<SEC-DOCUMENT>0001292814-11-003050.txt : 20111202
<SEC-HEADER>0001292814-11-003050.hdr.sgml : 20111202
<ACCEPTANCE-DATETIME>20111202143638
ACCESSION NUMBER:		0001292814-11-003050
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20110930
FILED AS OF DATE:		20111202
DATE AS OF CHANGE:		20111202

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:		111239892

	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>sbspr3q11_6k.htm
<DESCRIPTION>EARNINGS RELEASE 3Q11
<TEXT>

<HTML>
<HEAD>
   <TITLE>sbspr3q11_6k.htm - provide by MZ Technologies</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Arial';font-size: 10pt;">



<HR align=left color=#000000 SIZE=2 noShade>



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

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

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

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

<HR align=center color=#000000 SIZE=1 width="25%" noShade>



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

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

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

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

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

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

<DIV align=center>

<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;November 17, 2011</B></FONT></DIV><FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>

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

<HR align=center color=#000000 SIZE=1 width="25%" noShade>



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

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

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

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

<DIV align=center></DIV>

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

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

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

<HR align=center color=#000000 SIZE=1 width="25%" noShade>

<BR>

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

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

<HR align=center color=#000000 SIZE=1 width="25%" noShade>

<BR>

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

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

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

<P 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>

<HR align=left color=#000000 SIZE=2 noShade>



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

<H5 style="PAGE-BREAK-BEFORE: always" align=left></H5><A name="page_1"></A><BR>

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

<P align=center><B>
<IMG border=0 src="heading.gif"></B></P>

<P align=center><STRONG></STRONG>&nbsp;</P>

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

<P style="TEXT-ALIGN: left"><B><FONT color=#000080>

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



<TR>

   <TD width="70%">

   <P style="TEXT-ALIGN: center"><B><FONT color=#000080>SABESP announces 3Q11 results</FONT></B></P></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="26%"></TD></TR>

<TR>

   <TD width="70%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="26%"></TD></TR>

<TR height=20>

   <TD width="70%">

   <P style="TEXT-ALIGN: justify">S&#227;o Paulo, November 10, 2011 - <B>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </B>(BM&amp;FBovespa: SBSP3; NYSE: SBS), one of the largest water and sewage services providers in the world based on the number of customers, announces today its <B>results for the third quarter 2011 (3Q11)</B>. The Company&#8217;s operating and financial information, except when indicated otherwise is presented in Brazilian Reais, in accordance with the Brazilian Corporate Law. <U>All comparisons in this release, unless otherwise stated, refer to the year 2010</U>.</P></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="2%"></TD>

   <TD style="BORDER-LEFT: #333399 1px solid" width="2%"></TD>

   <TD width="26%">

   <P style="TEXT-ALIGN: right">SBSP3: R$ 48.00/ share<BR>SBS: US$ 55.02 (ADR=2 shares)<BR>Total shares: 227,836,623<BR>Market Value: R$ 10.9 billion<BR>Closing price: 11/10/2011</P>

   <P align=center>
   <IMG border=0 src="p1_i1.gif"></P></TD></TR></TABLE></FONT></B></P>&nbsp;<BR><BR></DIV>

<DIV style="PAGE-BREAK-BEFORE: always">

<DIV align=center>
<IMG border=0 src="p1_i2.gif"></DIV>

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

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

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

<DIV align=center>

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

</DIV></DIV>



<P><A name="page_2"></A></P>

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

<P align=center><B>
<IMG border=0 src="heading.gif"></B></P>

<P align=center><STRONG></STRONG>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080>1. Financial&nbsp;</FONT></B><B><FONT color=#000080>Highlights</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 99%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="36%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="36%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Var. (R$)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>9M10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>9M11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Var. (R$)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="8%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(+) Gross operating revenue</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,929.3 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,068.1 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>138.8 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.2 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,638.4 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,043.3 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>404.9 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.2 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(+) Construction revenue</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>564.9 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>672.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>107.4 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,559.7 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,621.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>61.4 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.9 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(-) COFINS and PASEP taxes</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>140.9 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>149.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>409.2 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>438.7 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>29.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.2 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(=) Net operating revenue</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,353.3 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,591.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>238.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,788.9 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,225.7 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>436.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(-) Costs and expenses</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,166.0 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,287.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>121.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.4 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,330.6 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,968.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>637.4 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19.1 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(-) Construction costs</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>551.6 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>656.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>104.4 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>18.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,523.9 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,581.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>57.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.8 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(+) Equity Results</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(0.1)</FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(2.2)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(2.1)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(0.3)</FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(4.4)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(4.1)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(=) Earnings before financial expenses (EBIT*)</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>635.6 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>646.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.4 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,934.1 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,671.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(262.6)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(13.6)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(+) Depreciation and amortization</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>141.2 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>168.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>27.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>432.9 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>572.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>139.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>32.2 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(=) EBITDA**</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>776.8 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>814.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>37.4 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,367.0 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,244.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(123.0)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(5.2)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(%) EBITDA margin</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>33.0 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>31.4 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>34.9 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>31.1 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; HEIGHT: 14.25pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Net income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>437.0 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>68.0 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(369.0)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(84.4)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,055.5 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>730.4 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(325.1)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(30.8)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; HEIGHT: 14.25pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Earnings per share (R$)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.92 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.30 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.63 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.21 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 2px solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE>&nbsp;(*) Earnings before interest and taxes<BR>(**) Earnings before interest, taxes, depreciation and amortization</DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">In 3Q11, net operating revenue reached R$ 2.6 billion, a 10.1% growth compared to 3Q10. Costs and expenses, in the amount of R$ 1.3 billion grew 10.4% versus 3Q10. EBIT grew by 1.6%, from R$ 635.6 million in 3Q10 to R$ 646.0 million in 3Q11. EBITDA moved from R$ 776.8 million in 3Q10 to R$ 814.2 million in 3Q11, an increase of 4.8%. EBITDA margin was 31.4% in 3Q11 in comparison to 33.0% in 3Q10.</P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080>2. Gross operating revenue</FONT></B></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">Gross operating revenue from water supply and sewage collection grew from R$ 1.9 billion in 3Q10 to R$ 2.1 billion in 3Q11, an increase of R$ 138.8 million or 7.2%. The main factors that led to this variation were: the increase of 3.0% in water billed volume and of 4.2% in sewage billed volume and the tariff adjustment of 4.05% as of September 2010.</P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">The main factors that contributed to higher billed volume were: the increase in the number of connections, the intensification of fraud prevention, replacement of water meters in the S&#227;o Paulo Metropolitan Region and the growth in industry consumption.</P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080>3. Billed volume</FONT></B></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">The following tables show the billed water and sewage volume per customer category and region in 3Q10 and 3Q11.</P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</P>

<P style="TEXT-ALIGN: center; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">Page 2 of 11</P>

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



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



<P></P>

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

<P align=center><B>
<IMG border=0 src="heading.gif"></B></P>

<P align=center><STRONG></STRONG>&nbsp;</P></DIV>

<P></P><BR>

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

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

<DIV align=left>

<TABLE style="WIDTH: 99%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 15pt" vAlign=bottom width="98%" colSpan=10 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>BILLED WATER AND SEWAGE VOLUME <SUP>(1)</SUP> PER CUSTOMER CATEGORY - million m<SUP>3</SUP></FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="17%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Water</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="27%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Water + Sewage</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Category</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Residential</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>357.7 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>369.1 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.2 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>291.8 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>304.1 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.2 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>649.5 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>673.2 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.6</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Commercial</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>40.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>41.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.7 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>37.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>39.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.7 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>77.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>80.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.7</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Industrial</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9.7 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.3 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8.6 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>18.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.5</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Public</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.4 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.9 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>23.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>24.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.8 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>420.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>434.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.3 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>348.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>363.8 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.3 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>769.1 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>798.0 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.8</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Wholesale</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>73.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>74.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.1 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.0 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>79.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>80.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Reused water</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>493.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>508.4 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.0 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>355.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>370.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.2 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>849.1 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>879.0 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.5</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 13.5pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="17%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 13.5pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>9M10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 13.5pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>9M11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 13.5pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 13.5pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>9M10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 13.5pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>9M11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 13.5pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 13.5pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>9M10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 13.5pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>9M11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 13.5pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Residential</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,079.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,109.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.8 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>876.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>908.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.8 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,955.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,018.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.2 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Commercial</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>120.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>124.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.3 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>112.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>116.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.8 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>233.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>241.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Industrial</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>27.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>28.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.7 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>27.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>30.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.5 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>55.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>58.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.1 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Public</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>37.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>39.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.2 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>29.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>31.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.7 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>67.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>70.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.1 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,264.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,302.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #d8d8d8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.0 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; BACKGROUND: #d8d8d8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,046.1 </FONT></B></P></TD>

   <TD style="BACKGROUND: #d8d8d8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,086.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.9 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; BACKGROUND: #d8d8d8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,311.0 </FONT></B></P></TD>

   <TD style="BACKGROUND: #d8d8d8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,389.1 </FONT></B></P></TD>

   <TD style="BACKGROUND: #d8d8d8; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.4 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Wholesale</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>219.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>222.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.5 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>21.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>21.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(4.1)</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>241.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>243.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.0 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Reused water</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,484.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,525.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #d8d8d8; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #d8d8d8; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,068.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #d8d8d8; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,107.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #d8d8d8; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,552.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #d8d8d8; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,632.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BACKGROUND: #d8d8d8; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.2 </FONT></B></P></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 99%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 15pt" vAlign=bottom width="100%" colSpan=10 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>BILLED WATER AND SEWAGE VOLUME <SUP>(1)</SUP> PER REGION - million m<SUP>3</SUP></FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="15%" noWrap>

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

   <TD style="BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="28%" colSpan=3 noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="28%" colSpan=3 noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="29%" colSpan=3 noWrap>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>Region</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Metropolitan</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>278.7 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>287.4 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.1 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>236.2 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>244.1 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.3 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>514.9 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>531.5 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.2</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Regional<SUP> (2)</SUP></FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>141.5 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>146.8 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.7 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>112.7 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>119.7 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.2 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>254.2 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>266.5 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.8</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>420.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>434.2 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.3 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>348.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>363.8 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.3 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>769.1 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>798.0 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.8</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Wholesale</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>73.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>74.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.1 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.0 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>79.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>80.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Reused water</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>493.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>508.4 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>355.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>370.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.2 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>849.1 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>879.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.5</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>9M10</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>9M11</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>9M10</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>9M11</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>9M10</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>9M11</FONT></B></P></TD>

   <TD style="BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Metropolitan</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>834.8 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>857.6 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.7 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>706.1 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>727.8 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.1 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,540.9 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,585.4 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.9</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Regional<SUP> (2)</SUP></FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>430.1 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>445.0 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.5 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>340.0 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>358.7 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.5 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>770.1 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>803.7 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.4</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,264.9 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,302.6 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.0 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,046.1 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,086.5 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.9 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,311.0 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,389.1 </FONT></B></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.4</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Wholesale</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>219.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>222.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.5 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>21.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>21.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(4.1)</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>241.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>243.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Reused water</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,484.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,525.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,068.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,107.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,552.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,632.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.2</FONT></B></P></TD></TR></TABLE>(1) Unaudited</DIV>

<DIV align=left>(2) Including coastal and countryside</DIV>&nbsp;<BR></DIV>

<P style="TEXT-ALIGN: center; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">Page 3 of 11</P>

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



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



<P></P>

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

<P align=center><B>
<IMG border=0 src="heading.gif"></B></P>

<P align=center><STRONG></STRONG>&nbsp;</P></DIV>

<P></P>

<P><B><FONT color=#000080>4. Costs, administrative and selling expenses</FONT></B></P>

<P align=justify>In 3Q11, costs of products and services, administrative and selling expenses grew 13.1% (R$ 225.5 million). As a percentage of net revenue, costs&nbsp;and&nbsp;expenseses moved 73.0% in 3Q10 to 75.0% in 3Q11.</P>

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

<DIV align=left>

<TABLE style="WIDTH: 99%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="37%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="37%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Chg. (R$)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>9M10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>9M11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Chg. (R$)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 2px solid; BORDER-LEFT: #333399 2px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 2px solid; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Payroll and benefits</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>384.2 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>427.1 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>42.9 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11.2 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,137.4 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,395.7 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>258.3 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>22.7 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Supplies</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>36.3 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>42.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>17.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>103.0 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>114.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.9 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Treatment supplies</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>31.6 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>37.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.7 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>18.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>98.7 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>118.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>20.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>20.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Services</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>221.2 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>245.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>23.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>711.2 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>709.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(2.0)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(0.3)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Electric power</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>132.3 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>143.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>392.3 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>436.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>General expenses</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>166.1 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>194.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>28.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>16.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>274.9 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>478.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>203.7 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>74.1 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Tax expenses</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11.7 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(0.1)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(0.9)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>50.5 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>49.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1.4)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(2.8)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Sub-total</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>983.4 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,101.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>118.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,768.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,302.2 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>534.2 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19.3 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>141.2 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>168.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>27.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>432.9 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>572.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>139.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>32.2 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Credit write-offs</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>41.4 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>17.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(24.2)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(58.5)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>129.7 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>93.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(36.4)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(28.1)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Sub-total</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>182.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>185.4 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>562.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>665.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>103.2 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>18.3 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Construction costs</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>551.6 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>656.0 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>104.4 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>18.9 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,523.9 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,581.8 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>57.9 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.8 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Costs, administrative and selling expenses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,717.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,943.1 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>225.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13.1 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,854.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,549.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>695.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>14.3 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>% over net revenue</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>73.0</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>75.0</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.5</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>76.8</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080>4.1. Payroll and benefits</FONT></B></P>

<P style="TEXT-ALIGN: left">In 3Q11 payroll and benefits increased by R$ 42.9 million or 11.2%, from R$ 384.2 million to R$ 427.1 million, due to the following:</P>

<UL>

<LI>

<P align=justify>Reversion of R$ 13.4 million, in 2010, referent to the provision for Profit Sharing (PLR) in 2009, with an impact of R$ 20.1 million between the periods;</P>

<LI>

<P align=justify>Adjustment of actuarial calculation relating to the migration of employees from the Defined Benefits Plan to Sabesprev-Mais in 2010, amounting to R$ 3.9 million;</P>

<LI>

<P align=justify>Increase of R$ 8.5 million due to compensation related the Government Severance Indemnity Fund (FGTS), as a result of a higher number of lay-offs this quarter; and</P>

<LI>

<P align=justify>8% increase in wages since May 2011, with an impact of approximately R$ 31.6 million.</P></LI></UL>

<P style="TEXT-ALIGN: left">The aforementioned increases were offset by a reduction of R$ 21.5 million, referring to the actuarial liability of the G0 Plan. Since 2011, these expenses have been recognized net of the payments of the undisputed party (benefits of Law no. 4819/58).</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080>4.2. Supplies</FONT></B></P>

<P style="TEXT-ALIGN: left">In 3Q11, expenses with supplies increased by R$ 6.2 million or 17.1%, when compared to the same quarter of 2010, from R$ 36.3 million to R$ 42.5 million. The main factor for this variation was the expenses with maintenance of systems.</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080>4.3. Treatment supplies</FONT></B></P>

<P style="TEXT-ALIGN: left">Treatment supplies expenses in 3Q11 were R$ 5.7 million, or 18.0% higher than in 3Q10, from R$ 31.6 million to R$ 37.3 million. The main factors were:</P>

<UL>

<LI>

<P align=justify>Increase of R$ 2.0 million in the consumption of aluminum polychloride in replacement of the aluminum sulphate at the Water Treatment Station of Guara&#250;; and</P>

<LI>

<P align=justify>Increase of R$ 1.0 million in chlorine consumption due to the climate and water reservoirs conditions.</P></LI></UL>

<P style="TEXT-ALIGN: left">&nbsp;</P>

<P style="TEXT-ALIGN: center">Page 4 of 11</P></DIV>

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



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



<P></P>

<P align=center><B>
<IMG border=0 src="heading.gif"></B></P>

<P></P>

<P></P>

<P align=center><BR>&nbsp;</P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080>4.4. Services</FONT></B></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">In 3Q11 this item increased R$ 23.9 million or 10.8%, from R$ 221.2 million to R$ 245.1 million. The main factors were:</P>

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

<UL>

<LI>

<P align=justify>Public and Private Partnership Agreement of the Alto Tiet&#234; Production System, with an increase of R$ 8.4 million as expected for the second year of the contract and start-up in September 2011;</P>

<LI>

<P align=justify>Preventive and corrective maintenance in the water supply and sewage service systems, amounting to R$ 6.7 million; and</P>

<LI>

<P align=justify>Connection and sewage network maintenance in the amount of R$ 5.2 million, due to the intensification of the fight against losses and to comply with work execution terms required by the ARSESP.</P></LI></UL></DIV>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080>4.5. Electric power</FONT></B></P>

<P style="TEXT-ALIGN: left">In 3Q11 this item increased R$ 11.6 million or 8.8%, from R$ 132.3 million to R$ 143.9 million.</P>

<P style="TEXT-ALIGN: left">This result is associated to the increase in the produced volume and the average tariff increase in the free and captive market of approximately 5.9% in the period.</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080>4.6. General expenses</FONT></B></P>

<P style="TEXT-ALIGN: left">In 3Q11 general expenses increased R$ 28.1 million or 16.9%, from R$ 166.1 million to R$ 194.2 million, due to the provision for legal contingencies.</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080>4.7. Depreciation and amortization</FONT></B></P>

<P style="TEXT-ALIGN: left">This item increased R$ 27.0 million or 19.1%, from R$ 141.2 million to R$ 168.2 million, due to the amortization term adjustment between the asset&#8217;s useful life and the contract effectiveness, whichever is the shortest one, recurring for the next quarter.</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080>4.8. Credit write-offs</FONT></B></P>

<P style="TEXT-ALIGN: left">Credit write-offs dropped&nbsp;R$ 24.2 million or 58.5%, from R$ 41.4 million to R$ 17.2 million, mainly due to the conclusion&nbsp;of the complementation of provisions on the billing of private customers and public municipal entities.</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080>5. Financial&nbsp;</FONT></B><B><FONT color=#000080>expenses and revenues</FONT></B></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 99%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="65%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="65%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="10%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Financial expenses</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

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

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges on domestic loans and financing</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>100.8 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>77.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(23.0)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(22.8)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges on international loans and financing</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11.7 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>23.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>98.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest rate over lawsuit</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(39.4)</FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>29.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>68.4 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(173.6)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other financial expenses</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.6 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9.3 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.7 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>22.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total financial expenses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>80.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>139.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>58.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>72.6 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Financial revenues</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>60.7 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>96.1 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.4 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>58.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Financial expenses net of revenues</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>20.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>43.2 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>23.2 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>116.0 </FONT></B></P></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0in 0in 10pt"><B><FONT color=#000080>5.1. Financial expenses</FONT></B></P></DIV>

<P style="TEXT-ALIGN: left">In 3Q11 financial expenses increased R$ 58.6 million, or 72.6%. The main factors that influenced this result were:</P>

<UL>

<LI>

<P align=justify>Increase in the amount relating to lawsuit in the amount of R$ 68.4 million mainly due to the lower expense basis in 3Q10 as a result of the reversal of provisions in the amount of R$ 66.8 million;</P>

<LI>

<P align=justify>Interest related to the Eurobonds, in the amount of US$ 350 million, in December 2010, which increased R$ 11.5 million; and</P>

<LI>

<P align=justify>Decrease in interest by R$ 23.0 million, on domestic loans and financing, mainly due to the amortization of the 8<SUP>th </SUP>debenture in June 2011.</P></LI></UL>

<P style="TEXT-ALIGN: center">&nbsp;</P>

<P style="TEXT-ALIGN: center">Page 5 of 11</P>

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



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



<P></P>

<P align=center><B>
<IMG border=0 src="heading.gif"></B></P>

<P></P>

<P></P>

<P align=center><STRONG></STRONG>&nbsp;</P>

<P></P><BR>

<P style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080>5.2. Financial revenues</FONT></B></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">Financial revenues increased by R$ 35.4 million, as a result of higher volume for financial investments due to the increase in cash position.</P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080>6. Monetary variation on assets and liabilities</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 99%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="65%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="65%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="10%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="65%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>15.4 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.9 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(7.5)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(48.7)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="65%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(78.6)</FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>466.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>544.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(693.3)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="65%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.5 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11.1 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.6 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(62.7)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>485.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>548.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(874.0)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 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; BACKGROUND: white; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>20.1 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>17.8 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(2.3)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(11.4)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 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; BACKGROUND: white; HEIGHT: 14.25pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(82.8)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>467.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>550.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(664.6)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=center></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080>6.1. Monetary variations on liabilities</FONT></B></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">The effect on the monetary variations on liabilities in 3Q11 was R$ 548.0 million higher, compared to 3Q10, due to:</P>

