle><B><U><FONT color=#000080 size=2 face=sans-serif>Teleconfer&#234;ncia em Ingl&#234;s</FONT></U></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=middle><B><FONT size=2 face=sans-serif>May 13, 2011</FONT></B>&nbsp;</TD>

   <TD noWrap align=middle><B><FONT size=2 face=sans-serif>May 13, 2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=middle><FONT size=2 face=sans-serif>2:00pm (Bras&#237;lia) / 1:00pm (US EST)</FONT>&nbsp;</TD>

   <TD noWrap align=middle><FONT size=2 face=sans-serif>4:00pm (Bras&#237;lia) / 3:00pm (US EST)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=middle><FONT size=2 face=sans-serif>Dial in access: (55 11) 3127-4971</FONT>&nbsp;</TD>

   <TD noWrap align=middle><FONT size=2 face=sans-serif>Dial in access: 1(412) 317-6776</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=middle><FONT size=2 face=sans-serif>Conference ID: Sabesp</FONT>&nbsp;</TD>

   <TD noWrap align=middle><FONT size=2 face=sans-serif>Conference ID: Sabesp</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=middle><I><U><FONT size=2 face=sans-serif>Replay available until </FONT></U></I><U><FONT size=2 face=sans-serif>05/20/2011</FONT></U>&nbsp;</TD>

   <TD noWrap align=middle><I><U><FONT size=2 face=sans-serif>Replay available until </FONT></U></I><U><FONT size=2 face=sans-serif>05/24/2011</FONT></U>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=middle><FONT size=2 face=sans-serif>Dial in access: (55 11) 3127-4999</FONT>&nbsp;</TD>

   <TD noWrap align=middle><FONT size=2 face=sans-serif>Dial in access: 1(412) 317-0088</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=middle><FONT size=2 face=sans-serif>Replay ID: 93119233</FONT>&nbsp;</TD>

   <TD noWrap align=middle><FONT size=2 face=sans-serif>Replay ID: 450798#</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: center"><U><FONT color=#0000ff size=2 face=sans-serif>Click here </FONT></U><FONT size=2 face=sans-serif>for live webcast or access through the internet at: </FONT><U><FONT size=2 face=sans-serif>www.sabesp.com.br</FONT></U></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>For more information, please contact:</FONT></B></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Mario Arruda Sampaio<BR>Phone: (55 11) 3388-8664<BR></FONT></I><I><FONT size=2 face=sans-serif>E-mail: </FONT></I><I><U><FONT color=#0000ff size=2 face=sans-serif>maasampaio@sabesp.com.br</FONT></U></I></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Angela Beatriz Airoldi<BR>Phone: (55 11) 3388-8793<BR>E-mail: </FONT></I><I><U><FONT color=#0000ff size=2 face=sans-serif>abairoldi@sabesp.com.br</FONT></U></I></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=2 face=sans-serif>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 size=2 face=sans-serif>Page 8 of 11</FONT></P></DIV>

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<!--$$/page=--><A name="page_9"></A><BR>