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

<UL>

<LI>

<P align=justify>Exchange variation on foreign loans and financing in the amount of R$ 544.9 million, due to the 18.8% appreciation of the U.S. Dollar in 3Q11 compared to the 6.0% depreciation in 3Q10; and</P>

<LI>

<P align=justify>Increase in the amount of other financial expenses relating to lawsuits in the amount of R$ 10.6 million.</P></LI></UL></DIV>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080>6.2. Monetary variations on assets</FONT></B></P>

<P style="TEXT-ALIGN: left">Monetary variations on assets decreased R$ 2.3 million, mainly due to the higher volume of agreements reached in 3Q10.</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080>7. Operating indicators</FONT></B></P>

<P style="TEXT-ALIGN: left"><B>Operating indicators</B></P>

<P style="TEXT-ALIGN: left">The water loss ratio closed the period at 25.7% versus 26% in the same period in 2010, reflectig the resumption of services agreements, which were being developed at a slower pace in previous periods. It is important to mention that this index is a moving average which will have a gradual impact.</P>

<P style="TEXT-ALIGN: left">It is worth mentioning that the evolution of number of calls per employee increased from 852 in 3Q10 to 876 in 3Q11, up 2.8% in the period.</P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 99%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="61%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Operating indicators*</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" vAlign=bottom width="10%" noWrap>

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

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 15pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="61%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Water connections <SUP>(1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,253 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 15pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,438 </FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="61%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Sewage connections <SUP>(1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,668 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,877 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.7 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="61%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Population directly served - water <SUP>(2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>23.6 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>23.8 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.8 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="61%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Population directly served - sewage <SUP>(2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19.9 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>20.4 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.5 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="61%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Number of employees</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>15,165 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>15,194 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.2 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="61%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Water volume produced <SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,206 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,241 </FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 2px solid; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 2px solid" vAlign=bottom width="61%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Water losses (%)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>26.0 </FONT></P></TD>

   <TD style="BACKGROUND: #dddddd; HEIGHT: 12.75pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>25.7 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1.2)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="61%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Number of connections per employees</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>852 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>876 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.8 </FONT></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT></DIV>

<P></P></DIV>

<P style="MARGIN: 0in 0in 10pt">(1) In thousand units<BR>(2) In million inhabitants. Not including wholesale<BR>(3) In millions of cubic meters from January to September 2011 <BR>* Unaudited</P>

<P style="TEXT-ALIGN: center">Page 6 of 11</P>

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



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



<P></P>

<P align=center><B>
<IMG border=0 src="heading.gif"></B></P>

<P></P>

<P></P>

<P align=center><STRONG></STRONG>&nbsp;</P>

<P></P><BR>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080>8. Loans and Financing </FONT></B></P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">In October the company used its cash to anticipate the total redemption of outstanding first and second series of 9<SUP>th </SUP>issue debentures, with the consequent cancellation of the issue. The 9<SUP>th </SUP>issue was conducted in October 2008 in two (2) series, totaling R$ 220 million. The 1<SUP>st</SUP> Series amounted to R$100 million, yielding CDI+2.75% and maturing BID in five (5) years, and the 2nd Series amounted to R$ 120 million, yielding IPCA+12.87%, maturing in seven (7) years.</P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">The Company is in process of taking out two loan operations, one of them with the Brazilian Development Bank (BNDES), BIRD at the loan amount of R$ 183.3 million and another one with the Federal Savings Bank (CAIXA), at the loan amount of R$ 215 million.</P>

<P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">Both of them were already approved by the executive boards of BNDES and CAIXA and agreements must be signed by the end of 2011. The proceeds obtained with these loans aim at financing water and sewage projects.</P>

<DIV align=left>

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



<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>R$ million</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 25.5pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>INSTITUTION</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2017 and onwards</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Local market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Banco do Brasil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>82.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>347.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>378.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>99.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>908.9 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Caixa Econ&#244;mica Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>25.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>106.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>108.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>69.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>47.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>46.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>518.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>922.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>33.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>833.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>549.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>314.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>314.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,045.2 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Debentures BNDES</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>55.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>70.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>70.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>328.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>562.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Debentures FI FGTS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>22.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>386.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>499.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>BNDES</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>73.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>41.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>41.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>41.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>245.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>500.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>25.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>29.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>49.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>25.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>75.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Local market total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>202.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,390.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,117.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>604.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>520.0 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>204.3 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,504.0 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,543.8 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>International market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>BID</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>26.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>266.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>647.7 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>BIRD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13.9 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Eurobonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>259.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>641.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>900.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>JICA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>52.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>52.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>52.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>52.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>52.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>685.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>948.5 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>BID 1983AB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>195.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>416.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>31.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.9 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>International market total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>57.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>172.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>167.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>167.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>167.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>426.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,802.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,962.7 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>260.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,562.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,285.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>772.2 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>687.9 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>631.2 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,306.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8,506.5 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

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

<P style="TEXT-ALIGN: center; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">Page 7 of 11</P>

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



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



<P><A name="page_8"></A></P>

<P align=center><B>
<IMG border=0 src="heading.gif"></B></P>

<P align=center>&nbsp;</P>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

   <TD width="54%"></TD>

   <TD width="45%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#000080>11. Conference Calls</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT color=#000080>Apimec Meeting</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT color=#000080>In English</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B>November 11, 2011</B>&nbsp;</TD>

   <TD align=center><B>November 11, 2011</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center>3:00pm (Bras&#237;lia) / 12:00pm (US EST)&nbsp;</TD>

   <TD align=center>12:00pm (Bras&#237;lia) / 9:00am (US EST)&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=center>Dial in access: 1(412) 317-6776&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><I>Replay available at the</I>&nbsp;</TD>

   <TD align=center>Conference ID: Sabesp&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><I>Company&#8217;s website</I>&nbsp;</TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><I>Replay available until </I>11/22/2011&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=center>Dial in access: 1(412) 317-0088&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=center>Replay ID: 10004554&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: center">Click here for live webcast or access through the internet at: <U>www.sabesp.com.br</U></P>

<P style="TEXT-ALIGN: left"><B>For more information, please contact:</B><BR><BR><I>Mario Arruda Sampaio</I><BR><I>Phone: (55 11) 3388-8664</I><BR><I>E-mail: </I><I><U><FONT color=#0000ff>maasampaio@sabesp.com.br</FONT></U></I><BR><BR><I>Angela Beatriz Airoldi</I><BR><I>Phone: (55 11) 3388-8793</I><BR><I>E-mail: </I><I><U><FONT color=#0000ff>abairoldi@sabesp.com.br<BR></FONT></U></I></P>

<P style="TEXT-ALIGN: left"><I></I>&nbsp;</P>

<P style="TEXT-ALIGN: left"><I>Statements contained in this press release may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, SABESP performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.</I></P>

<P style="TEXT-ALIGN: left">&nbsp;</P>

<P style="TEXT-ALIGN: center">Page 8 of 11</P></DIV>

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



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



<P></P>

<P align=center><B>
<IMG border=0 src="heading.gif"></B></P>

<P></P>

<P></P>

<P align=center><STRONG></STRONG>&nbsp;</P>

<P></P><BR>

<P style="TEXT-ALIGN: center; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080>Income Statement</FONT></B></P>

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

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

<DIV align=left>

<TABLE style="WIDTH: 99%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Corporate Law Method (Law No. 6,404/76)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>R$ '000</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 15.95pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 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: white 1pt solid; BACKGROUND: navy; HEIGHT: 15.95pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="26%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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; BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 15.95pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 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: white 1pt solid; BACKGROUND: navy; HEIGHT: 15.95pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="26%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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 style="HEIGHT: 0.25in">

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 0.25in" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 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: navy 1pt solid; BACKGROUND: navy; HEIGHT: 0.25in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BACKGROUND: navy; HEIGHT: 0.25in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>3Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 0.25in; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 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: navy 1pt solid; BACKGROUND: navy; HEIGHT: 0.25in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>3Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BACKGROUND: navy; HEIGHT: 0.25in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>3Q10</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Gross Revenue from Sales and Services</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,740,412 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,494,156 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

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

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,741,989 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,494,156 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Water Supply - Retail</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,070,441 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,013,237 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,071,406 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,013,237 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Water Supply - Wholesale</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>46,207 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>41,296 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>46,207 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>41,296 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Sewage Collection and Treatment</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>899,674 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>841,260 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>900,221 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>841,260 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Sewage Collection and Treatment - Wholesale</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,830 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,093 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,830 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,093 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Construction Revenue - Water</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>323,081 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>279,112 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>323,096 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>279,112 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Construction Revenue - Sewage</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>349,249 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>285,741 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>349,264 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>285,741 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other Services</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45,930 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>28,417 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45,965 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>28,417 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Taxes on Sales and Services - COFINS and PASEP</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(149,150)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(140,902)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(149,190)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(140,902)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Net Revenue from Sales and Services</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,591,262 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,353,254 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

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

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,592,799 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,353,254 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Costs of Sales and Services</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1,634,513)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1,362,001)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1,635,681)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1,362,001)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Gross Profit</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>956,749 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>991,253 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

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

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>957,118 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>991,253 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Operating Expenses</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Selling</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(116,219)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(168,196)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(116,307)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(168,196)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Administrative</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(192,317)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(187,427)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(193,678)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(187,562)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other operating revenue (expenses), net&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(12,671)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,487 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(12,643)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,487 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Operating Income Before Shareholdings</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=red face=arial,sans-serif>&nbsp; &nbsp;</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>635,542 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>640,117 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

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

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>634,490 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>639,982 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Equity Result</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=red face=arial,sans-serif>&nbsp; &nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(2,167)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(114)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

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

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Earnings Before Financial Results, net</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>633,375 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>640,003 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

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

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>634,490 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>639,982 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Financial, net</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(44,699)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(15,734)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(44,872)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(15,713)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Exchange gain (loss), net</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(465,999)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>78,651 </FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(465,999)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>78,651 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Earnings before Income Tax and Social Contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>122,677 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>702,920 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

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

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>123,619 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>702,920 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Income Tax and Social Contribution</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(112,974)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(199,816)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(113,182)</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(199,816)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Deferred</FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>58,261 </FONT></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(66,086)</FONT></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>57,527 </FONT></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(66,086)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Net Income (loss) for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>67,964 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>437,018 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

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

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>67,964 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>437,018 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 6pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 6pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Registered common shares ('000)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>227,836 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>227,836 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

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

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>227,836 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>227,836 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Earnings per shares - R$ (per share)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.30 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.92 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

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

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.30 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.92 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.5pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 7.5pt" vAlign=bottom width="46%" noWrap>

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

   <TD style="BACKGROUND: white; HEIGHT: 7.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 7.5pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 7.5pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation and Amortization</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(168,191)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(141,161)</FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

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

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(168,216)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(141,161)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15.95pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>EBITDA</FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>814,237 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>776,677 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt" vAlign=bottom width="2%" noWrap>

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

   <TD style="HEIGHT: 15.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>815,349 </FONT></B></P></TD>

   <TD style="HEIGHT: 15.95pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>776,656 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; HEIGHT: 15pt" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-INDENT: 10pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>% over net revenue</FONT></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 15pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>31.4%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 15pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>33.0%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 15pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>31.4%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 15pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>33.0%</FONT></P></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P></P><BR></DIV>

<P style="TEXT-ALIGN: center; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">Page 9 of 11</P>

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



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



<P></P>

<P align=center><B>
<IMG border=0 src="heading.gif"></B></P>

<P></P>

<P></P>

<P align=center><STRONG></STRONG>&nbsp;</P>

<P></P><BR>

<P style="TEXT-ALIGN: center; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT color=#000080>Balance Sheet</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 99%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Brazilian Corporate Law</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>R$ '000</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 13.5pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 13.5pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="32%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 13.5pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 13.5pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="31%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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 style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 12.75pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=arial,sans-serif>09/30/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BACKGROUND: navy; HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12.75pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=arial,sans-serif>09/30/2011</FONT></B></P></TD>

   <TD style="BACKGROUND: navy; HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-INDENT: 9.05pt; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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 style="HEIGHT: 12pt">

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 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="BACKGROUND: navy; HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 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="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 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="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 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="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 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="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Cash and Cash Equivalents</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>2,227,455 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>1,988,004 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>2,265,911 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>1,989,179 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Accounts Receivable from Clients</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>950,178 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>971,047 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>950,796 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>971,318 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Related Party Balance</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>173,897 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>137,772 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>173,897 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>137,772 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Inventory</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>35,791 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>36,090 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>35,820 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>36,096 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>97,363 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>302,570 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>97,363 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>302,570 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Recoverable Taxes</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>69,935 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>108,675 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>70,052 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>108,675 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Other Receivables</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58,975 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>30,716 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>69,594 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>44,511 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Total Current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>3,613,594 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>3,574,874 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>3,663,433 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>3,590,121 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Non-Current</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Long Term Assets:</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Accounts Receivable from Clients</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>355,079 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>352,839 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>355,079 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>352,839 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Related Party Balance</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>164,381 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>231,076 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>164,381 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>231,076 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Indemnities Receivable</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>146,213 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>146,213 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>146,213 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>146,213 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Judicial Deposits</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>53,888 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>43,543 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>53,888 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>43,543 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>133,956 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>77,913 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>133,651 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>78,440 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>National Water Agencie - ANA</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>67,368 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>62,540 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>67,368 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>62,540 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Other Receivables</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>32,417 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>47,884 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>36,470 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>49,370 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>953,302 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>962,008 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>957,050 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>964,021 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>17,894 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>8,262 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Intangible Assets</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>19,599,332 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>18,541,522 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>19,612,573 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>18,546,836 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Permanent Assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>186,367 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>206,384 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>315,422 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>249,606 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>19,803,593 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>18,756,168 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>19,927,995 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>18,796,442 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Total Non-Current Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>20,756,895 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>19,718,176 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>20,885,045 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>19,760,463 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

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

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>24,370,489 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>23,293,050 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>24,548,478 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>23,350,584 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 13.5pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" rowSpan=2 width="35%" noWrap>

   <P style="MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" rowSpan=2 width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=#ffffff face=arial,sans-serif>09/30/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" rowSpan=2 width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" rowSpan=2 width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=white face=arial,sans-serif>09/30/2011</FONT></B></P></TD>

   <TD style="BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" rowSpan=2 width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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 style="HEIGHT: 6.75pt">

   <TD style="BORDER-BOTTOM: navy 1pt solid; BACKGROUND: navy; HEIGHT: 6.75pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 6.75pt; BORDER-RIGHT: navy 1pt solid" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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; BACKGROUND: navy; HEIGHT: 6.75pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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 style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Contractors and Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>205,653 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>142,634 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>211,318 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>144,043 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Current portion of</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>long term loans </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>1,029,104 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>1,239,716 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>1,029,274 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>1,242,143 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Salaries and Payroll Charges</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>309,443 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>246,325 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>309,861 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>246,467 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Income tax and social contribution payable</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>72 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Other taxes and contributions payable</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>129,052 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>157,768 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>130,896 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>158,050 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Interest on Own Capital Payable</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>92 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>354,254 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>92 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>354,254 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>726,941 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>766,603 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>726,941 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>766,603 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Other accounts payable</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>340,561 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>378,256 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>340,561 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>378,256 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Other payables</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>207,043 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>216,230 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>207,353 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>216,298 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Total Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="TEXT-INDENT: 9.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>2,947,889 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="TEXT-INDENT: 9.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>3,501,786 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>2,956,368 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>3,506,114 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Non-Current</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Loans and Financing</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>7,477,404 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>6,969,576 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>7,646,626 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>7,022,472 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Other taxes and contributions payable</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>27,286 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>53,045 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>27,286 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>53,045 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Deferred Cofins/Pasep taxes</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>112,979 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>112,962 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>112,979 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>112,962 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>809,090 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>693,227 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>809,090 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>693,227 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Pension Plan Obligations</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>2,036,891 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>1,804,038 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>2,036,891 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>1,804,038 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Other Payables</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>615,506 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>476,616 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>615,794 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>476,926 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Total Non Current Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>11,079,156 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>10,109,464 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>11,248,666 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>10,162,670 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Shareholders' Equity</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Capital Stock</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>6,203,688 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>6,203,688 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>6,203,688 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>6,203,688 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Capital Reserves</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>124,255 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>124,255 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>124,255 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>124,255 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Income reserve and accrued earnings</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>4,015,501 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>3,353,857 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>4,015,501 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>3,353,857 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Total Shareholders' Equity</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>10,343,444 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>9,681,800 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>10,343,444 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>9,681,800 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12pt" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Total Liabilities and Shareholders' Equity</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="TEXT-INDENT: 9.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>24,370,489 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap align=right>

   <P style="TEXT-INDENT: 9.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>23,293,050 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>24,548,478 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>23,350,584 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

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

<P style="TEXT-ALIGN: center; PADDING-LEFT: 0%; PADDING-RIGHT: 0%">Page 10 of 11</P>

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



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



<P></P>

<P align=center><B>
<IMG border=0 src="heading.gif"></B></P>

<P></P>

<P></P>

<P align=center><STRONG></STRONG>&nbsp;</P>

<P></P><BR>

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

<P style="TEXT-ALIGN: center"><B><FONT color=#000080>Cash Flow</FONT></B></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 99%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Brazilian Corporate Law</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 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 style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" rowSpan=2 width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="24%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>PARENT COMPANY</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BACKGROUND: navy; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="24%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 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 style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: navy; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Jan-Sep/11</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Jan-Sep/10</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Jan-Sep/11</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: navy; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>Jan-Sep/10</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #000080 1px solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1px solid" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cash flow from operating activities</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Earnings before income tax and social contribution</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,195,679 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,665,766 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,196,511 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,665,766 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>572,514 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>432,917 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>572,556 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>432,917 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Losses from the sale of fixed and intangible assets</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>21,162 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>14,941 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>21,162 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>14,941 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>240,883 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>257,911 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>240,883 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>257,911 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>220,254 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>228,460 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>220,254 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>228,460 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest calculated over loans and financing payable</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>342,528 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>325,612 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>342,528 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>325,612 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

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

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>367,326 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>28,254 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>367,326 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>28,254 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Variation on liabilities and interest</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>2,197 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3,211 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>2,197 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3,211 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

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

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(19,404)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(44,842)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(19,404)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(44,842)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Fair value margin on intangible assets from</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(39,284)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(35,847)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(39,284)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(35,847)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provision for the conduct adjustment agreement (TAC)</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>40,561 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>18,379 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>40,561 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>18,379 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>4,418 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>338 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>S&#227;o Paulo municipal goverment transfers</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- &nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(79,330)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(79,330)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provision for Sabesprev Mais</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(7,432)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>25,321 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(7,432)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>25,321 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>4,900 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(14)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>4,900 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(14)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Pension plan obligations</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>241,285 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>110,108 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>241,285 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>110,108 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Adjusted net income (generated by operating activities)</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3,187,587 </FONT></U></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>2,951,185 </FONT></U></B></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3,184,043 </FONT></U></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>2,950,847 </FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 13.9pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 13.9pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 13.9pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 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="HEIGHT: 13.9pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 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="HEIGHT: 13.9pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 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="HEIGHT: 13.9pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 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 style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Variation on Assets and Liabilities</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(267,238)</FONT></U></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(231,555)</FONT></U></B></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(260,730)</FONT></U></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(231,329)</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(219,880)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(177,143)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(220,227)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(177,143)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Balances and transactions with related parties</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>36,585 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>26,499 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>36,585 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>26,499 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>228 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>9,912 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>205 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>9,912 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(43,437)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(7,340)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(43,554)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(7,340)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3,624 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(3,319)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>3,624 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(3,319)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(21,186)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(31,481)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(20,577)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(31,484)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>73,762 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(2,268)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>78,018 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(2,106)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(37,695)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>102,812 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(37,695)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>102,812 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>22,557 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>19,334 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>22,833 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>19,401 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other taxes and contributions payable</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(56,672)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(50,037)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(55,038)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(50,037)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>17 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(5,331)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>17 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(5,331)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Pension plan obligations</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(8,432)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(11,974)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(8,432)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(11,974)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>131,608 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>176,706 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>131,828 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>176,706 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Contingencies</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(148,317)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(277,925)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(148,317)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(277,925)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 15pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 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="HEIGHT: 15pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 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="HEIGHT: 15pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 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 style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 15pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 15pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,022,759)</FONT></U></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,122,164)</FONT></U></B></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,022,759)</FONT></U></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,122,164)</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(583,666)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(473,608)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(583,666)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(473,608)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Income tax and contribution paid</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(439,093)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(648,556)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(439,093)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(648,556)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 13.5pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 13.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" 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; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,897,590 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,597,466 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,900,554 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,597,354 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 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="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 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="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 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="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 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 style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cash flow from investing activities:</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>205,207 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(376,391)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>205,207 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(376,391)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(14,050)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Acquisition of property, plant and equipment</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(8,174)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(94,006)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,337,179)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,304,421)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,345,149)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,306,071)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Income from the sale of fixed assets</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" 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; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,154,196)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,680,812)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,233,948)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,682,462)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash flow from financing activities</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,456,501 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>2,700,620 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,625,893 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>2,702,960 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,537,521)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,656,283)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,592,844)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(1,656,283)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Payment of interest on own capital</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(422,923)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(365,386)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(422,923)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(365,386)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Net cash generated (invested) at financing activities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(503,943)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>678,951 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(389,874)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>681,291 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Increase (decrease) in cash and equivalents</FONT></B></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>239,451 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>595,605 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>276,732 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>596,183 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cash and cash equivalents at the beginning of the period</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,988,004 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>769,433 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,989,179 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>771,008 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cash and cash equivalents at the end of the period</FONT></P></TD>

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>2,227,455 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,365,038 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>2,265,911 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,367,191 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Changes in Cash and Cash Equivalents</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 2.25pt double; BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>239,451 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 2.25pt double; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>595,605 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 2.25pt double; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>276,732 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: navy 2.25pt double; HEIGHT: 12.75pt; BORDER-TOP: navy 1pt solid; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>596,183 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: navy 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.25pt">

   <TD style="BORDER-BOTTOM: navy 1pt solid; BORDER-LEFT: navy 1pt solid; HEIGHT: 8.25pt" vAlign=bottom width="52%" noWrap>

   <P style="MARGIN: 0in 0in 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; HEIGHT: 8.25pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 8.25pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 8.25pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: navy 1pt solid; HEIGHT: 8.25pt; BORDER-RIGHT: navy 1pt solid" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV></DIV>

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

<P style="TEXT-ALIGN: center">Page 11 of 11</P></DIV>

<HR align=left color=#000000 SIZE=2 noShade>



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

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE&nbsp;</U></B></FONT><FONT size=1>&nbsp;</FONT></DIV>

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

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city S&#227;o Paulo, Brazil. <BR></FONT></DIV>

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;November 17&nbsp;2011</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 70%" 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>/s/&nbsp;&nbsp;<FONT style="FONT-FAMILY: times new roman" size=3>Rui de Britto &#193;lvares Affonso</FONT>&nbsp;&nbsp;&nbsp;&nbsp;

   <HR align=left color=#000000 SIZE=1 noShade>

</TD>

   <TD></TD></TR>

<TR>

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

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

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Name: Rui de Britto &#193;lvares Affonso </FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Title: Chief Financial Officer and Investor Relations Officer </FONT></DIV></TD>

   <TD></TD></TR></TABLE></DIV>

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

<P>&nbsp;</P>

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

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="'Times New Roman, Times, Serif'">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends 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>