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

<DIV align=left>

<P align=center>
<IMG border=0 src="logo.gif"></P></DIV>

<DIV align=left>

<P></P>

<P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 15pt" lang=PT-BR color=navy face=Arial,sans-serif>Income Statement </FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt" align=center><STRONG><FONT color=#000080 face=Arial></FONT></STRONG>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Corporate law method (Law No. 6,404/76)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>R$ '000</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif>PARENT COMPANY</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif>1Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif>1Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif>1Q10</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Gross revenue from sales and services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,440,003 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,296,740 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,441,062 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,296,740 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Water supply - retail</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,038,906 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>966,276 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,039,502 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>966,276 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Water supply - wholesale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>42,164 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>45,699 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>42,164 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>45,699 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Sewage collection and treatment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>863,029 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>795,909 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>863,461 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>795,909 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Sewage collection and treatment - wholesale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,237 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,933 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,237 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,933 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Construction revenue - water</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>207,206 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>226,116 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>207,213 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>226,116 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Construction revenue - sewage</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>242,968 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>226,116 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>242,975 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>226,116 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>39,493 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>30,691 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>39,510 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>30,691 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Taxes on sales and services - COFINS and PASEP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(145,380)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (133,605)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145,372)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (133,605)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net revenue from sales and services</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,294,623 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,163,135 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,295,690 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,163,135 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Costs of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,367,777)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,154,896)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,368,424)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,154,896)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926,846 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,008,239 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 927,266 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,008,239 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Operating expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Selling</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178,222)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116,510)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178,249)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116,510)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Administrative</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (321,482)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196,771)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (322,851)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196,912)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other operating revenue (expenses), net&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,185 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,445 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,213 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,445 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Operating income before shareholdings</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=red face=Arial,sans-serif>&nbsp; &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430,327 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698,403 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429,379 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698,262 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; Equity result</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=red face=Arial,sans-serif>&nbsp; &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (966)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Earnings before financial results, net</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>429,361 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698,286 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429,379 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698,262 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; Financial income and expenses, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(114,813)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (195,166)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114,869)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (195,142)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; Foreign exchange gain (loss), net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>64,179 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24,230)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64,179 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24,230)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Earnings before income tax and social contribution</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>378,727 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478,890 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378,689 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478,890 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Current&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (209,314)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (236,931)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (209,314)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (236,931)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; Deferred</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,380 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>57,086 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,418 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>57,086 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income (loss) for the period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>182,793 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299,045 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182,793 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299,045 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Registered common shares ('000)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>227,836 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>227,836 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>227,836 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>227,836 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Earnings per shares - R$ (per share)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>0,80 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,31 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0,80 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,31 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation and amortization</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (228,093)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143,028)</FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (228,100)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143,028)</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>EBITDA</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654,269 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837,869 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654,266 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837,845 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; % over net revenue</FONT></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>28,5%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>38,7%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>28,5%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>38,7%</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P></P></DIV>

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

<P style="TEXT-ALIGN: center"><FONT size=2 face=sans-serif>Page 9 of 11</FONT></P></DIV>