<HR align=left color=#000000 SIZE=2 noShade>



<DIV></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>heading.gif
<TEXT>
begin 644 heading.gif
M1TE&.#EAB@).`/<``!(G."DR.@XU4PLX:R8X3R$\9Q9#5!-,<QUA?BI+5RE4
M<S-C=DU83D16<DYH=61I>`4^@Q)8D@=;I`UJC`QEG!MBBAEEF!YPCAMVF`MA
MJ@9CL15GJ!AKLAMRJAQYNB1,@21:AB-<F#1:A3)>D")=I"9EBB9HER9QC"AT
MF35HAS5KECMRBC5VF25IIR9KLB9VJ21ZN3)JIS)MM#9YIS9ZM1U]PAE_T2%]
MPR-]T3=[PDM5BD5IAT1LE$ASC$=XEU=LB%MHEUEWB55YF$5[ID)\N%QMI%-[
MJ&EYEG![IT%^PAN"JQR"O":$G#>$G"F#JB:"NRB1NCF&J3:%N3V1JSJ3N`V%
MQ`N&UAR"Q!J%TA:.X!V1X"2"Q2>'TBV1QB>0V#>(R#:+TCN2R3N4UBZ.X#B1
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M_//H[/7J^OWYZ_S]_0```"'Y!`$``/\`+`````"*`DX```C_`/WU$TAPH$%_
M"!,J7,BP8<%^$"-*C$C084)]"#%:W,BQH\>/($.*='BP9,&3)@=^3(FR)<N7
M+F/"5#FRID*--G%RQ*CS)D-]//WUS"BTJ$V//(,V#,KTJ%.0-)]*G4IUX[>K
M6+-B[=;-&SBMW\!Y_;:MK-EM9-."S8JM;5MTW]!A4X=M[;BK=[_EU7M5G=^_
M@`,+'DSX[SMTZM`A5IP8W6'$A2-+]ON-LKK*W^JNW<RYL^;.H$.+YORY-%;3
M5U%G/LV:=.:ZEV/[7:=NG6UXZ^"]@S>/-^]YP(/3FT>ON/'B^HXK1TXO^7+E
MR:,C!QK=>77ITHT3+TZ\>_!Y^;[+_P,>_OMP[\#//X\WCST\W;SEZ>Z]^YW]
MW?+DO=.OV[XZ^^_UI]LW]P%8X('^Q5;995MU\TUS0U4EX81288'%%1=FB.&&
M%FIX!8<67O'$B"262&*'6'"AXA=?;/&%%%]0\>(78;BX11A>Y)AC&%V$X6,8
M7QCRHR%4"/EC&$(FB>2228IAR"%01BGEE%(B:4@90CJ"))9;4NGE(6*`*6:8
M8H11IAA?H`GDCS2VV4476\`I9YQTQGF%G5ODJ6>>=V*QQ88?7A@HAX1FN,05
MAR;ZX:*'+NKHHU?4(.FDE%)JPZ272III#9MNRBFFH&HJ:@V(EHKH$GNZ2*./
M23KB2"2P1O^B"2B@A!(***<@HRLSS#23C3/9!%O6:%J!8^RQ5QT+#CG,DO,-
M.>#`0XZTTC;[;%C)&@MM6F8IDPTTRCBCC#+4C!ON,N`N@PPTRX@+#379>!OO
MO,'6"ZRXXR*C##+.X,N+N<C\>PLRN-Q"Z\&<T)HP*)QH(H<FG'0B<203RV$(
M)!AWP@DG@`"R,<0=R_'&&VQ(`:./4E`AQ8@O2,%)-<TA%!6%--?L$9]_ZNGG
MG7>.N,43>SZQQ-"H`FWBSWP*JB>++X:Q<IM,`\DT&&7VV&.;A@3YHQA<=^VU
MUV2,">;78CS"M=EEGTVFV6`^TO;:84(9-YET<SUVW61_3;487/#_3348?X/1
MMXJ$<[&%X8@?KJ?AJ>X)Z>.0"^IH#1Y"_F&EF&>N^>:<=UY#XW#6"`44/I81
M1AF'./+())%,LLGKMH92BNR\\MJO,\\XLTTVW/3N^^_<E`5\[\J"0SPWRO8.
M;;/0&HO\\\5[XWLTSD3#3330,`.-,\STV_TV_?YZ^_CDE]]]O]AGS\PI[(>"
M3.WP,X,+KZ'PBDSLH33<22@2VRIQ)YO`F"0@\3](R`%C&-.$)B"A0`5B3`X0
MA`,;H/`$*E#A":-[@A*<(#0FF`$9\;"9"$?(D<:94(,H)!$'G<!"H>7L9SQ[
M7)[`P+07I8Q%,#+9C%;UA3?YB$:$.`0A_XQ4)+*100QD.&(2R?`(,C#"B6)@
MA!2GR(@P51%M6$R;V<S&B"UJ$8E/I`04PW9$1AQBB4E$HA+SYC4OB,$+7'`C
MX.9(1\$)C@MWO&/A5*0GH"'M9R0RH0EQ0,A"&K*0-T@DYQ+)R$8Z\I&0A&0-
M/'`##\!@DI?T@"5KP$@8--(&-\!!*$.)1SR"X4:E,UT95OD(U3WB=9L012E(
M(;M2E*(7N+3=[9X1C6<\8WC`#*8PN2$.<9`#><8;7EGJY0UO:",;VH"&^FS%
MJU/4CQGWFU_Y?O$+7N""%[_`A3C'B0M<EC.7S0@%^U#!#%2@XA2=0`4U2P'+
M4&Q"$YO87R?P:?\K32A"$_L$:"E&`<!(2$(3`T2@`1$HB7OB\YX84X0BX#!1
M(IUN=!A5@D:5T`$,-"$9&.$'"4<ZTISQ[(4F_1`7_,0%47H2!BN3W(?^A"'*
M*6T+-RCEX;K@A2UD(0M:T)'5:A@&-4C!$(0@1"$*`89"&"));"`$12=*58I:
ME:H2S:I6)0J'KE[UJUL-JUBG*M:J<I6K4D6$6@FA!K:R50UPA2L5G*:R)[S(
MKD]8V<I(M%<3^>R/2'L"H@39.*(9]K"H6I1):?HG3CK2<Y"-["0QYP&_/H&#
M?(514I]ZB$4H8A&P`NTF(@%+47S"EK?T!?R:<3MIXHYZUG/&\,0Q3.#_%9.V
MRI2F;F7+C6<&JU_WL]]JY7G-7I23F_WZ12^XN=QP]E-C"XRG[-SI3GBZLQ.0
MF(0F2$M0@(8"$FQ0!!L("(E7`1"@X%4$:17*AO$J%+P8:Z\BR@N)2*2WO6QP
M!'C;*P4V1$$*47B!$Z3@A!<8&`,84,$N2,K@$1+V3JG"`@XD+,HO>%:B3SI$
M5I^ZB$.X[09_S9,I&<=3+W2!"T!ZJB+N&4#Q1C6(AVBJ&*B6)$4@]:DX-D19
MX:#CL))UK&6%*R'<4-:L3O7'-DZR(<+[5+=&51&$B"I2V<JB'_I(1F&`0I6?
MT`4I;*&O8/:CF/,DM!'%D+$SG:EE_;J$1)IT_U(WD)0)(WD#3R;2SG6^LR7W
M#`-*^CF3F@QT)3/9YS(OP;(W_$)2DWJ(0D1I$9".%:Q&L0F"SLZ6O&J&+WD9
MC4X[`QJYLUZG>]=I45^OML`\B^[ZY=IZ<3.<N'`?-HE[BG?"3Y[,^(4S>N&,
M</+:N+%69R@:Z%UY_D^?[)O$)(XM,8':-X#NC43$)*9?C!D4$H;0;[:QC>W\
M8LP0<7!$>Z,0!2JTUX+D3EG*_OM?`%_6P/!^00<Z8((>R",A,VNPOH\2V'X;
M#;`0A@$,%,&-:>7GX.V0!SX2/IYKV*%$(B9<C9R6!C6TX0^WH`9B]B./Q"#C
M$Y7(&AJ/:+<OB<GD;O]+N<F_),5#U!`,AS"CVU9.<RHYR6YF\E&9"D$(&GYA
MCC__.1V_P`6B&[U%+7I:7@&YYJ;CE,Z-')'`I_X$@5=]ZEC/.M6W;O6I;\'K
M6@^[V/'L2*2[B'!\\QJ8PEB&1ZQ.V<J6&$'WUXOXE?KNVVOM[:*Q#=W6MN^W
M$U^_P"?-<-WN7^2\W_UJ)6QU(N,4H,#%_=B7*VL^7E>QTY4UK<F_:3-;8I"(
MPWLSYC#R!O!_DQA@',(M"5?%@0IQ*`,53!>&1_S(;3\:$11FSWLJ0(&%P!_P
M94MD6`\LH:,6,($?Z+'OYD_%<H[Z6:,^=%E-D(,Z&]&'/.C@1Y4:3FHF:X/_
M'X2A#GE$2"B]T88;$)%A'-NXYE!ZA"'<Y@@H/>E)CX"T_O?/_\Y"FA"*!H!!
MXG^'$`D%Z#8&""4=IG)4@F-0XE1")"2'8&4L@B9!5T-%1U@:Z#C0UX$>^($>
M*"F70RJ10H*2=8(WL"<IF"=5MBI#<@C9-G^2!D#[,SNR0SOQ4SOI4SZMU6G0
MP`W2M(/8@SVL5CZ&ER_ZXDV)9RN<APNU<C"TPGF,%PKB1(7*($X$$VNT(GF:
M-VP$I#'8]5[XI6,8DT^0,%\$9%_7=H9RT%YP$%]+9@AM6#+XU5]VZ%\S$`7X
MA5]3X%_D%@5.\(=.,`7`IP088(@(E@$;8`$6H``Q_U,1SA>)(#$H&N(AA_8$
M59")5;`$3@`(\7!^"R$/=D!3&9(C7T8#*_8-^*`1$[$/#$$/;=`&<*`&3X4(
M;N`&.79_4K((]'<Q.G8(&+,($?59AN!9BU",GT6,H-5AQV@(M&AC0Z0(P&AC
M9ZA5W*9DBN`(N;B-G,6-1V)E&4AT-=)3<")(B<,%5V`X,E6)A0*"[O@XFU."
MI#(I\GB"G/,H1!-B&)0R%F1!;&!NVGB&L`)+F_`)!GF0EU8*[G1IH<!.M?,^
MM<.#XP,-GN9:>B<NMQ,N64A.58@_L0,*CP=Y[,,PU@0*GG`+XE0+M6`+W:2$
M*&DP!V,K@-!5#J1`%!,)KO]2;678"3<)"0$DAFR@!G!PB__40$/)55Z5!G"P
M!FF0!DW``BP0!16G!E%@`C,P`Q5WE5B9!E'0!$W`!%'`!&(IE@@V`1/P`ALP
M;Q9P!JPHB6YY,QN8)RF((E`P`YHP#R1Q$?KP#MS')U?P)@"6!H)P#?F@$3B1
M'+T1#\TQ$,D!!W/5-1DV)1W6693I?POX")`0?YH9"?S7F9ZE;=AF"+`2FO-5
M@`9XFOE7@)WE=KQ(F9$P?]+8@%!""$L2)$T5=#Y'0[K)-*8$=!D8E\"I)R<U
MG%N`*HMU)YD329=49XY%28GDG)7TG),UG=/I`9,4:-@Y6=8)9X]D(SV$="YH
M)O;_UTJJ(VFO`S&<$`JC4$NV@@JSLY`.R2O1$#_-4)^[5#W;DSO<4SO-H"OS
M(WG!=@JX8`NV$#N=(`G_PS\*](3YLS$-`PJSXJ`-DYZV(J$"Z@GBA*&Q4PJ?
MX$\4PSK8UCJOZ0B0IE[6MF2Q(FXF(U_=]E3F%H<7-'P_$J,75&"!"'P$)F`#
M%F`M<UD=\`38V0$>T`(ML`$4T`$HH`?X9A1OV:0*T4?^IB<YD(*`<@5VB9?Y
MMA#:1P=^>2<`U@:W``]&P1/T``^Q<`=TH`=UX`?48'[Z$`\\9CHEYR63J8#'
MN`B.D(S`&`GJI5Z>:8#[]YI\RIGU%2L8\PCJI6&#6HPD_ZI>Q7BG4)*9D_E^
M]V<(3B*!EIHU69-44_-RA\,B++@TWAF7/G-HQ6DT(O)T4%<#,+`%'O!U<?9U
M0`,#LZIUUMEGK&I)==9G4U=9O-IGV*E)P)J=FG2=2R"LVPE)7[<G-0*>WR@&
MM!<&JH-`:O@_!+6>J#5=IU`*\7--_-D,.1BN$$DP5`ALMV(KN.`)_K,Q8<A/
MGJ`)']D)#,HPG(`Q&Q,['_,PH'`+M2!.G^`)E:"NGV`KK^.3V-4Z(&IC;'`Q
M"PM>CI!0&*.3<2!!;5AN2]:/'$1!OC<B\\:)`@9O**"C+"1@3V!@-,!!\C9O
M\\8!,$"D:4D!$=`&[;"D3EJS"/\AG,>9*C/%)T]PEPP1%2H!#W`@6#/U!6F@
M!].`$Q'QILB@"%%#(X:@"=40#_$@E$/$65'R),QHF<L(6I^%J)S986'+F60;
MMLLXMGYJMI#&M5T;:?P76FU+@,<(@Y5Z?T[RC6M20^#9(J-J(QMX:(.E6&DV
MN()+N#050\A9@HI[9CSS.9'26"0X@O9X@M9I27[EMS:2MZQ2>ZWD=I'02K#"
M.A'#/QXI3S9X"K5C3>VDNKP2G^"Z>0_9/K;R"01JD!\9.PV4G@VD,9Z@KNE*
MA>]*;)H`"`*T;`<%KP1:"RB)"[70N[A`N^I**U3(#/CJ0`RT0.`%!Q"T0!!T
M0`VC"97_``<*!`C;BU`0M%__Z%\O`(A.P(@H@`(E4`$F\`(H<)4F8S+T.P,M
M(P7R%K(&MHAHN0$"'`$58`;C@!$48;-->E(XXY=Z4@5WDDA#4PE8VA'PT`:'
M(I<TL`?9T!,#00^W``<G$R1`U`9[H`SQ0&0\AK4*"(,M3)GZ5X#Z]UED*YIM
M>[:!VJ=AZ\+^1[9N:[9DV\-;"VG(V%EU&P83J"19XW)M`B06"*I,T[=[PK>-
MDZH0]D)7#&&<)"F*Y%@BB%-7<`,Q9((?HDA=O,5H3"EG/+G5*2G;25FD\JH>
MD*I^)*I-?"3RISK:>#%J^(7'UI`*25SU\T[L@TW4VSX2LWGX_R.[TON\IS6P
MH3"PWQN\P@NOPS9LFO"NO5O)PBL)"97)_UHPGM"\GD"[5)BA$*I.^Z0_`>50
M]0H)#0/+W%N^F@`'(>,Q@"`)!P0)"14'^14'`.8$*,"(\AN_)6`"%N`$>7B_
M43`#RKR^!\:(\VL!1&H!B[B("B`$[\"D"OR6.`MA6>S`6Y`#/^.S"I&E_@`/
M;I`H6T`#:L`-CXAO^C`-%4=4K"*4BE`-XI5C4T*BB)I_:NNU@@I:L)*V9^O#
MH46V!MV9"8W0?JI_L"+#.PQ:&E:I+JR+6<,F6:,FH-JL5$S%-8*YA85F@WNX
M:&;2@AMG81S&FN-F.!-G:!QGC<3&D__RQG!LT]?IJB,R-$\`8C_3(A,7GGAK
M03&H7Q)#D)M`NORS/YSGD01[0.@I,>DIK[=R,-84:Y_PO)6P![:<R9A,R9;<
M3\,+!WO00._Z,)5L0-H+".#[!WMP"8+0NZ/\K__J"7$];`JS,084,=9[OK#L
MH`;$!FO0U>0K!R'3O7(@>G&P!G](O^^+`190`16``I)=V<D7LOZKO_0+;R;0
M`09F`A$0VJ&]`:"=`FP)BMV\%$11%$W1VDG!VK"-Q0T,84`#P3CU)TO@LS0Q
M,T$+!Z=*`S/0P0XQ#VV0!BZH:`$X9&H`93?&PG4ZQ&X;W7P*T6?KIWX*"25*
MJ(.J?UK[69[_Q9G7O8PZW)E]6HR22JG=.('VAR0<+35H<B.JXIWE6(XBO2=%
M$\XH!<YIEK/[/5/S^-_R"--F+--J#--LO)T(GCER+,;&=P65]6]!4R(^0CI#
M\E1[[(N&^CK,)LBDNS]+G;O]XY%,#7G2.ROY,[Z`H`=P4`F<K$#AJT#[)+X0
MJD#BZS`-9)*:L`<ZGLDYO@>]2\J7T+NWT+N"D-><(`?UVKU'KKV"S080I,N(
M'4$T6=C=N]ALT`1KX)5-\+[O:P(H8`(E0,`'$+\5<`!F7N81<``18`)>/LQM
M_N6,:`%K'@'4#`/`/0,^(`C%D=I4,1,RX0^S'>AYTBCC+"+FW!'O_X#!AS8#
MN``4#O$*1J`&+$(U+NB,0W3I-A:9\5>,;$O=/QPK.%RV!UVVZ@6WF_7IH(7=
M@ZK0K.[=%^99,#BW=*O>6N-R:Y*W>YNYJ4+%@H0J&5RX*!W&`@YGD])8C[LH
M8KP%I**J,QW3CK7&--W&VEDIQK=G.SU8@!18^UA!,1(&<^7M5M)>AA`%%Z-0
M#62O$E,*QT9`_),QG5!K\`2&#`,Q$%,KW[LQ'3.3^>[B+E[*M>Q5VEO)Y.LP
MFZS)#00(E<#6.B[7FBS7@"`(@V#8N`Q!&]-><K`&<J"]"P7E40XQ7G7Q7IGE
M3="57\D"[WL"7R[9R%P"9M[R:5[F98X`9O^.`/)+P%[^`LA,V2;``C-``W9>
MI":@`B"@`'<`&9-Q]$B?])+!&(K1](W!](D1]8LA]52_&+)]]7EBVREX:)!0
MP3*S$$'K!B-"`YH@IC)#$T#Q!VG0<W$$!E(#@-QXT5#R6:H)J)XNC#Y,T))6
M7]==T-K-]V:[:(<P6JNN]P(MT`\MD,DXW19]T9G*WEF3)BT(GMXY<7H")[QN
MWPV,]?I]TFDF9V+LQ9FS6%YLQ@5.TS@-QY7BX,?JJ\5Y*G[5!1!G03\B[CD&
MNGT\0)S@R:"'0.U%0-B+[AHSU6RM0/DS_)Z<4")3_!U:"2R^XES-U6FP!H.]
MUL.;XVQ-UCJ^_7^#<`ENO0?%#[Z*P.);/;Z#T#%O8-A(GMB2<.07[^34/P48
MG]C47_]LT%48?^0BCP(L,/(`$07%#!0H3!R,<"`"B`@)!QR`>*!$A8@1$R(H
M80(%"X,&+9@`84%DA`T-%YXT&4&"R@T2,KB4T%)F3)HS;4K`F1/G2YXZ??X$
MNC/#T)Q$@Q[__;EERQ6E3)<V5;K4:8XK3S3-\Y=5Z]:M\-P\>>+FFSZM_;CJ
M$Y3F2Q@N8L2L-13&D*$OA^H>,G0([Z%%?/TN`KPH4F#!@PD;)@PXDB5(@C<M
M'FQI\*9%E!=)H:&&4&)%EAU'`MW8<"1%@`\I*FU(45Y%?.?NE?O%T-LP7]ZN
M!;-E[98PO'5'5=H%^/`M2XIO>7)%N52I3)<_=^[\*?0K-Z[4J'&]QI8:-[IC
MQ^[]^PWRXL&?1Y_^O(<:[-MC=P_>PWP/6SP\68+?^/PE_<$^Z>(_)YZ@8JTP
MJ*!BKKG8<,00*J0P!!)%(*&0$TD@D:233B!A0Q$XV$@C0@H_U*23_Q(U#(63
M3CC1!!!-('E1DDGBB$,.&^6`<1---*D$#A_AV"-(3?:``Q`?W]A#$T^"],03
M0`#YPY,_]OCCCTL\V1$.37[\$`X/;Y0#$#G>D(,3,&^,8PTUUUR##36;2&,*
M-=-(HPD6-)$CBB::*(B)**)XH2`3(BB!H0,&<.A01!-22-&'&(6(4!,F2JB"
M"A)**=-,5XH@@TU50BI445<B%=12<5(IU5%7/>HI5YUR"KDJF+IA*0^N\L>L
M7'<M*ZMYX'A!"ESHR<HL7;/21Q\]U/AB"S&\``.,VN(20R]K\>KKVDCX2FPP
MQ+PMK#+0(J',,\\@L621QDH+C!`:WMT,,/_4%NFL,WG3#0RQQ`3CJ[6]]GHM
M+H%KJPV,W;Y`N-EF>^NB6:6:%8XXXY:#RE57N_/.//.6VFX[Y[*[CBF,RRL/
MX^_`(YED]=AC^;WUX$,OOAJ6\(#F)_CKCV88_GL""BF@`"L,H:D(`\(&V3"$
M#2F(%I$-"BF4Y$*G(:&1:C:NGAI#$U_<41-.6-2D0P[9B(-L&J^&41-%N@[2
MQR1!`:7%(/?`8P]/!*FD2;WUMD7O)#],XVHUHDCCSS6B,&-/-=]X0\XTUWA<
M338(+[QP.YN(8@T^[3QAC318N#P*@@QJH85!31H@=0A23]U1UENOZ"&%((V`
M(I1,.E53DF"2P`+_H$@8%7@)A%=55:!,937Y42N&M>+FMJ#**JRXHCXK>-H8
M(@UX>J5>'SS48/99,::M[1`Q9C/?6M80.V0P;@^#/S%\`<-7,DO272Q=?$4I
MY-T<XJ77OA:!/W8)T("G0:!>\D*70PC-8$*K3<+$\)N%#2=BQ%'*Q)[P/.HT
MYSG3^5C'KF,>]-1*.B@+S\A(J!X6ODQF\G$9?63('P^0!P;(00[/G@#!HBWM
M"PA"&AL>E*`.34A#3[-:UL9&H:F!"&MI8Y&)5.2CR:4A;$I#FB,HY"$?00(.
M;7`;((BTAS;,K4I4NH0@Z#8W3^#B$T1R@QH^QX(7L.!/@2J(GE"P`CAY_RYS
M>HJ"F_0T`T(6<@9V/"0+6)!(C7QN(P9!B*92%P'60:``K\/DZUSW$!64X``5
ML,"E#L`037%J)QH8B@90.914JI(#K]0`!UP)2UAN@`,9N*4$5ND25:+2ET'1
M0/*0ISQ0%1,GKV(><&:U!?+T!U?'.E:QK->&-`R+>]1SA5K8\@4OO.5\81`#
M&!JH0/5AZWT"Q)=EYE5`P0R0?H&A#+[TU8A"Y.!=-`A,:=9)F'1YQH"`,01I
M^K+`UQ`"+W61RUL>*"W=]*8W%>Q-5!2&P:I8K'G.BTYTIL/!D'5GA",\&7E,
M1L*4E6QE[WDA#%,JGYJU=#XW6\(-=0B6!VV0"O__D8(4U$`%I1G"$0W2XB8F
M9*.GH:UL6)O:)"#A.:?)`6U;2UN/N`2'-*Q!BU>C8AK4\",Q^JB,9O3$)?)0
MMS]HH@UM&&N0P-B&&?C@D!$P004F4(&X7@JN%3C!"5A0@B@H<G-_$AU!3!""
M@2`DD@HI`0I*D,B]T@Y1$(!L!%8W@,EFTK*O$T#K0`"2A7BR(2``K4DV,%K2
MVG(#L7PE2FL`@_;,YV2M99D,77:>5\(REK'T0&UMJ\I3!C-4Q<L=JH1[E`@D
M$YD9G`IR<%4]ZEU/".\H5C2WHH]W^(!9MAG?6L87L+S@)2]]`>\_\SDO^%EF
M?N(M32(6D8@DY,"],DC_1"$(@8CYUI>\B6F$>`&JH(+.139Q68N!PF`PW4P0
M8;YQF%(BBL'B)">CS%%.=$(:GHU=ASLG5`[(2BH>#JNPA>E):<M:YD+8MI9F
M_6%M#7?VGR\\00I/:!;1PO"$*#@A"CG-Z=7B\+1-K*BH:W`JCBB$(QQ-#0X<
MJIR>X,")M`U)2GC`@Q"DG(8V:"(229,"&XY,U3&EP0QI>`,<]"!&,NJ!C&\@
M<QM\D`<?N2$-BA"(H"1BUTMM%E,)*4$)%IF&&9A@!H$ZR$=,$H*&S*Y1C2KT
MI"I"2<@V6G4?*(`(=%``2A.@``*X]``R>]E(@58%*ACL040=@QC,@-0S>)<+
M_TQM2$+2`-4Q>-<,9'!/6L_ZGK/&-0U@36M>][K7A(1!Z4S7@H_H)%7`'690
MD'W,BUY4*<NL57X@@15=&6LKNKJ>'HCECWT<BRS3K<5U#>9-<"*4H.H#[U_0
M&T#!L(N=@5$O(A917_H2@A"%P'<.DM!>&<C7WO\&N+T5H=Y]J=?@\C)$7UK#
M7T,0HN'G^V;"OL#0`U=<.`N^($61$RMGPPHZ'/1HQUA(GHV.-&/GV?`*2=S"
M$:.'9L6!04SK`P.:UWS%+UZ:%&9<4Q<_Z,99YJF6*<0U+SKUR%[\$(R66-1`
M!BYM0Z=;+<`Q#%T,@QJ\<(,;V#`%I((H<(HT0Y@91__&LY:][&">FQOV))`Z
M-X0B#"$EW$.K$!.PH`5T-<B=9P>!AO!=(8OZ+*$.X.>^:RH$AP?!"$;``R!`
M&0E(T,$1CJ`#!61ZTQ#!)$0VR]G#=QX$G1>M"582`@F07KC+;H@ICUVJU#>D
M)#9IP09B'WL7U!X&+KC][6E@\]OCOO:OM*6HC)=L8QO7V4MP2JVDQUSJD:,-
MKOAV-+^M%7U\HQ*$L$WVW2*7N3A<@0G7RP'#*T#4E!\U"4]$(NI+"/6W'Q'M
MOW<]][WO0J0?,`1?Q/O?SWY\X_O>]NZ__CL-U4"@0C@$@Z*+N"`8[1JP"%H8
MATFPX8C`J#`.Y..H"Y2.#]+_J`_*#NRHCHXY.10:#Y/Z,)93K96*K10\L9AB
M)IG:@IIS,2G((9I:F@7)LJ2Y&J="H@]YH@T1,D@X(@S)&J2"A""3`TT0A%SX
M!G5(AWEPAW7(!CQ0@16H@()X@<GA$]"AD[!C'#4+.S/P`3,0PS4AN[VJ0B:P
M@`.8@`/X-!68`14(`1#X@`\XO`^(@`\8@86`NX,PG4SIO!CHO!`@`5(C@B$H
MI+HCI!A0@1@@@4841$`,@2'(@TNPA6S(!EX8AFY8AW4XAF"H!3Y@/!Y0`1\@
MQ1'X``50@`'X@-:!G44YM-E)B5%AI5FDQ5JD1:1XB:+PB9:@B9@`/MVJ+1<`
MO@U@_Z7?"BX)."YGVP)HNP%IHS;IXAYYL(-\J)[IFZYO$(3LL;>)$P,R""=Q
MJA9R2KC56`W3T*\"TB=[0X3Z2S_[VQ=%0(2!2[]"2`+U2X)%R`3.D!=XI"]$
M<`-_C$=+V`12*(52,`53\(6"/$B#/,B&=$A3,,A2&(6)I,B*M,B+I(2*S$A*
MX,B.I`11Z$B0Y$B1%$F/-,F31$F3'(60_,B13$F2=$F/+,F4I,F:;,F.7,F-
M[`1*Z(25[(1(&`51V,F)I(1)H,A2\(508`9FZ`6E9(928`94"`54B,JE1`9D
M:(:E/(6L7$I4.(6OY(100`:Q#(6I],IKR`=^R(>US`=[R/\'=;B&7<@%8<B%
M7%B%/_`#O/0#01"$01`$3SB%LMR14-B$4$"1LBS,'3$2MSFK/Z@%3P`%7-@&
M5]B%8;@&<S`'65@%63`'6(`%S?3,5<C+*`DK3+`$3-B$3Z@$)=F1)MF1*[F$
M*:&2(*F$2[B$2O@#*!$$QU2&;Y@'>I@'=7`':O2'9)F'N'0%5ZC+81@&8V#.
M8!B&7-"%6KA+/,@#)&@#(Q@"(W`#(R`"(E`#(U"#[_PW*;`WS<"^'/@"&LB!
M#8.!&[`Y^(Q/FH-/^9Q/WL//&\`]^MS/_<1/^GQ/`*4YW[L]#LBMW`)&#C`^
MJ"`/BE$^19@>:.2*=E`%?F"NZ-/_%>-TACU0!'L+IW`TG_'Y/GE9A(33K_L#
M#/I2/_9[-_32'TM(OT90O_LA%W(Q(-2HA$JPA$\@A4^P!$0`TGB,1_,K/X9K
MN(`+N"_`/B7]`BEH4AR#4IQSL19[,1UR4K"@4MV``1G$C">@`2]UL2W]4BE8
ML9G2(1JX`31MSS5M3_:$@7=Y4YK;O3B-4SC=O3NMTSI-4SJ=T_^DTQ>8TR?8
MTBB%4AJ`TB=P`AQ#M1EP@R'P@32``S?X$:S2,CBP$3A`,SDHDL59@RF8@C3A
MDC9P,SM"!WG`AW9`AU1ERW9HAWE8RW18A2/X@2,(`B'H`0=8@%S5LQ5@`6IB
M`1]@@4E9_ZR^*H$(6`"(0$4%V($V$((=,`,T\`,'@`5Y0-5410=S8`>WQ`=^
MP`=T,`9@6`4\V($42(&Z8P$58`%'_546Z`%V[8$>\($>$`(U(T52G%<A\`$T
MB-<>.`-HW05LF`=Y4(=V4`=T4(>#I8966`57$`9A:$YC@-B&=5A@J,M:H(55
MR(,\P!X?4($A&`(>B('!(C3=V11>5)Z399750[WA,A7C"8IF<YZFB!5GE";F
M\P=Y@(5^J#;FTUGJ4X=I<`4RBJ-_DXUK,2=S_*=$>+^!RR=X<\=]>=%XTA_U
MDZ][K)_\N9^LU5J"]%$BA4<B180CK;=_8P-"8(,O`!^T=5(<>__2M5W;+:C2
M#8I;,P4+/]T9NX5!O+U;0=5;WN/;N^W;P/73^1#<%Z"Y)WB!Q`V6G*(!Q9T!
M*2BD<YT!I`(?K`D<+5N#-\A<.)@32*63->B2(O14.4B#%>B!(^"#:S!5?,@'
M?)`':M2'?*C6=%B')^R&VU4'>%`':G`%(7``'QC7<257$0`!5#P`!>@S3!FE
M0E$!(S""%!"!!FB`(W"`6;!6>[`'=VB'X3P+?:"'*/0!-1."-$`#\B5?,41?
M-,"#/Z@;7/@#*9O7LGN#,0.$O[R%6Z@%RJ2&;[B&81"&Y/0#/1#@*JF%`JY,
M:F#.8>`%Z:R%7*"%C,T#Y_784J,!(GC_E]*)19?-B9O@Q0ZNB5Y$V>$R1N`*
M+@U&B@5]BAN@BN6PCB>8-EZQV7FP!NZ14.E*%GJ`!VKX@S8PVX`)`Z,=O[](
MC2%-VG\22')Y#$W0'W<BA!@HG1A`A"66C,=XT0$2A5(@A4VP!-2X'W?:1]68
MB]4P4H>SM[A8TB5-F-\`C@U"CA:C(+J=J1S"(?R@X_S8H#O.H;TMT__`H3G.
M(3LV#OPHT_O0(4"FX_M`Y)MAK46>(0^`@4:6H0Z`@1=P9-Y37,6-0<A]`8W8
MY!(`-1,8@@DQ!"FX,<!JDTM=$RW#G*IRDZLQ1#5@`SE:`S-8`#VXAG98RV1)
MEN+497V8AW=8_P=X6(=NN`9JN(9ND(=Y\&6XC,(=P(-DA68%$($1D,-3K+P/
MT`$DZ`,@B#PD6`5@F`5@*`9[8%5CF`5:$`9TP.5DR8?@O`97P`,T.*OPQ8.R
M$^#Z%81;4`9EH`9EX`5PR`9<N%]<X`6"=H:#1FAE<(9]YH6&+F"^W`,!-CMF
M;0,_J(6&=H:&YH7II(4^0`(?X(&/C0&0'8(8L.!9<X'8(ZT09FEE<^E3.1X1
M]@D3/A68M1BEP`)::3`(K5GFTP=YL$:>A49=E@=J^`1%`!^'^V&]2(3P`Z_6
M*,<6Y:=]T>(N?HS%J`R!W(2MWH1,R`1"((&&(`%$:(1RP>H!*@W],?^%+!Z@
M+G:G\S*_,#92@5'2,$!C)U7C&7-C.88Q.8X*GD&^P+Z"_ACLG"GLG$%LQ-Z@
M&]J9^@Q0FCNQFD$^#[@"RI;LEHKLS,;LS=;L_I!LS^YLS.Z`2/8`PZ4Y2NZ`
MT>J`Q'6U&5"#\LNZ.(*#'G%;I4$!*@BD-G$36)Z</PD<POF3&?C.UM8S/:`&
M=<!>=>[EY:8'7Z:'YYX'W3U8[775[%4'/G"`'_B!(`""(T""']@!($""(IBT
M\M:!;#Z&<R`&8CB'[75+="@&=O!6NMP%:A`&=5#F4U4'80C@6MCG^[V%;=AG
M9=B&`B]P<B`'<"`'>%!P<'!P;@"'`N>&:*#_\`J/!FB(AF=PAE_(Z(+&!2SI
MFBWQJK/:@UK`!5LX<5M0\5JX!`F.;?`!GWNBN=DK+6(LQEJDB9<PV:#8\9;V
M<59!85JQ#N7@`NM8@A>V6>KKY>G2Y>=N;K)8[N5F<%RHA-<`T?`[IQ-UIWS,
M1U'`G\I(#,JPT4QHA$R@A$Q(!!F(`34'#%'`1\(0TB@F!5+P8JD&**-=.+QP
M.(1!8XE+XXL+CBT0CHQ[F.'(P`A#]$17]$6/%>*H%8[I*`],=/"H[)"A[.RX
M]$K'=)II+9@AL=BJ`@\(=9RAH?DP4`-U9$FNN1>(`C70A-3\A%B_!%QPAD]8
M)%@&GU97&J[[$U+6_V1=_S./.(C#$X$=6`5PF(=YJ-8HOV'O;7)G[V5J5,NW
MO(95L/9T8,)N,(9N2`=J`(;'LW;VQEY[X(=R=TNU=`=C*`9B)N9L</"#/=AW
M`,YU^(9O@(=XP'=RP/=XN'<$AX=_!_A_!P=X2/`$=_`'%P=N$`<*YX8)CP:$
M=@:KQ(6RI'BNEA!(6$U-^`2^P85?4'%;L,U*B&WPO*<9$+86<`'2T@"3S46=
M:/E<S(";^/&91PK4L^E&9PX3>@)%V!X)A6&<O0,_N(,[4`55N`-6,/HZ4/I`
M&/H[:(56"`16B/JG?_J%]81*4`,K!^(L'Z\6=7,WST<M3HRQI2]VL@0W5__'
MS8#K(`520A#(P%AB`4JXN<\6O3"H\\$+'@HPB?,-0;<@!HL*1A?\P4=T%4H9
M9OJ824\/[=".#O1`2E_\QB]!49^/48=D1W9D`\V]T^Z`#D"!%^B,'*W-'/6$
M3W`&16`!$,B(R87E-,@R0(%<'+.`8#&!Q+6K"`@!'C`"75B'=D8';`#J9G?R
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M^PX;7K`I6.E^GCR7VN39_\-KV!\[[.!#"BS,<*`4-%@0@04@F?!@"!&8H(()
M(*30QAZVP+-.-]T<<PT\](A(CSXDDJ@/BB6B2!6+4J&8CSSMR-B..NW,,P\\
MWU23#%@\@B6,-=9@\XTZZH"C#CQ)XI@DD_`LJ623\<23)#WQS#-EDUDF20Z7
MY(`##SA>AKD--V6:^4PVT$#33#/,N,D,*J>$,E`GG5!29T*;*%*))9Y`=`DM
MF#3T":&?;%()'&X0,00-,82T`:020+I!!C>U)($&+54:TZ8]>?HIJ#9%(-.H
M$D0P%*I%`5?%4$`]P88Z+;9HE1J;.$/.B2NFN*L_NO;ZJSZ]Q@,'(8:D)D9=
M=?_E=9II@C$+6"*%-":#"RZ0<"T)U;8@`[?<QO!M##)L&U(+)(1@;@R(=$;$
M8HD`9L@B\`*F&KVNA9%:&%^(05N^L]$V&V\!^V8<<-!=<=T-QR5'<'#@43<=
M=0A+/#'%RW77G</@J<>!!QROQ\%[';PPWPM/S/""&HHHXD8>+.?1!AY_[)).
MA]GP<@D/"D0`0@011!@"SQ_L#`+10UCR22W9=$--+:[40@V3(XJX:ZXKRCI5
ML%'MFL\\\KASXSLZ4B/6--104PTVX[SSCI9:2IGDE$\RN?8[Y;1]=Y/DP-/E
M..2,\\TXVX2S#>&$J[D,-,HX@PPR;Z*""IVC=")Y0IK_W&?)GPQ5LD=^;B`"
M!VF*8)X1$3,X&E)--*GDTDN;5OIZJ+'+OE.I-:F:*E'(/<?%#4VI\<W5_O2C
MM54O2"&%'*]@0\]4_0P?/%4ENF$L7&`4`@8A=.&E5R2+1!)))=T+-OY>BR'2
M5[336GNM!"2TCVU()H!D;@0D^'Q_SQ&2X`:XG1%2&B(,D0A#_(59KDG-%P[Q
MKWW19E^RT4UN8J.;G_AF8,49#G&*@QS@5`P[&3M8!T,H0N3`X`8EA,%Y4.@!
M]Y@0!BZH@0MNX`(7PN<]'I@4I$:V@194``4&2@,<+-<&F/V!%\`P!CJZD0YO
M=,,6>QB""HA&M`\0;00C$($1_R#R"W"`HQBP@(4@7)&,;9`C;O28QZ[2"*S@
M!2MKNDIC/KA&#R:!XQO@6`<\D,0D*4VICU>ZDI/@\;8^A@AN@H0'V]Z!);SM
M;6]=ZE*.QC&.<)!C&X$KW#;4A(S%(4,9C&/<G$(A.<GA"2&5V-/F[L,Y-[#2
M#6I8U!#2,`0U>$X1B%@,#>(7*9MT"G:<@HDO9R?,V94J`D0Y)NY\HY2$-44*
MV<@:]*SR!">\P`E1@$,HP,&\J#@/>EBC1QO4<,#*M.99BS@,.@,C&)551EJ-
MR0$\J<4M][$O0OGSV;7*A2USA>!<-%`7$=3P/T2XRS1]*>!J[F*(A1Z"$&$P
M!+_^1>*;!U:P@A1DF'"<@]&-"@>#&CT8Q$98L8Q=;#PF+8])3VH>]:QPA1MX
MSPM@\((.6*"F%GC!R5Z``A1<LQ-[^`,NAI&-:UR#9M<81H>Z,0Q>\((6>,!#
M'FKQBZ7RHAM,%$8N5J%589Q-DE,2D3_RD:)?>;.LT4M1'+GFCK6N]49N%>0?
MK33'N<*UD'.$&XYP1$B\Z4UOC72D(Q]927&(8W"%4Q,TG*%89^""&;U@AIP&
M$DJ$&*H@*K.EY]Q`"(UHA`B0X<CI#K28A1+B,2!9T*@H!4S8M0Z8,<$4;"7`
M@6'2%B>U__,),F]GE-XEA0LX:$H4:@'-J^D#'FUXPA.V@-PHI*$-@IB&/)H7
MO&[JXQUM8*@8Z%*9["W++^#KGOC.*5YG_25:A5A,(=*KF1S(`%OW[%G^L!4N
M&70&$9BPQ/D088F"!L8O?-E+]_Z[4&,98C']ZE<#)5K1WUB0H\\1BD>5(N&,
M4?AAU#$*#+:0X0UKN,,5_K!*R<-2$9.X8S>\H4QE&E,5O\!X4F!N%*)`A1BG
M(0U[V.(ZBC0/=7Q-'VY=!Y#SBB,@KX-FQC!&4=-A(WF,*!XG,BN46S3<8/'#
M'U7.!S_TD=:TGE%J=#UC(?<Z1QS-<9%W\^N6MB381X*#&^*8)/\F,YE89RCN
M38XM12CG))`\02(2FL#L9E_Y6<A\A%PMV&$+:/"%[!'B"SEP(4UNZ\M*:8"U
M-KE4;3-]VV+B#G<!6Z9S9O"'?'BSNG@X#A=L@`4N:#@*;T#&.*+L#VJ$4U^M
ML65Z%Y,:[G%/$9NPQ"8,(]Y@`[N_>U$,>M7[SFO9LY_][%FV9$"#)!`T$9;P
MA26RK>UMCZ\OD%"9?^&E"-(6^`L0C:A$>?.%+E"0W3]QM[LQ^@2#T;O>]GY.
MQ;90@R4TI=_\_O<2^'WOZ'QXQ`9G:0?.D_`4Q]0C43B>%-C`!BEH1`I.N'@4
MF+`"'_SA&%Q$LY/F$<>P9AE%74.CU;+_-C6KR;KEI4XCS+6<UA*):!Y2"Y'-
M;6ZE0`9RD(?LJYH;V=<U=XFP1A<'-PR'V,4ZHQ=.AU,I\/R)4!`J%'F*A,K@
M<F[:W(`&[ZF6"UH0]D,?FB:2@@$-I+"8+WC=!>R9+6Q9\EK883K3GBJFJ?(^
MJDW?1+>YA?!ODO*$-D07>L5M0W*X@(4K8(&"+X@"**`BO&ZVZ'FW2(,:S)W=
M0XR[6)4Q%H"])WKOI=,2D1#,8;2M%T0D(3*:<>>TKA6#:G$K!Y>93&*RC>UL
M8R(3HOB]*/+T:V=A/5X#WJY$MZ[@@7$A#,")]T:?P._D#KSZ!E.5PJSS'('[
MF^`4AMAXSI,=_Q$OP0,!#[CYS^^!*J@GX>Z'`7(AK@:(0WSB4L!IBW6*`@R<
M@`4L:,,QX-$W#*!;<8V/B54^G!'*N9&+C)6L#)?+M1PTM5',:9G,E<B-*.`9
MF5G/R4W>8`F7I-G0$5W1N9F9'-9B,4/3.5TOX$*>N2#5(80FZ,EE+=2_'(_7
MM1T-X1`/FET+2`!(*%H.',6CP<!(=$I-3)I,U)W=$5--%-/?=5KC(=>\+9[)
M4$/TS`H>(-=SK!H7L!JK?0$G1-<]E*&L#(\^_,%B@`$;'@+HM<9V$4(AZ$4C
MB-[W`$;JA=?P9=LB)`+KR6'NC<\MF<__*$:U)8:[6$(OC`\C9IOOB?]")F0"
M82#$]QP4\E6&N66B@JE;P.3&\\F;<BD7%8XB*5*A]37%$\#`%920"(&8=WC`
M%8A?4J#'ODF'^:4'^[%4BL'?$WR!%-"&YVG$8QS(R3C!_;482.3?3OF?"@@!
M+F1#-E##-:`#.LC(6\F#S1F@6(T5RW%C!'XC<;%1KVRC!?J8C]5<EWE@VX"@
M8`66(ZW#'87)FH$#TIW@G#&=,K@)"[H@GFV"U<G@GT'"@`E4YN6@>[C`"XP=
M!Y3=#VZ`^S2DV>W0#L$`/#5:VT6*:M5$2V1*$S;A;<&$WZ4*%DPA%R[>%D3!
M'T"@=%77<86B<="&%#B#/CC/\\C*/+2!(B3_D!A\WANF!B961NA]SQWRQ64Y
MBUZ0SUYD@K'UX2VQ'F60QB$FAGZ5PB*4!G\MI5X`7_`%&&J\QAI"E/)5U&X`
M1X.]&\-$&%$,1UHZQRE*6/8IARM66'+$(BR&'TN57TNAQQ(DU[\<D!OZHM?)
M5`N(C,C,5`=@`*2T0/[I7Q2801M4PA#M@1_$@C`40S4"F9+8W,JQG-:H)#A^
MY@-JS1I18`6BB-2X55Z=62/936!U29A\G#R2`S=PD9F4R39$P](IEITQ`R[T
MIM3%($)`PB)\V[B5FR]*P=<98<>,!'O0Q&S!W7/BQ$3"P+\\F@N8G4X@84>*
M"DQ\)*D\87=&X>V0_^2\L<H6T$`;D%HT'5?`)==/A*&Z2<$>!`MUR<HNI$'V
MQ(48A,%V[1IJG-=/%@NXI9,B$,)?;!MB]&%B[,4@>M9\T==3(J(?EH8I5(*U
M'>5IY!=I%(N\>`_P40*(ID98+I]LC&7`<-1'89"*LB5;5M\2;,&+@M!U1%A<
M;@<KLN(*+8R&I6)>)E<8;-XCM,9^'J=[Q!0RSE2+;8#(/,%,H0#)&,_#1<$:
ML$$:F$$:K``+],`J7(,\Y(,[M,,Z)%(&;J:OB&8;@2::EM69-B#5I,B(T)R7
ME=DAJ5D("AV7O.9KBHDXR&:;V2-N/@/3.8.=A0(_3EWE$.>`]4L.L%T-O?^=
MHT8G>\#$;)&$I&`G3&S`#'W!]7R!"5DJ$C+A37@G;>$=3X1D432>*`J<%0X!
M+IPA\;2!<R17+_X+;]P`VVV#X;W#'KB!ON@+AQ:8KODG:BP"@`K4HBW&:2"H
ML8V/4B(&:20!$4B;9R5!(9Q/8"!B8%`E8OCA_\1A9:C=Y^W:(30")40"B)YK
M)+@&K5I4NE40<K5H6\9KO'('B"%,2Z$0OM[K"MEECBY0:C#"(5#"(0#L;?R$
M#7E`!W2`3)F8QR@<<B7L8EX<$R@!!F``"IQ`_^W4"J"!,,#(C@59DT@-9XIF
MFI8L&YTIS/5*&E4-U<3IS^W-E)0#T>4I%R%=G];_IC,@UCT*JCZV("[@V9P<
MZG"JC"'TRR^FH@UQC*-6FDF4A*3"!$=B&D?:!,CDP/4,X77FW7;6%JF6BG@>
MTS%1W^)=@<G`P3Q4WJL^F*PB5V]L@13P0@.RB#Y0@RO5AFRX(4,U5'HER_:@
M!K#&8;7ZU[)>)2/VEV(D!B$L:%3>DB*,!A$,HK=NUR#F6H".UEMXC[E^CU\>
M"VWTHBBB:%J>(HP218R.KHI"Q\,D!7-\6`V]!W-XP`W`KG*A1X91D'[:6FL`
MK&RT4`NI4,<D+<(]K!-`[`M@0`<X0<4R`1/L5!2PP`GXD`_0P37D@SVT0SH0
M69:0*01ZILEV[QH!2\R1_PC7Y-R(:&:55$G>M*9@T2R?UJ9MDDG.1H,S`*H*
MUB]O]L*<3%W0RN"W">2`P>07U)")->T12HI);*2E6DH"G]VB.L9!;D#/Z%UW
M;JVH\L2HF&I:LIIR=6%0I-TNL$A-5A<=0`>#E24AP"W)<E-4D$,E9-XA@$%<
M5(88&$M=M,;>IE="Z05I=:OD#E130J4?3BA!5>5V2>5F409EJ`$B;(+Y($)Z