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

<!--$$/page=--><A name="page_10"></A><BR>

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

<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=4 face=sans-serif>
<IMG border=0 src="logo.gif"> </FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=4 face=sans-serif>Balance Sheet</FONT></B></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Brazilian corporate law</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>R$ '000</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif>PARENT COMPANY</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif>ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif>03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif>03/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" vAlign=center width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#ffffff face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,397,072 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,988,004 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,399,844 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,989,179 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Accounts receivable from clients</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969,335 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971,047 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969,812 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971,318 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Related party balance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140,303 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137,772 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140,303 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137,772 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Inventory</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,878 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,090 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,888 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,096 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Restricted cash</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292,369 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302,570 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292,369 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302,570 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Recoverable taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,544 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108,675 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,652 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108,675 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241,223 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,716 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254,748 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,511 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Total current assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,132,724 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,574,874 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,149,616 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,590,121 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;Long term assets:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Accounts receivable from clients</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361,343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352,839 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361,343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352,839 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Related party balance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218,634 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231,076 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218,634 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231,076 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Indemnities receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146,213 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146,213 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146,213 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146,213 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Judicial deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,391 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,543 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,391 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,543 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; Deferred income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>91,340 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77,913 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91,953 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78,440 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; National Water Agency - ANA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64,010 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62,540 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64,010 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62,540 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,893 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47,884 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,348 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,370 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946,824 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962,008 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948,892 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964,021 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,900 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,262 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Intangible assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,751,827 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,541,522 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,759,209 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,546,836 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Permanent assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205,178 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206,384 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259,620 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249,606 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,974,905 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,756,168 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,018,829 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,796,442 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Total non-current assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,921,729 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,718,176 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,967,721 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,760,463 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,054,453 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,293,050 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,117,337 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,350,584 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif>03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif>03/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Contractors and suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156,295 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142,634 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158,161 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144,043 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Current portion of</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; long term loans </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,276,350 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,239,716 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,276,352 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,242,143 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Salaries and payroll charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250,555 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246,325 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250,898 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246,467 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; Income tax and social contribution payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>81,457 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,457 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; Other taxes and contributions payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>119,483 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157,768 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119,670 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158,050 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; Interest on own capital payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>354,254 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354,254 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354,272 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354,254 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780,801 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766,603 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780,801 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766,603 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Other accounts payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438,083 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378,256 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438,083 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378,256 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Other payables</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215,823 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216,230 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215,823 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216,298 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Total current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,673,101 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,501,786 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,675,517 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,506,114 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,146,874 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,969,576 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,207,142 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,022,472 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; Other taxes and contributions payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>44,627 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53,045 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,627 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53,045 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; Deferred income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>-&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Deferred Cofins/Pasep taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113,613 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,962 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113,613 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,962 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699,828 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693,227 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699,828 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693,227 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Pension plan obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,999,253 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,804,038 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,999,253 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,804,038 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp; Other payables</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512,564 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476,616 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512,764 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476,926 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Total non current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,516,759 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,109,464 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,577,227 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,162,670 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Shareholders' equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; Capital stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,203,688 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,203,688 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,203,688 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,203,688 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; Capital reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124,255 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124,255 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124,255 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124,255 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; Income reserve and accrued earnings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>3,536,650 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,353,857 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,536,650 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,353,857 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Total shareholders' equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,864,593 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,681,800 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,864,593 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,681,800 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Total liabilities and shareholders' equity</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>24,054,453 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 23,293,050 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,117,337 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,350,584 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: navy 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P></P></DIV>

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

<P style="TEXT-ALIGN: center"><FONT size=2 face=sans-serif>Page 10 of 11</FONT></P></DIV>

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

<A name="page_11"></A><BR>

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

<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=4 face=sans-serif>
<IMG border=0 src="logo.gif"></FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=4 face=sans-serif>Cash Flow</FONT></B></P>

<DIV align=left>

<DIV align=left>

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



<TR>

   <TD vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Brazilian corporate law</FONT></B></P></TD>