M=5<?#BN`>BLP5O&QWHMK/,*YGFN0!NF0NJ>#K:5:JJ6K#,6\_<2\W9MVD+#J
M>H=[:-B&M>Y[;,&/'H(6@RC!]DO`].[!II#"N10,)!QZ)&P',&EA5E,4Z)0%
M5/^LQ3K!3NW4#`S!`OA!.Z`#/M"(.T3)VVQF%GJO)X<FRFY-'(D<:MX(DW@@
MT)$@;=YL/9Y@)C%=8M6OH+9@GDE=Y:C,MPW8+QX/VGV=2/!@!D!*,%?J3,@6
M;&7*U$KG#LU0`\-`I$UP!3LA>(;J!-M.IV%?1YGD$]``',2*5%!>5-"#'M3`
MV!;'P'R!&O`"!%(>/?3"_!$"&\K&0RW:3M)P#;L&#M>P.?'%^;C+$`<Q5&YH
M@V(&`*&/5"Y")92"+2&&7<QA'[X&Y>;:>9F;YWTK(>RR+RY?`_WK'6_Q(WST
M?N:+*"(7_'%4AKEG<L%N":ETO6D0=JPT>22,<KU'*B+_K0?X:%QL,27$A4@G
M%_S!Q[V^1^RJ![[:D/L1+PKH5!2@@`GP%`I40%,OXU+[4!KP`!Y<PR7?@XPP
M"<A5B9.]B'J2+/=^<LFB++`@(%J/[UME29VJ+Q?)(S?(9ON"`R8EG3/(F6[R
MK)W1<M`.1$%$`B0@*AL8`F?AH$<LIGS(!P]*RJ5&<^IPY]Y)2@PMZA<<6C7?
MA'9J&NU(``:3<>"5LW+-@"O(0];4I,JN@G-H\&^`(6\,`192!>51`QP8ZQ=P
MP;X8F$^>UVL<0K3P=D,3*[$^L;L0+F`@9;(2<5,6E+9%XEZ40N@@@F\#=UTD
M@G;=<'H!ZZ+]"W\"\"]FM'=K__2/ZN='FRLE:/$CI*L;ZC%)\R(5EC0:_\:\
M@?$22`?IHL=0GX=+HC0,+,&&M7=R91<7>W'!PB(+_?3!'3@*O=0&>$#^L=CC
MS4",S8`/$2.$1\$,-$&$UY@/7$(WS`,^X`,U?H.:#5*5V-S(DC6*8XV+C"9:
M:1D]J/4ZS$.,XU&.B?B7>$F.U!&>VJ8K%XY=[ZPLVQDRA$)D319!)`1@$R<;
M%+9A>YV1(N,&U!2D6$"41T@+1,"58R1CPYU-V(],6("I0`I%RH8S._;6?J<$
M@^0U@VW@>5IH@P*)J'A4S`)R9ACC?:%J;\$,X,'9FK;P^,,[N(&BV2TP\B<,
M[Z3>OO_&7>QM7HCK'!;4<#\+4AKE?A&4^23"0B]H8&Q"+YR2448QY_DST?JD
M`L'&VAEG=B^?P+BM<MU`38>BK![/%X3!0]GQ1Y]WY@KE(_PO3`;'NZ(Q"R$M
M39-T*0[[Y_8B%I?KK1\"@JVW'+M'^9U?M.OBL\/48N)4%&A$&D3!$,32$$!X
MC=68@90`N?-`'PQ#D5`C-KS#-BA#.=B-*8^I`Z8XO<LY`Y+FBVB96V4R'B$)
MD,7C.MA1'0W@-Y!#P=O1)27=8672-@2J_3;.FS@=GDU\*)0"*05;)!SY)O3O
M05T67PS8\<7AHG6WHCW&01IAM2RD1.X0$#)V-6,J91\:$GK_IYE/,ZEN=F<;
M1ZL0!PVD03)PKSQL!'(NA>(-Q?',``J;]O#(`R`0`:TRD.>%-SDU%$2SAO;L
M<X)&NG^!VVET:Q(H;FGTX?B40K:)PJ<GZ%M$KG99CT9OXJJS:UFB\2A*`17^
M(JW3NB%LGJWC>B28MX#K9QB`01AX`;_0L8(]`<2Y+=M*U+V<][+?O2\BK;"S
M-WO7-"F.M*Q"WQ/8JD8'6F$3HPK,``L\"%.'?AK,@`FP0`E4P`&(@`+LP!'8
M@1W<`1H$@B`(@B6%W)CF2B?7N\DR(/CB.P*:IEKCB#H0&9$<B1VI`\%ST3<H
M/)G$F9RI20JZB:!^$BX@`]#FF5\3_T22*P+'DQ9!7C3]I5U&IQTO#WIV-]K:
ML;^FLN'UL"%MP--1U%#800K(<+X1"O.FU#Q`2!`XD&!!@A$.#MQR9<O"A@P=
M-G0(L>&3A5<PPD@S39\_CQ\]*DO#@H;%*U@8/J$1Q=,\C_U`^I-72PJA+U_`
MY/QB<V=.,6`,%2)TJ-`A0D4+)4JTR)"BHDL7+8(*-5,B2XLL+84:%:O5KH@2
M@>5:*6NCJ(HJE5*DR%);MV^Y(D)DR-!.0F%L$@)3:.]-OU^VW`S<\,L-P!('
M6Y2HF+'%)S"V/'DL6>)-,&'$9-:\F?,A2H<>@7X4.E)I2I$.I08=B5)K2H].
MAZ8;QE"8+_^TZ<ZNK=N0:M5B4H\6+MQWZC"V_WZ1LGPYC1DO6IB0'B'"@>H1
M*I10P:)$]P4E#BA0L&#'@A0+#JQ`HX?:O'SYYM&3+U]?_8X=/^*/N9]_?___
M`03P/H_J\T>??.I[;Q[W%FQP07C460<><-0!9YUUP/DFPV\XU/";;3[<1L1M
MH(%F&V=01)$999!AID5<0CDE%!A#J7&3&S79!)(=%3&$#1\)86XY&&!XH<@-
M6MA`R24WD*!))J%<LD@B72#22A=NN`$&+6_(`88JK0PS!\,*^<++)3-HDCJ#
MV&S3380&0NBA.2.BJ"$N4I+L"8RP0.D%-#@R,"9]>&EC!AKN;$C_BB@4^48?
M?OR!R4!]Y'$E#3"XL`R,P.RZ*S.A@AIJJ$6*6B0U4U$]1*I55YT*JK440:02
MKJ)22JY"Q+HJJJPL0<02M=C::M=-,H%K$4+HXHDOG'3Z:[!G#P/L,,2HK=;:
M+6Z(S"+(L+52,6H!.^XO9`U9Q+111!GE--0>*:VT0U`+CK1V2PN-N.'N+>X0
MX,3XHE^_$@N3R!<()CA)"UJP0&&%6TBXN@DJ0*&""!!`H3L$#LA88P06B+@$
M%GH(PH]BWFM'G@7ILT_0`@-LV>677];O/OL.=+!!^!J$QQUX>.99P@LOW!!$
M$;_A9D02G3D1&F>48<899%J$&A=D9JS1_^I0-N$DQQTAZ1$.'V]B3C(K.^#`
M`[.7Y&"#--=>6X(,X(X;;B4E6!-.-YT42$D.G'QR`[6MI.$&&HA,DNZ$#+J[
M;H'@5#S.@2"*G,[(*=)SSY.LN$(*,X*81;^7]*$G&SBD0$P*-381AYZ/)*5T
M%2&(X")3P<"X*4B]P/"B+F0+0<IW4IMJBI!%%"&>U:EJ9956KQ9!)`E"H'^5
M5ZC26NLL1)J7JOA=+1&EM*A4ZXFO9CF5=@LNKDV?(HS8;S_++1O*MEH8)M,S
MLLIVZLU<=WL,DCD82B*%)PB)@`/4$P$%N)P!)I!^8WN,P"!HI8)-T&`=L("2
M$H8D"T1@8=BQ0/\%0'B`"B#@!`@@(<8PEK$29$<%*=B!`U;1#G[,0QXU/!D]
M%O0>E7T.9CWT8<Q61B":X<QF"]H9T.!QH20F$6A"^U"(1&0B%"G#&4MCD3-<
M%#5FX*(75^N$)L"H"4B(41%RZ!$;V"`NY6S!2AYPH]DX$$<.R$T#&:AC'>4F
MD`P01$UU"X'>\/:F@2@)!CGX`I5<($>X!3*0"'&<!"8723MIBS(/Z5.V:$"#
M38!#/S"I#SVNX0H__.$/KE!'1_J12@+%`Q6&L`@7L#`[O_#$,GPI$U^@ARQD
M*>(0="'5J8ARB*T@;U7;:]55K)(((CS/>6"QA/5VA19@K4J8AT`$47K_IYI"
M1(42HNBF*+ABB%PFYR]2$`SZT'>M2:;O6Q6YGV(R28/EY$]_ICD-(U(CAF>Q
ML7W]O$(-:O!/@`Z4H`4U*$$](-"!WN"@-7#C0R'Z1@UT(`,*ZP`&-H!1A5$'
M.Q4PP0Q*$('N'$`%)O#."1:0TA4@P`#A$8$0/G"$>NP#'^U0QSSB$0^>S0=!
M*OOA3X$:H)E-BF9%?-`Z'G1$)#8Q0]W@4#>RD0VH4D,9REB&,Y8!-62P2*M4
MB]'5.*&U+T)"1XKH&EU^I!P%$FY*+>C`W^*H`27)56YUW>,B[[K'O`V2D7W5
M&P>^)$?!JJU)CV.<7Q=7MSI%\DX0H4P[%X(%_XDXIPW)F`</)T4/F@G*D_2H
M1B#40(,O>$%VLIQE3YA5)EUB,S6$0$11>E.N0Q1O>(H@)O*PASWE1840-%@F
M$0BQ%&,23Q&14`M4MGFL8*8&*41!!/3*9:[]?:^UY7R"6J>%3CI%Q)WO=(QC
MTM<0W[B+NKUTED2VE*4L^7.@&`EH>P7J7H4V]+WT1:A#\1M1B%:4`AMXZ\(P
ML+`*6,`$U='8`4*J`/`<P(0K.,$*%M!2!8A`!`I8Q4SM<;*>P4.G\Z$9RX(:
MXI\.J$`?+FH1D;I4H*WX0A4"AS>:NHUL;*,:T&!15I?!5:U.K4:@"$58@;P)
M,'*M:V<UA!H,(23"&2/)2AOP@)/_EB:[VE6/;RO(D]A4V,(B=B`:$.R2\L8D
MO#4NL?]L8JSD)%>1=OI3,B^(`B!V@8UXI)+.,:FS/MXQC5>X80CR%,SYR)D<
M7'X!E[HD5R^'5Y1J;E,II.+*J[(G+*E`!1&_=>U9*J&59U:O>$M!EC7%"3VA
MJ#:7I=:?J=ZE*M_4)6S2@D%AK$49P#BP6K?1S"/X)8;0O`8T^^K7/ND706S)
M3[WJM>^QD8U?@'K`H?I]*!S/%D<E>:`#U:XV=#:PL`X>>``#$&G&4@""`Z3T
M`"W-F`)2T``!Z,`<^]A'.]JQX9[-`QX'LK>(\?U#F1'50`CJ:7QLIK-Y_*R)
M&.)04[O1#7"`(^'?B&I4JXJ,K':UJST.!2@X@?&P:H(37#/_:X]\]",E/Q`&
M23*<VM(TQ[E-.:]6;GF6V[1E+F=`CF"^LLS[ZLC%+9;GU%K"1!"SA"5@9.AC
M<T(4V-"):6"CWB0V$#W>40UD>,(-:9C!/`4(,&G]I7:U4^U.Q``]HPA%[(10
MQ%!DFUQ*)T_22_%5\IKG6K$0+YG$5<1QC]>C1`0EU+E4`_3^_@4U"-YV7\B-
MJDWC+D2'+8$E,>!UK^L7,81!-:-QS6LHH6O-<"$,YTLGMA#SA&S=`+P2J<%#
M:E!LU1?[@5IJ/9&T!%!CK_Y]$71V1&'0`1ALX`6\/]C"I!.=`E/'.M?13@H&
M@.`#'T```I"P>`AP!'38HQWH4$?/_\BQ80=I%L3Y]CX0^UTS?=A,0CE;T(K5
M\8WT1^@;"D_X^Q^^#6I``\<2I[C4D"$C'W<"R!T?ZXX,`0#IXN^4C&#:",J<
M3,I8+H]<SLJJ;(]PCLL0*XY<(`(ET"#.;$[6!^C81UN$CGV$+C(ZP`E\``W\
MP!5B(1:F819F(1EB(1#T``YHX`7,Z=4$:("4PWPVA9QX`@R.`KJ`L#=$I9<2
M02@<+2FV"2RV!WLDC5;:@BNN(@H?;2TX32J>Z[E*+0O]3JUX@CEVHM4,S_!Z
M8S5*`^0&3T@&S_`\X_):`S9\K0NHQ7+VQ/08HKX<BGZR94L\X"((BO96CTC8
M"/:(9#+2R_\/U<OVVLB-P,0%/*`%7J`#>L\`34Y)."H"I&/XK,,Z0*`$3(H%
M0$`\/G'YSDT`"N`!9($=T`$=;$K>L@\>%F3\>HI`OF\6^V.H/DQ!4,P=5$P=
MV&\=U`_AWB_A'BX;J,$9J.K&[@\9:`04?`SC-([CQ(A'("$WV(`0J$!(PN0%
M*I!)Z&KE%O!M[JH!PU&O^,H!+Q!OX,H"<VYQX(3GTHQ:_`E/M(5:9`=;T(E]
M%`,.GV#H[H0+`BJ=S"<P-F4@90<G##(ONJY,C*+4C(*U3&6;DHON;.NY(HT)
MD<EXI#":I%!7-D$M%L$LC*=XUF(N#$T+M7`GS&GP;,*<;@(W]F?_%&`2)BDA
M)E-!)F4#.?Y'#N6P@4QBON"1<M@GH/Z)(0QQ]3R`H5(O2PH**5.OH9CM*9OM
M]B#*;,[FK3H@2;!M@RHQI#1&I$+QW#XF!99OPA2```C`'-C!'GB1%S&$'%J1
M9QH$%GV*%NF2/TC,/A"DB-AR+7F10@Y._3JD0X8Q&ZJ*BI"1XDX!%Q33XGZ,
M$_AOR(@L`*EQ):5`G@PP]XC$R3B@`^1J;18P;AY0',MQ(/1*R\XQD-21R^3$
M';=+`SOP"M"G2R1"=G"`"W"@-F^@3SK06F()-C_O\Z)E"P92.`7M)D;-+AJR
M[+"I=YX""<VN$&RK>1)A>-RN>=8B+&)E_R1I)2HR81&*91-\81,L(1,:`2ZZ
MDU9`DE8BP5Q4[1$6P3WWYS36Y?(2CUUZJ5U<(Q)"HY=LPYQNT/%V\H$J27X:
MPJ#83+[8A_9DS]B:,DL2*BF5,MGR2]FB4BHQTXW\BTFTC8.(+Q,/3``T1@%`
M-`5*0`'.K2R1H!ZHS_JNX>#``1ZRK_P:A/L&I"YM=%*(*D$2A$'H;>"N;_U\
M,?W:#S"=JD.@"JJBZA@C3L=.`11.X19D)!2\JC'Y3VL@01(\SA%\!&R$A.0(
MYLF8A&VZT3.I#*]$DQRK[#3/D6_.47%8D[L0HWT6(O4DX@:X`"EQ8`MP0+W6
MR5I@R3?[,5$&X_\+,H4+=C`YN@[L2JTHCB(HF*L(DT)5BM#1&JU5HF+N.DU[
M$`%6M(*X%N&XTG,[/W)4S>+R&H$16(,U/,-4**$1]&4VG$5:2B\P*`\_4S4U
M9N,X<#)`!S%,"!'V/G`)`$HB?N[G$-2]`"HH)719CTV_J)(JK2VCLDW;0.B#
M#$QCD@];F^\`DJ_;RK(!@,$>ZJ$=`G/A%FZ)E.@5_6TN;S3?/@<_[,W><`C%
M(H07?U$=BK3AG`I)'2Y)LV&*(@X9;@%JG+1J?,SB-"ZLQB@R?V1+"6@&BN0%
M..`%J`W*4(Y,IRQ-Q_%,25--3U,='\EQ5C/-WO$A=C-.48)])`LB#./_$!@#
M,F0-LJH%3PJR='#B3@RR\'R0T'R0+_CN*):3.:NI"(,KN"!R4K4B+'*KT9C0
M"J5STC:U%.1"*5QK44>-.6V'E@*-G*XK,?:)G0:(4[8`,S)C7_8%-H9#-=0(
M,$IG;`913P`*9J]@'Y>@C98@H1+J"H1.Z!ZJO>Q+*CW@;ID-V=ZH<`UW233*
M@CHH`B9`I!9L^;:5^9IO<@7`+.W`'.Q!+;L!1!:.',Z5')3('>+RLKJO7;WO
M+OU-AXCHJ&Z*9X342*]!JF1W,!^N,&U7&9O427%!1I:12JTT,K>4#=1*;`:&
M8CL`3-]*RC:@&[]1KS9V8\WQ>3UV>MG$34FV_S4EXF0;*'.JH)_V=@DH01P4
M(9.^14]F$#"XA1YK`'TJLW0$DC#&)6?UPB9NZ0>SB3DA-2F4H@CY5RF0T`K#
MHM'"0NXNE0D3`59(P;:*\`JQ,`L)K4RV-M!NP&8#X]7"*]9T4@XEXM88@0V)
M`U=K(VP8HR$\``9*F"?I=A_W,7#W%EGMZPI8^'N_-W`'=UF=S<DNJMHL(,`4
MI@(@AF*NHP+.+6.V53R:3T0!((D?(!TR5RVAB',7;L7>P4'\35!,EQ91%SY6
MUT%^!A[4#V@"\QNN@1JH@1C+.$FIZE^5@1=P01EN`1?>V&H6L\<R[HO"*!)X
MQ!&FT4>H(,G$)@J(!/\2J<TJ_:LSO9'*'%!ZH9=Z&;D@R$QD(>E-)XDA&&()
MQJ8DE@`*,OD*--ERG(`2RD$1(%;T$N750FN"A21(1,LOKFZ>!J-VN,XRYI?0
MH.<+L,E^>^<H(#67IG,Z225I]S=I>TL&:"`)L'/2JE,M@BM_?U#4<*('(_A9
MLH0P#"-]+_B:X]!RYG$+ND`S1`,VVO`U+"\T-@,YOF`R%J-7(4CU3+B=3SB"
M$/&$G8TJS\:$>^^M>@])3,`"4*"'02@[0$C<$&P%6*"@4R`%3!1$)S>)HP\M
MV\$>UJ$;G"$;N*&BP<%SD<AFQH]=KQC?G$Y'\^%DQN_\Z`U"((1#*B2,IPK_
MC7FAI6UWC5N:C1638*^&&34A%,!(:Z)Q1QSA:WRD/\5&"B+V$0DYRC#V,\.1
M8Y,:D!JYJ1.'("396BCY,9CC!53X"9Q`,IQ`"K+Z"28A'O)@")8#-C,BG@CG
MD.3).9I#J&E`#<2:)843?OT"EBWC)@Z!T.SB:D5MU'JYEYT34H-Y?Y-`!I*@
ML(M9:?=W4Q6!%*:6.7.Y=_8">OI"+R0X5J<%FTT6(ZREV!:C(=)W;IM-@R6B
M"S`#-,0@\]CP->K%5/9S\EQ;5V^CG`8U,3)8)P,G3-A*8)8L<%Z`<&;`"9QC
M!IYC!EA`.K:CH#\&N5-@!4AT!7J`^0"@<@G`%%.1_QWR(1V,X5]-9$0TQ$(N
MI$=O9H<Z^OMLT3YXU/S6X1W6#Z7#6##)F!>H@1>4X;UCFA><H:45<VIP@1DO
MSL<\06MTFLBZQA'0Z,BH(`P4*`J>P$@\@*@'F:(@/`,H2@'K2F-%$Y`6J6/W
M*C4;^9'6,0/A]"(<BP84P4;@0+C5X*8W(11$>09$(1_XX`]N(10.`P86H48\
M01'0.A(Z81,ZX<1G8!/6PL?&UWT%,H)W]NM&S7YQ62BF\[6J%BST5W\%>+"-
MEK`1VU:B-GH<NW?P>GQR``P,B9QR@%/D9U-`[[()([QDEKM.=D\B:@ZW(*$@
M@W[B=`MJX#'D^CAB2S58^_][P"<JW%,_>>E4F"(2BD?5%%U?9JO1>PGD<H,N
MUD+2_TX-D,S2,1W3A7L(AH`%5."XNR/<0E3!$#H\?F`59@$=ZJ$>IL\=A"$7
M?@%%HL%HMH$;S/6[;8;[K'B\/7I2>BIUQV]>35J]`9/]4II#LL'AR)BJR'B-
M8;JE?V$8\'LQF9$9/0&,<#J,%I9K0HXNJ$"M!FA*"*;:GHRBE(3"D3JII3>0
MT-2IU93,(`?$UP<$GR`*#"$:!`$4D`$:U.`%)@$:F!$9G*'?1X$>J,''Q*$9
MA'L3G@%&F"$:TD`*%,$9<!I%I&`&:KU&H$%\0TLP`&/,ZUJ6#?*6:+G+'5O4
MCH+_.8L6"0.;$`C;L.7.?Y]<$4;AN8B6Y$D>K^G:L@W#?`(2LZN%DH$R3OLT
M>T5<L^?V"FX`(]3K,;0$@KX%,';P)R;O,LB67\SV;!E]Z[G>-RB/+@IO)<UZ
MN(.OI$P`!#81[4,T/,9C`13``8Q!%>TA%=%A'M0A%VIA:IAANT&D0[P;+L.[
M='G=7?,A1\T[X-8[:%ZW_99]&,J8ONM[VM^XVD'A$SSA\D$!&G5:#G@:$GX$
MC40NJ*6`P1W<OR`\3(\:-!-9J2_<W1'+PP-)WN,GLR,C"D)!''R@!]X`%-C@
M":@`#EC`!P0!'BI!"BB!'EQA"-)@#<H!#HR@&W*AT],`_QIJ(0J0`1W2P`F.
MX!;"8`:PX1W@P`>&8!N8P<]$2VR1G'Y[=B\B>Z]/?LD=>X&=/"F&608(>YF-
M%CK-KA3^[K4`HE`A0H6^%/SR!0S"A5]R@,FQ96'$B5LH5KR(,:/&BE<X8KP"
MLN,6D",[AJQ8H\86E2!OU&B)\49&D5MDUI1I<Z3+E2HW^JSX!>C$+U(L:KR!
M%(;2I4L[;.C@=(,%"R:FEH@0H40)%2E*I$BAX(`"!2M2+%C5SERQ6;/0H2OF
MRA.N7LB0-7.6K5LW<."^D?L&#]X\=X+U&=;GSQ_BQ(P;.WX,.;+DR909Y_.7
M#W&^?/,VS_O\&9ZZT=_6K?OVK?_;M[[=\F8;QHL7-=B\=O'"%1L7+ENW=(<"
MI;N6)T^@-''2!"DY)$UR%,%A8X@-=*)JI%B'\4)I]@X>.#SED*&#A@T9R),O
MGR&]^O02V&=H#_^]?`GTZ[^G/[^^_OW\^_O_#Z!^(WDT8($778$%2$L\(84:
MXVQSBQ]FS!"%%)#@1@T]GT@1R3QXH+'"&^3P4LL\M"$S#C=I[#$/-Z/X@4<4
M9J"SC0]#I%$*.6K0$!1"$?7(4$(+*630%X0<:1`8`PDT$$%.-OED(8DP*64A
M.<A`0Q*)3,ED(H08HL@H1RY)B)(&%43(D`X%">10%`7U4YP'<G32@2+=.2=(
M+]6`E)[_(Z6TTH!7I.02H$C=9-*A**7$4D@D;;'@@D\\X8%2E3*%J:4>;,HI
MITYY`-534+TP5:DFF%`"JA&`H`(+)GS5U0)FC:6`*FRQY98UJ_QQ2RBGU.4,
M7MED@QHX\)BVCF"@'6:88I4]"VVTT5YVF&>=@?;./*2AI@YJ>J%&#37?9$.-
M;.3&=EMNN_16"RZ]_08*<<1Q`@@D]<J!KQQL."(=&U1(9XAUUC&8W0O;=<#!
MIQMLX)UYZSV,7\3Y2;!!?17S=U^`&F\L003[><PQ@7@:2&='3[S`QANWC`//