   <TD vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>R$ '000</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" rowSpan=2 width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BACKGROUND: navy; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif>PARENT COMPANY</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BACKGROUND: navy; BORDER-TOP: navy 1pt solid" vAlign=bottom width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif>CONSOLIDATED</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: navy" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif>Jan-Mar/11</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: navy" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif>Jan-Mar/10</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: navy" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif>Jan-Mar/11</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: navy" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=Arial,sans-serif>Jan-Mar/10</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cash flow from operating activities</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #333399 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Earnings before income tax and social contribution</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>378,727</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478,890</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378,689 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478,890 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228,093</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143,028 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228,100 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143,028 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Losses from the sale of fixed and intangible assets</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>642 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,324</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,324 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Provisions for bad debt</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83,283 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51,536 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83,283 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51,536 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Provisions for contingencies</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,750 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176,411</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,750 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176,411 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Provisions for the Term of Adjustment of Conduct - TAC</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>11,220 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16,516)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,220 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16,516)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Liabilities related to pension plans</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>198,749 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,817 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198,749 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,817 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Interest calculated on loans and financing payable</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>141,298 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97,942 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141,223 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97,942 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Monetary and exchange variation on loans and financing</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>(35,206)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50,246 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35,206)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50,246 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Variation on liabilities and interest</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>817 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,155 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,155 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Variation on assets and interest</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>(4,675)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,239)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,697)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,239)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Fair value margin on intangible assets from</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>concession agreements</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,759)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,615)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,759)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,615)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Equity result</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>S&#227;o Paulo municipal goverment transfers</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,111 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74,111 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Other write-offs</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,758 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (211)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,758 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (211)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Adjusted net income (generated by operating activities)</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></B><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>1,116,774</FONT></U></B></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,003,885 </FONT></U></B></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,115,687 </FONT></U></B></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,003,768 </FONT></U></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Variation on assets and liabilities</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U></B><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>(339,747)</FONT></U></B></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130,737)</FONT></U></B></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (339,394)</FONT></U></B></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130,726)</FONT></U></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>(Increase) decrease in assets:</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Accounts receivable from clients</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88,974)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38,220)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89,180)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38,220)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Balances and transactions with related parties</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>12,455</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,390 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,455 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,390 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,329</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,388 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,325 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,388 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Recoverable taxes</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95,878)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,201)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96,034)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,201)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Indemnities receivable</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Judicial deposits</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,379 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (513)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,379 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (513)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Other accounts receivable</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193,598)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12,901)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193,753)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12,904)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Increase (decrease) in liabilities:</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Contractors and suppliers</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,225 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43,015)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,682 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43,033)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Other suppliers</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59,827 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,717)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59,827 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,717)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Salaries and payroll charges</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,990)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,365 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,789)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,398 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other taxes and contributions payable</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>33,937 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23,586)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,842 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23,587)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Taxes on revenues</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,445)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5,445)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Liabilities related to pension plans</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>(3,534)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,183)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,534)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,183)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Other accounts payable </FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50,118)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,763 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49,807)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,763 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Contingencies</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33,458)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59,862)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33,458)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59,862)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Others</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (263,017)</FONT></U></B></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (298,376)</FONT></U></B></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (263,017)</FONT></U></B></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (298,376)</FONT></U></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Interest paid</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200,712)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92,700)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200,712)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92,700)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Income tax and contributions paid</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>(62,305)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (205,676)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62,305)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (205,676)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Net cash generated from operating activities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BORDER-TOP: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>514,010 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574,772 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-TOP: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513,276 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574,666 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cash flow from investing activities:</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Restricted cash</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,201</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24,062)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,201 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24,062)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Increase in investment</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,604)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Acquisition of property, plant and equipment</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>(3,671)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14,898)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif>Acquisition of intangible assets</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (344,449)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (374,628)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (346,517)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (375,138)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Income from the sale of fixed assets</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>-&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net cash used in investing activities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BORDER-TOP: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>(348,523)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BORDER-TOP: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (398,690)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BORDER-TOP: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (351,214)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BORDER-TOP: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (399,200)</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Cash flow from financing activities</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Funding</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976,132 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153,260 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983,579 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153,279 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Amortizations</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (732,551)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (247,211)</FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (734,976)</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (247,211)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Payment of interest on own capital</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>-&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Net cash generated (invested) in financing activities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BORDER-TOP: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>243,581 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93,951)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-TOP: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248,603 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93,951)</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Increase (decrease) in cash and equivalents</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>409,068 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,131 </FONT></B></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410,665 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,515 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents at the beginning of the period</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>1,988,004 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769,433 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 1,989,179 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771,008 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents at the end of the period</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>2,397,072 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851,564 </FONT></P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 2,399,844 </FONT></P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852,523 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Changes in cash and cash equivalents</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 1px solid; BORDER-TOP: #000080 1px solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>409,068 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-TOP: #000080 1px solid; BORDER-RIGHT: #000080 1px solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,131 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-TOP: #000080 1px solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410,665 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-TOP: #000080 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81,515 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT size=2 face=sans-serif>Page 11 of 11</FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>

<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></U></B></FONT>

<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;May 16, 2011</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 70%" border=0 cellSpacing=0 cellPadding=0>



<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><STRONG>/s/ Rui de Britto &#193;lvares Affonso</STRONG><BR>

   <HR align=left color=#000000 SIZE=1 noShade>



   <P></P></TD>

   <TD></TD></TR>

<TR>

   <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>&nbsp;</P>

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

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="'Times New Roman, Times, Serif'">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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