M-G#0P`PWGN#AQS>>S&`*/4?T8$83Y"!3RSK#Z-*K('NDT88=_[=(,T\V5*R`
M#C5H##&$)CI*P>,7-_C(YD)EIEE0V%`Z.6;98PJ$R$"(D)WV(DM.>227`A&B
M""EJ$#*E06FFV?5".7"A=8\7]9@31D_(.1.!=CY*4N.."]IXH!VQA%3EEA.J
M$I]\+MH3HQ[@Q&@-,%RZ*0Q7>+`%#'Q:.OKHE59:0Z>R@TI[5"U(U4)5)KPP
M`PN^LZ!"\"6``!988_4@##KMM(../6^YXLHM<M6E#%[;?+/-]:@E2]@\\+@S
MSV'.(K:8M.:?7QGYFZU_+6>AO=/M-=>4EAJYJGT3;O[H[L_++;7\[RY0"'`X
M!-2$`?.%+S@HD`W/D4YU!':=@KT`*O_<V8`'RN,P]&CP8>Z9CWPR1C'[P(=C
M)"PA?T#VGP*-C"8<29#)I*`)10P!#37SA!O$X0D?!$$/&IJ!*.*AB33,@`WE
M4(0;OO&)(40A"I6`PPPTL0H?2,$5\.B$#]#QCJG-`!K0P-H6(`(GA&RM;PLY
M2-B*1!`ED6V-4?(2DPBR)2X1A$IK6X28YABVK_&-(6OB&M<FLK6A'`YQ/[E3
MG>@DLCGMA"4KN8&?1)(3DPS()CLY%*!J$CK,I<0#L=/<YUS"20^<CI.>VQ12
M2F<I[H"*@JSL``HV@`*#&6P&M.P=JH:G`%R&90$*2,$*%G`'=<Q#'O)X!SJN
M`8M7K`L7P!+_5O:R5YIUA&8>\/M,9C*SF/*A;YO<?(P^KND^T(2F6_A##;BH
MH1=RD4M_MN&%,G#CO_])[Q;QXL1P!F%`YD`"@7!H3ARB$QTJ//`)42`H=F#0
M`8,]9:%16=AY*G:>]40L/B.<V'XN1E$3:I0^*"1A(E4XDY`\`0:=V$8H*G&+
M;=@P&LX83BW@$0H?QL,9GT#&-I!AHUIL`Q>>"$4T-B&%3WR#$Y'@!3@4T0-T
MQ*,6H6"&.#0A!1@(;B%C]!N;#G*DO9D-25GMJE>_2K8W4FD@BA#%V7*`U:[E
M`"$YV-I:A1*XB%!2(X-$W,@69\B2E,0D>AJ42V#B5\GI1'-_+6SF_S*Y24+E
M!+&:RZ0H!X782MW`=9WBCBI;F9T9\(Z6IW+5\$!0@K`<8`%>"0M9>.F`5JBV
M%<G#1C5VL:Y;N%,9P[)>]L:Q#O`E:QZY58<\.M.L9CFKF\3=IF:^R;YAPN,=
MRR4G]IY[O7"EIES4()<R:A.;6VA7NP3TA"8\`0@#AA<0<B!OOAK8+S9(@0H0
MC.I!#4;!A3Y4@Q'E8`<IZA[\8FRC_`U01_<#T@#;J4!/<`(@0M$+7GAB"#.0
MPRV8\8DW@$(14C!$+/!PBV2\H@T^\($05O&+_NW!.FKH52J4L8<HK$`=UQ`$
M,Y`Q"!I(X0M2#>08W1JDM3[$2`E!ZY$>4NV()$#)2%D-LMG(U*2Y>>EL3$+$
M(DIQI"2`@2!)X%L2V-JW'\4U(W"J2%T)^9&2L9!QBL.3)$WRDC]5Q')LMAPF
M%<LHG/0IDTAA;"=CMRG'IJ1U3+$L*U_PA"^$@1!8>\'N4*6J`QP@5170BJ(?
M;0!%*V`!"7"`I>^0C&E@P[7*2(9LE4';;$#CF>`8#;+4T5S?AD^XVBRNJ\UG
M&&SJXS.C@8<\EOL._.4O?^L,UW5!C=U=X$+8VG57+001KT&``A#,'N]YX;"&
M]$Y!"FNP3H6DX(2"RG*"4/$`0QV*'HIM4#T3]:#$1HCN_O+WOQW_"UF`S1QF
M+\.@O4J!X`ND,"FZIDXF7:[)%BH$ANK08`;?4$8:&F2=K04R<&H=$H^_4.4?
M1YP0:%VK5R<N9"&#=>,"$?(B1&'6.8+AR@_9(Y8A`D:("`6,<J4QF'UR5S$C
MTG%H=J0C6T*Y.T524/Z^0F'KS">@Q[E0H:M<Z$*YA!HL`;)QOA2F9*D4'A'B
M$(;X@F8-;:I5@4#26A&MI!>P``.(_0`),$`"%L"`2L\A"'[`AKBJ49MA#`/4
MRZB&]M*!K'6,9C3#7+5P7PWX9Y&O6N[[[3!)0\Y=*R-<PRC7;.>.+MG60K;Q
M]`0]!>%=39"7V0E48!S8$&TV3"$*5%BB_[4+C!U9QE>^Z\D@N?5SW_R8&X0?
MI`]&U8U[`+U;<3/W\DCQ7=!)"=\)PE_"RR\R`RG<(/DPF,$VGI$&&DB?!E^$
M:\NUS$>$3!DA8<M!F:B$)"./R8U>51O'@[PE2VR"%(3(>,?+Y/VUYAC+?[S^
M1;[\93`;\E&(%#!?;=XG@S)8_C9)A.5(FV-)01=G04=T=H98@Q)*F\0I-_`Z
MJ+16AW`(BW`(A`8#+>"!+3`5IZ(J$7``JU("CR86BB8``O!H80=V96=V+UAI
M#K`+@;$.W4`-PA`NSF!WW9`.]U,:>R=,P"4^@6>$T,(LFR&$I$$-KD4-G09;
ML/6$Y=).M@%JU__E3O\C")@G0*"`>9I'7@K4>:`G'6M@>DM44%'P`DZ@>MP&
M%>$A7^8A;O9U'W68;A-S>[FG;AW%;OSQ4?`6<UL@?"`Q*9'B*%=0!4\@8S"@
MB(HH?5%U.%?`!8*X!5PP*5Q`4IL@8UI3?6Z2??2G?6DB97OC8T(V5J=H-FNC
MBH2PBJMX)&F3")9@"9G`?B*W)O)G56\55[L82#7!B7"2?X04B(XR<WQU9L98
M$HQ$.7769G7&$XUE=$0G=`Z(9[,#`Y/E=#"@91K8"!OX!32`'1^X`28@%18@
M%5CQ:!6P=:"E%2>H@F,G=F4G`#&8`)6V`)8V#>$C#RPV#8L7+GGQ+=O_\PW"
M9'A_=X0'"1F:L3Z>04SMX%OJ@`W7@`WG!%O!UD[H`FJV884DLEV>(`C,-AR`
ML`=[()(+M`8G>9*C5WH%Y01LR(;;%E].T0$90`%T>![[$7OQ86ZP9WLAI(<:
MTX<ALT)EIE<DLU>$>(B'%(P8@063^`0W@`.4,HE1('TWP",8,8G7!R0.QS<%
M(64^]C5&(A`8J(%NLPAQ%$>(H)9KR8IKJ99WPXI:@@F9\`GL%V0:=V5ILE:X
MV!!]^47U%U<*=WPP)W,#YG\\(5B`,BB/4C@\1TDJP8S2R(#4>'0W,%*9HHV#
M(P882`F4H!"IHQ0NT`*B^0(>6(ZE4@&I60$D_UB"H`4"8W$`!C"/O$0K,"AV
M\5B/]=@*\K`^^]B/BS<LP:D:>R<:GX%<PX60R=D82?@9\K`\#KEIWW`-^:,,
ML'4+UJF1V[4NV]D_\D1/X/61(CF2<``(_00'<;`&4T`%4S!Z4=">4?"2;8@!
M'6`!,KDP,PEN$36'KV>'M*>3/XE[*,2'NK=[/,="7$!S(G4%3^`H6)`@+H0%
M(^%")Q&A.&"96X`#(^&4@8818;0%1-(06L:7";%'8Z(W[G>*;M,(B["B+)H(
MBF`),"J+,ZH(BX`(BH"CB)`(<XD)F,!^22!D0-80?+F70_%60\%O"O<%^;>4
MA<1[1UF,>Z57>_)7DO]C28*".8;E<YE3*-$X=)3Y.4XW*3-F"!A8IAAX"&(@
M!EO@="[@'4NQ,-ZV4*4R%1%0`2:`@E['@F$AFV,!@PJ0`(":FP````G``*J`
M#ON`&>U0#-20#*'VC]MC+'QG&.&CG)>:&)FA&`OIG,NSCZ,QG8Y*#;M0G15I
MA:6J7=79/[MP;()P>5MH-'^P![+:!GL`!V^P!NC)GN\)GRVYAFN84!-TG_39
M`110DZV7'OH)>[4G>QEUA\X*H-%:H'E%9GOE0H*8;UN0($=A$W5B$VVE?%RP
M!%Q@`X)(8VME$Y.8E0O7EY]H<4:R8T&&1ER%1U021XM0"3.Z?J3`K_VZ"9O?
M((NT2`H]2@J(X'X-L4=[F8M!(7]NTHOW-YB)`Z6&>5?[IU>/%"@WT8QN)HV2
M:72460,C]2.&<*:1$`F/<`@(,5*725FDXVU^!A4MD%#T:0%8<:<5H&@#H+,K
M*``#H``\&Z@#8`"T<IL&```"```!$``,P`K-@P_M<`W",'?5XPS512P#:1I#
M.&NMAJD(.7@+V0ZT!C_2&:JP%3W7Z3^VL5VUP*KK\C^NH(7A*0A_0+=[D`=Z
MH$!OP`9QL*ON.7K9MD0OB0$&,[CS69]14:S@-FX<5&X9U:R.&ZV1JQ\!`0`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>p1_i1.gif
<TEXT>
begin 644 p1_i1.gif
M1TE&.#EAQ`!X`/<``````!<7%R8F)B(C/S8V-ATL3S$V52PX9#8M?#8Z9S<]
M<C="6#E#;4`_6D(^<%MT&$='1T='5TQ065%/6EY>0E=75TQ/;5YI35IC>&ID
M2&9F9V=H>7%O?'9Y9G9V=C<M@SPRA3L^F#U(@#Q"FCU6GB]<JCM.H3E7IBIN
MMBIUNC=BK31ILC1VNBA]P$,YBDE"C4=&F$]<B4U0G5)*DUI>A%M3F4E-H$E4
MI%58I5AAB4AEKD5JL$=XNEMAJ5MIL%9VMV):G69>H&]RC6=EJ&AKL&QPK&IV
MMG)KIWISJG9XMF^,&762*7N41WJ*:`.5VAB<VANBW!FKX1BUZ1R^\"F'R"60
MSB*6TSF%Q#:3SC69TB6DVS6JVB>LXB6TYR"_\32LX3BSY!_`\2C"\C?&\UF%
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M[,KG\]OCY]?G\]KP^N#=R>'>Y^7FY^?I]N_T[NOU^?#O[O#N^??XZ_[^_@``
M`````````````````````"'Y!`$``/\`+`````#$`'@```C_`/,)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7
M,&/*G$ESX[QV[=:M<U>SI\^,U/BD@;,%2I0N@@#]L6:-Y\^G4`_*XT4&19LU
M5JQ\`2-&S)@Q@`P9NS8O:L=QKM(BE#>NK5MY#.6Y0N4*KDQ==7:PN4*%BI4Y
M8,)X%83(V"!!@@9=JV<68S<!`"(#$-#-8`7)F`5X2&@),X`*=ELZ@V5$A0J^
M5+)\D2(ES!A$A@P)*E0H-J)KC2\2\`P@0&6"EWE'AA!Z("KAFUO&2F)$AQD6
M*=2H*2K%B]?#L6DC*AR;76Z)\B!(_X8@/G*`<<#-5Z@`(8#D`,7EN0<`H0+D
MR+]5QB)B8\2/%2FDH4863T0AQ1B'S:9=8;#19HA3WSF4B62H"#2.9)ND]YF&
M`+A"D`>156#A>"R]`@,1/9RP`@NV8)&5@8`8`XB"VQF3S':(T(9;A`X%)P!!
MNP60X4#!04#0A9%5.%!Y0^:CP7`KQ1)"$3_<<((*=?!518%(@55(C<88@V..
M@BBS(X\+!1>`AQ;&4UP^P8DX4#<4`AF9!@/)T\V;)I%C!`P]C'#"E2GT5846
M7'PUQFR(6%./F&-^*4@@9Z*)T":8:8`>0D7F(X\\J,P'0'$@#M<D2YW``,,(
M(]R@"X`MI/^V11=3?`5((<98,R:.R10B"%B6+O1D9A6PR6$`HM)GK$#R[/8>
M!!YLBE(N1`R!0P@CT+*""BE$=XL64DPQ6*.[;I?,-88``I8UP2J$*6\"%!><
M<!!(FV=YF,&74A(PV`!#"$E8N0(*5^11E(%>`;+=EV/FBDA2@`#"+D'L2"/-
M-1`N=(W%WLG4C0?)`J"D0#YZ8(D&]TUV:<HAHJ3+#3C\V\,-)@RZ8AY4/`%%
M:X/1QC`BYY(Y(R"!#$3,'$XX\0073Q`CC19)(YHT'<BP@[323F@A1S[$1/W$
MU.X@HS/321/3,4BN6#*?D42V/)`K&"8DSR8ICTS2$/RJBJV@.^#_P8*A!4JA
M3,0*?GFCKQ&#)484QN23S-=/().,-,BL(PT72OMQR-=.S$%'TG,D<T@TQ.1S
M2-)/$`)UTNP88_'F27_AD;WYE/ICV_05Y"R>!=F+)`"\E]2##2'`<$,(>^L"
M7:%^09',(`DC-MOSB*D;%FM0.,ZY%LD,)`WD?O@1NS2?HYZ,4UTK;7723@CD
M3C+E.X',1N$1$(`E!+U[.\EN#[3[VQ"`3'[R,9_@C00=_!H!?Y#7JAVH`%94
MJ,(Q6",NL`!",>E*W%>Z((4O2$,@Z6-?^Y*Q.O9%+A_LT`+GHF:ZI'$!"JBC
M`PA%6#KZS2<`2@H/E'#'-D\=)S+X$PB=_^[$K%(!H!4F0<<0^I.$$13O%;"X
M$H`*=0PZ&$@*7EG7X-2EJ$%((0I;B`9!2NB$BEE!A%^C@U.^X`08*HUK(DP:
M%.8'1_;-H2/OBHP`6&:W>1%@CYZQ5V?,8S_)R*DD\^@7#H@'@R2\@F8J&EC!
MK*`SUGC%&H-35%?^(`4H:,$-QR#(/`@APF1@S@G%<(<;[^@]-I;Q=$HC!C%2
M61!VL*^&&YF79_2%.^$`((@$8=E[^!02;^`@%]<J'K^P=0(=D&$O?;$"%'8F
M!7:P0PQAR.84IL!!3VX!"Z',AQ;\4(RK*2T99W0"'?S`N2<DPP_$0`8RW+B.
M]#VA(-*0Y='8E_^]CEBBD)$AP";>A#(!!,"@>R2`!@8X)_M(1@`08.A(R&$M
M)]H`!TYDE:!^P(84Q"J"3_B",3C)&BETX0]_``,4GF"%-5QA#P*)HQ;F<`U3
MHO$+3@NA"^<'RWL2)'YM]$,U1-(68EJDJ"N9AQ&0YR\G,C`).M!!)#W:ESY0
M\@DZ\Z06LE(%+,#A"E>`1KO&2A$BA,`&P#C>4P,V*!6AH%OL,%05LF*%+%BA
M"GW)0PM2P(:R!(LMXXA'6P3K%K<0]K"#36Q@%8O8Q1:VL83]%$C,>E&G%D\7
M/5C5H![(HCOTY;.IP0)HU<`"%O!@K+Y,K6I7RUKA&)`C4K(6\K!EA"'_K(I5
MFRT'.I;W42JD@0HM"&X:4K`"'LQBK"%KK7*7F]K7;@08L<@L\D[T"N(Q4%!&
MJ,,*MMNM%-AAN-WE`0]4\(,?F`&US$VO>CWC7(XD<P2Z@(5EKVL$*TG1#NO@
MP7:WRP,RE.`')R`!.I`['@U4`&4/-;`&AO5+5&S"/0(XF8$/K($'*Y3""QZ.
M@@TL3.")))G]^M=LE;G$$9B@9C?`PP]T8!H5V$*J)T"##SKA#8%X(Q$X_H5`
MT('C40SD%T=P@9!GH.-\:`/'VAC(D7$L$"`+V04U*/)%\N4A#8@J``3(!RKN
MXPK[:.`X$5V/0.HS#H.*R`/D*?-D*D.>+W?#_UE$#`DP_$4$$4\7![J(&;:P
M=0,=0')05CKQ#6Z0!(+$`@0?^(`+!IR+%R0Z'^BH`:(3_0$0N``&^>C%"T`P
MA($XFM.1GC2E9S`#C"0+?QU&1P<"*@_)/.F/*FLU`&`=`'R4!]8`&"AF*@3G
M]G*D$]*=[0CPC-$1PR!F&DWV"&Q@@R&0@R"X`(&T01"+?.0"!H]&@@LJG0MT
M=&+;'R@UMA<-:42[(!?:YK:WM^V"(0RX(J?.!YPE(P\.!-1)P@F`IW8I[][4
M33Z2V4P>?<T1ZS+0!IWHC[!A\*>##X]5-Y`!#JH-;7,KNA>]<(&T\^'H<P_D
M"(EV02]RH7%<Y"/:'_]X03[8G8N!`('21[!(O#L\#B-6J.:>^1'`WY./DVV"
MP:>0=<M^1_"-+%.9"1\Q#I*@"^LB'-D7A<$0*%[QE&L<!II^=**I/1!<;'L&
M1T#'MH&P<D4C(1];I_JA$UWJBG@&?_..C#Q6+1E+P`5N/!>Z>9Q$``\P&!7Q
M$)61ANAADJ"!/TE0^'2--X2#$Z&)_6(V$:A>]2%L&P1`N'P^$(WU@<2"[9W8
M?,I3]0$8#+C2(&BY0`Z-Z+939.:\&8>]\X4>?.D\6?K>#40E8PJ]BVC@?4*'
MP;&%@U=8%@=Z#@$.AC`$-%"^ZHD@N:*WW6EL?R#FD)Y!HF&09.T+N?4"`3?_
M]M'Q:1B8W.V8@?M[Y$[W]D1F,QG(.[_A?)]3!+[N^<!7T3VR2&RI*@GO90/+
MM&PVT`-)\'S0EP_:)VV/YG6*UG+?%G("D0B5IGD"D0OFUFVAP&YD)W/IEP_W
ML1YR-RQ^%QD6`(+RYQGY5W=)(G0$T"R9@A+H\`K(MT@6M6PQ,VC-5GSOAA"Y
M,`,P$`KY@`0O`(0S<':15@/:5VDS8&GO]@M`^`(P,`.JAPZDMH0@T(0N@!%4
MIF7UH4-&X@J042\&U0J#Y#;X$@!X@@KD@0H@0AD]!P&;,`X,%F<I(0_0E01Z
M2`2+E`1XHPO```P,@0X85V.0AG'=MF.!&`NQ@`O0_]6#>(AQO="#^1`/P.`+
MC.B(N$")KR<9!+`>H%@!R`**Y0$!"X8OP[$>^/*)H>A0K,@>`!6#+B$/Y!"(
MG$A6"I%<Z[6+J[5_N.@3O!B,RN6+OU@3?K=@R)B,RKB,S-B,SOB,7U:,TCB-
M#>%U3Y8(S/("0H:-UOAD+O`"N1`$4FB$-1!Z^?`+H="$(4>%$_ADG6`7)"=D
M4@@$L6`7\H`+-4!I(!`$1D6-)_%YE:9HE9@$&O=H`#D#C-B(5IAH+Q!DE98*
M2(!HEG8$2$!J+2=V6P<"9W=REC8$F5>!Z(`.0""11S`$$CF)_L@2`&EY(O>#
MBE9I^;!VU,:(`[:$1]`++_]W?>`&`K>XA-JH:`,6;3.09.@0"JTW!-HW`^]V
M!!(IA!7A8)L0E<N2#ZX0E94!E:>2/U8Y$./P<_5A"0-4E5$YEF1).R4!D!\Y
M!/D8D!\0DZB7=@I8:350`T(&!-+W`35@$+_@:$``#!)I<D(IB/D`##.``*1F
M@=:V;0B0E_"6+_)"1'@'`,E!$&=8&>.`B@&W)*J5E6<)`@@`<IYY>>#FEM/W
M`N`8EVP)`C#@#>#&F`0A?2X`#$-0>KW`D3,@F,"`;:0V:0-QEZXY$2'3`1K"
M._.R+(2W&837&P102,&C2\CRG#BD'XEV!-H'!/D(`YJW=EM($`LX"A'Y@-9'
M;@3_<7E%R&XUX`V!*1!,67J=X&@U\&XFF6BW"!$APTMP$F=YU$/WV1MP,2_$
M82&;`$SS@@J%U191\@&?B8'2=FZC^7G2E@NYD`J3N(2Q@)&IMY87]PN=(`01
M"`-`\*%-*&T@-P.A8`I!()'5UG%`P`F<\&E(,)\/<4.NACN\(P\IPR:$YR$N
MJ!#%&1,`&7:7!P,8:)"4%I#4MH#5-IL?T`DBJ8];YWW8EP\46($2J8^;F`_G
M`&Y"MGTP&J-`-"^;$AS!$YER,BQL(W3V:1F2,94L<0ZX$`N"F`N->`[6A@LF
MYZ9VFJ>;**>X0*?H8*=)=HBX\*&-F`MV2J<[9J>Q8*AYO)H+@OF:L8`$2)"(
MI@9$D:DD8AI,>B00]Q%$>O>?!]&C*<DC\[$9SL(VF3H09V@)/V2?1C09'F`W
M_!,9FN`*W6"KMCJJ45&J/4=O^VE`>K>F!7&&GOB8J:6K4,&KOR,BJ6H<;W<0
MKH"9T3FKY@&=^X,2[0`.X/`,`[&M<)&MVBH0S^`,SV"/V@H.[9`/YUH0XYJN
M^9"MW9JNY_IN[3"NW)JMY3H0\)H1O+J?'3(LSF5$UVH0\N"<O<0F<-&/_R-A
M#9Y#!W,0#=00"'0@0X?@.8T3L6`P!Q^4#]8PL70@#1$[L6"0KNT`!AGK.>U`
M/M3PKA\;LIZ3#\P0"(!A#.Q`"!)+!WV0KA+K!OSZ?@)!ILV:)S.Z$,3*)J+Z
M$J9T#8?P!<A@#6#`!5_`#ESPM-U#0OG0!6\@$,G0!71P#>]P#7.@!8>@!=X!
M!EH0#=(`!E%`!]:P!7'@.&"`#&#+!=>`&US`!33E#M=`"#AEMNP0#4\K.Y4J
MF0/!8/?A7$)'C&I&N/[*IBMA#%MP"&"P!>Z0MF\`!G0`!H00!5S@.%NP!5.K
MM5P0!]+0#F"K!72@!>^J!80@$)FKNERP!?D0MO_Y<+K(\$%W2P?)8+J$``9Q
M0`=/T`[)``:!<+:#.YD$Q%X$6T`.41[)<;0N84JYVPX,"[IOP`4D%$J]&P6$
MD`QB)+W8.[=32[U@4$/&$`CW1`A6@`Q<P+/7\+1<T`7Y0`AS$+^'L+>:.[F'
M0`B?.T[NVIB,*Q!QA[A#RQ#W,230VQ*0*PW\>[N3B[=;@`Q:4`SY,+K#^[2.
MTP5QD`SL<+K%H`72\`Z?Z[IF6[MRL`5N,#^GFPS=4[O(8+8,#`;W6S%6!!A:
MD#'`Z;,#D4=V*+0]/&8*M0FHX(;E$2_46F%DN0FN@!9F&1(2++FQ*PUSL`7$
M$+O96\%N$`UTP`6J:TK_;UN[<P`%9CL_JJ,'P_"TAR`08-`%7-"Z8,N]'Q0(
MQ5"Q9\NW%)P/:*RT7?`%8@3`R!NLB,N\!=%A=4*M]+()'2"K(G'!<T`('1P(
M;B`-LBO)\Y.V>$L(<H"V<U!#[P`8<W`(//$.Q/"TH>,]D_M!G6RR,I2Y4QO"
MQC`''3.Y/.$.=/`&9S,1F4D0J$C`/XQOP@%,*YA:%1"@BHRL+Y$62UP0<H',
M3<S,4M$-6%D7!7&KR%S-:3$.;&',VKS-W-S-WOS-X!S.XCS.Y%S.YGS.Z)S.
MZKS.[-S.[OS.\!S/\CS/]%S/]GS/^-P2=&$0E1$."H$.1O4+I;`*J0`7^"`0
M_^W0#*-P!F50!J70#/\;#ZG`"JFP"@2="AB="O8"#([*"Z+@#!&Z"[L`#+20
M"],P"KK@#+M0"K^0"AR="^0P"KM`"I>0SJ;`"OQ\#TV,#P>-S0:!#_70#`.]
M"G9QT`E="@U=!`\=T1--T:I0"JJ0"D\M+?7`"[N@TJ,`TJFP"[G`"Z7`"\Z`
MTMZPTLV0"LY0TC&]"J10!N@L#Q'P)MT0`?%0T_EP#P<A!(A:$/-@`0:0``8`
M#@-!"SEP``?``(;MUW1]<@;0UWV=`(Z]V*60#XPA#YX@"JN`U-,0"VC@U:6`
M":4@#$U`"J>PUD^M"HQ`"I#0")70")B`SN@0`;MP"?]ED`K-(`0;<`GH@`J_
M(`2I\`N6D"'R<`F7(`3S(`IEL"S>L`".;0%VX0E^S0"-[=<64`X#P0D)X``*
MX-C:O=B&F`_CL`N_``X*G0[`4`KHH`K!P`V5$`R5T-Z5``GLS=Z0``F*H`B.
MX`SHO-NB,-*78`&I,`J\D`J<8`'`$`\+8`&74`^N(`3Y(`2BT``.+MD"40H&
MP``'L`$6P@`6P``)<`:YH`N<(`2<0!!"8`$*\`)"(`1#D.(I_K_=D`[E``[E
M,`WS8`[-H`ZGX`B4(`F+(`D^+@D[#N2+H`2+L`B5P`W/5LZ,40JE@`3U(.`1
M``R<D`Y",`H&8`[Q8`"F4!;_HT#<0@`*$<`*=CT00M#8=%T*A5T`0L`8S&+0
M`F'B"A`#"^$*S4`+`)X*PG`*JAT)DL#G0/[C/DX)C;`$BT`)E!`,J]#=[7+0
M&-$,X9`*^9`*WB`*EQ`*Q8T.HW`)OR`*HC!@Z'`)H_`+Z9`)HF`/`U$/&^X`
M#@#I#:X`%DX+!W'0>[WA.;`0K%`.83T-PB`,J^WG/^[K0KX$2Q#HI^`*_XN+
M;"X0]%`0RY[L`['L^<#H8RX0=IVP#B$/1KW8"6`!Z2`00G``(G``:Q[M!\WH
M^>`-%7X`GW#JT-H-8>T,.0[L@/[CE+`(BM#C@8[H?C56\U`/J-#:!,'FSBX0
MC,'F_XR.#J9@U[^0"0A_"4/B#:9@$$)@B#S-Z./@V`Y``P,A"N!NX9RP[Z^9
M`(9="NXP#R7?[Z)DULZ`YT$^[_1N[TJ@!(H`Y)$0"<&P"[KPB\(M!-V`#K^0
MT//P"]X`#AN`#MZ0"N@@WJN`#F50`>C0#+^0#=ZP`;\P#M[P"[\`"J&.#JFP
M`:S`]3JF#0_N\P5=[OFP"XW-UCM&`PK@ZMN>"O%0$$*0W0RP`!IN`7S-ZLSR
M"\#@#*10"2U?Z("^",)>Y/@>Z-]PB;]8T1;0TA&PX+NP`?,P]=Y@VQS@X!8@
M"A+`VQA@"F5@"B4N!)?@#9>0"P:PVZ;@WQ:0XMV0XC1`Z?\;4"&,+@K:O0L$
M\0L6G@`*P-<68"\6(/*&S>':70[)+@^_(-..,`GT/N]#7NB/X.,U7_.5L`LE
M;>[M$I*EP.*70/)"P/>B0`L6,`J5W^"[0."<\`N]P`DTD`L6``I"D`X6P/[D
M,/$&T.6>(."B(`1((.*A$/<`D0]?/B$6'#!H5R_?PGS>/%DXP,""`2$,?QEP
MD(`!!AHY:N00,H]A/73>2@EK)$GE2DF1&C52HHB2RIDJ73[C]6L<0YX]??X$
M&E3H4*$:+$SP)BH"AVRB+'CSMB'>!@WH+LW;$&["AE05/+!"-4%4ODSC-+"R
ME$_#!B'9MD*U@"&5*PM2>6)@(!'_:+L-!@XD<(!NH:>(%'T.9(C.7;!*+"55
M:K3DP1(EBQQ'DO3HD;!ZSL#)(QI:]&C2#.?-B[<0=+YY]Q:*/,TZ7VIY(E?/
M6RWO'FB1KF&;=CU;)$\+>3$P#(Z87'$&";PM%')`@8$R0YOM8@0I94M*BY:\
MU,YRTLI%CTCM*K.J76GV[=V+EC=N]?N%WG[Q_"78=%X&%7LB)DB!YK19Z`4!
M#;@/'P45[`D<=Q:I21)**%%B"4HP<VPE2AP)!IQZ5@&'/A%'_`E`H)HQ0`),
M>!HN'X5\4NC%%B]):Z%[(C"%IVGX\T0@V19Z,3H+$@AGM@0.B"B=H80)9I))
M)GQIB>\B_UPI$LLH"8:444KQIHQF7"0QS!$',A%`5SQ8*!541%GEDG8V$065
M?$K9))]-5D&GF8JZ\603DU))Q9MV/+#$FP@(9"@7C0Q(9:%Q+EEEOE0L$-`"
MT,KY:R-WDL-GOH6^X:812B:14DI19\(L$@PEQ!(<<\J9QYERQ*35/1,78A#(
M4C#@Q!D#=OTE@EP0%&(Y9\K(P0)CW1%BV$GI<D8(8!:8M"<D-$K`F30-,,`"
M&H2((0&-%J@NGU\B8F`!"]9=M[]<\VER5$4J<_)"53.D!!)U5BEEFEV<V>7+
M6@>FM0QGW/'&`H+JB:"4BIH=)1\+/%%RTE$\$8+771+N\B)3+O_IR:`$#-"/
M!L"&%#>O!3!P9Z%2&!!0(@5<4$#`B@!TI)+NE)@D554CZ5G"23@DQ1->2CE#
MF%(NV647@I\FL111+NEFE7I<<4<443;`I!EOM/WE$L\N\48>3$1)Y9=VQDEE
M'E%**:6;;GB*AUT+7DRE((,FLD`(9UI\B(9U([#;@E)\Q$>=)IA88A%1>YYI
MP@DA"T855:YK!^!VKBOG.:@_I[6>34(<[<61?@I.H1;S24>QU8<RW<=3.K@@
MYTITUEER2FX7YI1OFEFEF5R\X846;Z[3"73EPYPO=M+*O'4H>H`T_9[738<G
M`PHT^66:7`!M)FU@?@$&&&=627N75(3H64687P+]7NU\IE^^?EM#0PS`Z-NK
M)V]/T)'')83@-&=XHAWS&$49AG.*#&##?@^$X/-$`[UWE4@@`W$&-0I0"D^4
M81HYJ`<L%%:.%UA@.-S`1@7)9,']`2F"+RQ-"\<$NW(88!<Y*$<]CE./'`Q&
M83:"81"%.,'[]:0=0B@%#^M1#A#6PS\8*(/SACC%^I6)(3)D#V+J00H&G&$9
M/&R&!6B1CV:<P44+.!P5U9C%*P(%B\O#AP4*T*UZH$$B@EG%)Q:R@%6LT8]_
A!&0@!3E(0A;2D(=$9"(5N4A&-M*1CX1D)"4Y2:@%!``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>p1_i2.gif
<TEXT>
begin 644 p1_i2.gif
M1TE&.#EAB@)H`?<``!<U6QH\:!Q`;AU%=RY%8RE*<BU0>S))9S%-<3I0;3I5
M=D!4;4=;=$]B>5II?FMK:V)M>VER?'5U=71X?GM[>S0TF3P\G2)-@B=1A2Y:
MD#)5@3%>E#1@ED!`GT%=@41$H4M+I5!0IU-3J5M;K5]?L$QD@D5KF5MK@%Y[
MG4)NI$9SJDY]MEA^K%!\LF)RA75]AV!@KV-CL6MKM6%_HG!PMW-SN7M[O0"P
M4`FR50VT6!*R5A*U6QJU71>W8!NV8!NX8B&T72"V82*Y9B6[:2NV8BRX9BR]
M;2^^<#6Z:S&^<3N]<C7`=#G!=CS">42^=5"_>4'$?$S!>U'`>V'!?UR!KU2!
MMVB`GGR"B6N%I7^3JGJ4M%N(P&.1R&R:TG"6Q4;&@$K%@DW(A%/%@U/(AE3)
MBEK%A%S'B5O+C5W,D&;'B6/.DVO+DF[/F&;0EFC0EVW1FG7(CG7,E7+2G7K2
MGW;4H'O6I/\``/\6%O\F)O\V-O])2?]65O]F9O]W=X2$A(N+BX6-EXJ1FI"0
MD)"5G9*8GYR<G("`OX&5JX2>O96;I(RANYVAII:EN:2DI*&DJ*:HJZRLK*2L
MMJRRN;*RLKJZNH.#P8N+Q8^/R)"0QY.3R9N;S9^?T*"@SZ.CT:NKU:^OV*^Y
MQ;2[P["PU[2TV;N[W8/,F8/0GHS/H(/3HX#7J(#8IX/8JHK1H8G:K8S;L)C6
MK)3=M)O9L9C>N)S@NZ#5KJC;M[+=OJ'AOJC@O;O!R+7#U;3>P*7CP:ODQ*_F
MR+3AQ++FRK7HS+KAQ;ODR;GISKSJT?^&AO^9F?^HJ/^XN,7%Q<7&R,?(RLS,
MS,#`W\3*T<[/T,W0UM+2TM?8VMW=W<3$X<O+Y=#0Y]/3Z=O;[<+DR\?FT,/K
MU<;MV,GFT<WIU<KNVL[PW=7MV]#PWMKOX-7QXMORY-WTZ/_'Q__6UN/CX^#@
M[^?IZ^SL[./C\>OK]>'RYN/UZ^?X[^KU[>CX[^[W\.WY\__HZ/3T]//T^?+Z
M]?7\^/_S\_[^_@```````"'Y!`$``/\`+`````"*`F@!``BL`/L)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7
M,&/*G$FSILV;.'/JW,FSI\^?0(,*'4JTJ-&C2),J7<JTJ=.G4*-*G4JUJM6K
M6+-JW<JUJ]>O8,.*'4NVK-FS:-.J7<NVK=NW<./*G4NWKMV[>//JW<NWK]^_
M@`,+'DRXL.'#B!,K7LRXL>/'D"-+GDRYLN7+F.0S:][,N;/GSZ!#BQY-NK3I
MTZA3JU[-NK7KU[!CRYY-TUZO;OMHZ]Y=UEXP*#=^K"K'6V.SX\WP%5^^L]N;
M'S>BWV@RRQ[SBM*R%VIWO?M,>ZN22!^_0TTW[Q0G<4?/?B4Q*#G&R[]A9)7U
M]@XAK<?//^2^<6K$-]^`1P"C3W\*J8?@@AR=X\H0`T88'0YM<',@@P3IA^&&
M%.D#S!@2AAA=?>9PV(^")J;(4#EO""'BBSDTT0N'&JIHXT&P&('#BSS>T,,9
MQ#&(XHTWZO->CTA&]X,K\2Q8(Y$J@D-'#TE6>0,4P-S_A]^04&X8#RQ+6"GF
M#V^<A]^373)(#!D"BBGF$:W0PYXZA5"BS)UXYJGGGGSVZ>>?@`8JZ*"$%FKH
MH8@FJNBBC#8:*"32>!7/<VY6&ET.3'"#'C6"J(//IZ"&*NJHI)9JZJFHIJKJ
MJJRVZNJKL,8JZZRTUHHJ-7]0PI4]MT!HZ:\WX*#&.+DQU\P?U*1)ECJ02*!K
M5D:>`>RT([I2XG+*_`&I.MQVZ^VWX(8K[KCDEFONN>BFJ^ZZ[+;K[KOPQBNO
MN-),4@@%DRAW53EU^$KMM#B$T4NQNN&3;2.3(*?PP@PW[/##$$<L\<045VSQ
MQ1AGK/'&''?L<<23-'(OFE+M_S/+$FW^2RV90=)F\!^-0#())337;//-..>L
M\\X\]^SSST`'+?301!=M]-%()ZTTSI-`(C(%)$,%3A@[J&SUA$;,<J%L^%`"
ML\R3A"WVV&27;?;9:*>M]MILM^WVVW#'+??<=-=M]]UE0^)T(1)$W8\[V6#S
M3D'N8(---OV\DTTV^0P$>$'Y!.X.2^704?75F$?71#%;O_9RS&#C+?KHI)=N
M^NFHIZXZVGH_'74V-,@00R6#"^2.##!48LD[E<B>B4#9U`!"XP+EH\D(,(R`
M.$KVG)SY\TK*$4YL70L2\^K89Z_]]MQWWWWK?$?MCB?N5/,!*0-E(\(H`I$B
M0C6C@/\0>`T??$!\^_"#X`E*Q:AQ.?306X(KY#26:M2`?>ZH!/H(-XK[_<T2
M,C@@1JQ!"G=D@GT4^5SHO,?!#GKP@R#47B-<MQ^#>.)\`[&&!490@VIX0@36
ML`8(1E$-3<A@>`4)7@AJ1Y)XU,$(``QB='80AF*,Q1,K#!P(-%&\QN6C$C&8
MG$#>,3MW.&,$G&AB/NZW12UZT1TBL$0^W#&X+79Q(&9,2->^ML$0NO&-<(QC
M',$'M1(2A!0@$($4^T&*&%2C$B.HA@@\T8D/[.^)."R(-43`Q)'L(QA'V)$0
M)TFF<X0%B1;(Q"(UX0Y+P&"0,K2`#0:2B41J(@3YZ(0%9,#_0L9E0@0CZ$0^
M;/`!&6AB%*P4`2DR88$06"(&F7B'"$1`O]^YPP8LS"1"-"C'9CKSF=!$'?CZ
M9L?V@>`#U3@(*;")2QE\`(.52&1!8A`#D>BC&]*:I#JE,X19-,DK2!P!(Y?H
MB1%8HQ,BP`84>5@#$0P$C_<\WSI"D`E/@`!^]K2!_/)!BEN&P`;7`$$FL@',
M?(A`!ME0:"KS60UE'J1ZUXNF2$=*TI+F;6]U-`A%/\#$?%@CF]<@Q3M>:(U1
ME"^?`@EGXZIAC7R,0G`CJ$1(RK$*?ZUSG3@X`^>Z<L),C&`$'<A$.&U`/T_L
M<R`U&,$_07!/$3`N!C:HA`4J40,+_XS"!O[D8PTL(0(;R'"BP!3F*"OQ@03*
M@(P?^-U'#Z:WOOKUKX`-K&`'2]C"&O:PB$VL8A?+V,8Z]K&0C:QD!QLRD5'3
MA!;X@"$N6(,:O*,:8+7E[2+8R'[H]!TUL,$[(%@#&6`C)+V@PQMF2]O:VM:V
M0#QJ=,YPV][V%A;OW,H)1U'("DAU!*.(82=CP,-,?$!?I7P'/ADW@K!B,X;O
M0&8_LB$#&V!#!I5P!T&YFPF+CM(2=?TE7O5JD#6";K+PC:]\YTO?^MKWOO@]
M+`D-XHX8*M<3Y=VN-:[1N/YBXWZ!`Q[BWH$-:RP/)/JPAX0G3.$*6Q@-NHT.
M."S,80[K@WI@6CDA*;A;`4VXKZ%W=>J#J6B)\HV`B9VH0">L$8)..$-_N,2&
M=D<K0QN`T1+8B&M;36N_48C`&:ID;T$^%[,F.^W)3HXRE*<LY2I3^<I6SC*6
MMZSE+G/YRUX.,YC'+.8RD_G,9DXSFM<<Y1&.K)H%D>YKH:*&#-^@9?]P,:`U
M^N&,`TI7!C+8LS5L,$K']:X&G1!((6T@`T\T;A0QJ`'Z-&&)]L7.$L'LA`PR
M80E'VP#&-1BC#6;'TF5Z[0^"0+6J4\WJ5;NZU;!^M:QC3>M9V[K6N+ZUKG/-
MZUW[NM?`_K6P@TWL81N[V,A>=:K_<%FOU#G#>%9,)T`PYXX(,A.:B,&>/QJ)
M%[C@!.`.M[C'3>YRF_O<Z$ZWNM?-[G:[^]WPCK>\YTWO>I?;`1/X@[[WS>]^
M^_O?E(`S5IZMVV@G)AL-_$@^7.B):K=7$2Y@00LF3O&*6_SB&,^XQC?.\8Y[
M_.,@#[G(1T[RDIO\Y"B_N`H(<`7XSDP:`K__"L$CM`94%.$&48"%*Z(@2>F8
M815(N($88+$&'>B@#D"(D,&7<P@7>*$+4(^ZU*=.]:I;_>I8S[K6M\[UKGO]
MZV`/N]C'3O:R3YT+'`C`%99FIV900U]=F?E\XE`/<3B!!]H0QBNTD=OHI"$>
M\)!"$;Y1"W%$(0V[^)]\EIZ7?+SC\>]P($WP<8@(F*`*6\B\YC?/^<Y[_O.@
M#[WH1T_ZTIO^]*A/O>I7S_K6NU[S5>!``0`0"&E0X_:XS[WN=Z][=;0#[ER1
M^WC6$(]YV#T-]HC#&.(!!NF<P1SS"+P4X)$&<92B%FF0$./O\D0+Q("5P;P)
MY5V@@0VHX/SH3[_Z_]?/_O:[__WPC[_\YT__^MO__OC/O_[WSW_T;Z```P``
MB=`.OU>`^&"`"'B`"IB`P!=W$B(&<:`-=A<'^@`'8#`/<"`=3A`'MA!X1<`-
MA5<+M0`&4-!WX[%]=O%$S-4/T]93I-`)I)`/V-!`/E4-"P>#6T0*I#`*GH`X
M\/,WY-,/V.`)-E41E`<!&G`!&,`!&]"$3OB$4!B%4CB%5%B%5GB%6)B%6KB%
M7-B%7OB%8!B&8H@!&#```;@(]<`7PB<?$KB!^)`&%Q@'\E$+@2=TK5`'M?`*
MWS`,O\`#\X&"=:&"DS-MU^`),(`),L"#!X4-C-1'F6!+ZQ`#(^`)#^4._?_$
M1]@4B89@`X8@>0\Q?DE(AJ(XBJ18BJ9XBJB8BJJXBJS8BJ[XBK`8B[(XB[18
MB[8HBA=P`0`8`(O0@'>QAN/1AFM@#W`@!O,`(N-!AU(@'650"Z=`?>:PC(OW
M%]WW5),(1I6`#X:`4?0D/S9``^Z@"3`4:=D5`\'C3]70`=4P;=C@/MLF$:"H
MA+<XC_18C_9XC_B8C_I(CQ=@A@#0BP;Q#MD&`PLD$#H65#LEB=J6#89070_6
M#]:0595&%<`H'6V(!.90"W%`#DP0!\#@!-&AC$.DD6E`?>0`DM/H%T\T`K?S
M/NYP3<,D`ZM%3IXE`Q8P3,@E`V)D"2.`#9=("NK_:`DW*0(@4)`1<82AN(]*
MN91,V91.^93SF(L`^(^^:`W:9E#ON(DOQ`GY8`DU,#FI9(Y#-D5A-5P4*2*U
M,`Q*<`/5!PYQH`.H\`TH^0K<@))(4`M^&`OCP`H#`HATH8*?]0$VH#Z5((,^
M6#\-1%6`@PWN$`.[4PDPH&/#HTKK2&W]981-EY10N9F<V9F>^9FUF(MGZ(G_
M]$T$D0\O9%,11`K5)DBE53R:P%5G"6W4N$_&8TB=,#N-U@_K($^(TT>]HPF1
MN)/*8U":4%;50%&I90B^Z!#YD`41D(3R")K469W6>9U+*9H#P(O-N5TWY'`"
MJ4N1&$'*(Q`OE&@$84$P_S2;!0<8V&"#B<.:"Y=<3A1#]4E#D6<-K_6>^8`/
MU4`*%#0X[5A!F.D"&#"=V)F@"KJ@#)J*4GF&S;D.-F`!F"!Y^2`[+N4.+\E>
M//F0_9`/U<6>1^677%-YTMF@*)JB*EJ=_0BA!M&5WD>:6440841*(G`-!O%]
M(KI.)$H]F8F@*QJD0CJD]]BB_^B)I-!+U@`XJ45%-C`*+Y8-+Y::OV25E6`-
ML>0.(V`)1H9!4E&1`-2CL)$/AX"$1'JF:)JFLKB+`%D0I-!9J34*EE"8V."5
MB;9P9(4^%E0#FO`.[H`)Z&,-9+4_.ZI.8NHYF:D!&*"HC+JHCMJHD/JHDAJI
ME(8ZJ99:J9AZJ9J:J9RZJ9[:J:#ZJ:(:JJ0ZJJ9:JJAJJ63HH@J!FD:I%F`*
M/8?J&OQ0I@I0``10`+J:J[NJJ[CJJ[SZJ[TZK,):K,%ZK,":K,2*K,NJK,;J
MK,SZK,TZK=):K=%ZK=":K=2*K=NJK=;JK=SZK=TZK+E*`%3)$-G`0VL1J\\S
MJ_^M@0^A\`>`,*_T6J_V>J_XFJ_ZNJ_\VJ_^^J\`&[`".[`$6[`&>[`(>Z^!
M<`B+$`W=21?LFCGNVAK24`AM9%(8F[$:*S>4T`R>HH9V-K&L00UUXB@F>[(H
MF[(JN[(LV[**XG8Q![$ARQ[MT`ANQWLXF[,ZN[,\V[,^^[-`&[1".[1$6[1&
M>[1(2PW<\GM]$;&8([*K@0^0X"FV4K56>[58F[5:N[5<.RM^X;17`[6KX3?*
MTAY@:S5BJQI<4K;\P0VR\+9P&[=R.[=T6[=UVSG=0;9LN[=LN[9\^[=EJ[>`
M.[@JXK>$>[@I(KB(N[C]8;B,^[C\H;B0.[F\X32-(`@S,4NY_0%B4`(JDJNY
MZ+$/O=(&UZ(LGPNZS*$/W$`&TB$$KF!):>*XJ.L=XU`'+B(?8&`@_UURNK-+
M&_HP"TW0<_)!)M-#)++;N[P!#F2@>`."`TD`"T3"N\CK&CX$'4@"!=S`N1AR
MO-,+&_'0"T:%)#M`!\5+(YG;O:QA)`%B*4L`7!S"O>BK&N?P0].2`V1`#!LB
MO?$[&K[`!"D#+$(@!\'5'U.+O`^K&ON@O/_[+T,`"UK2'G2B#-+P,11<P19\
MP1B<P1J,')0`";)!5-8+/62P5.W!*53;M2B<PBJ\PBQ\*NIPN;!A&\`Q24-0
M!VF;&L<2*:"[1G]PP*3!#6I`)>L4(["@O<61+9,@#?.RQ$S<Q$[\Q%`<Q>K0
M#(V@;Q^+P/UB9S>P`V0`#MWQ.9.@#!L\QO]D7,9F?,84HPR04`A_0`%7?!KZ
M$`PFJ,4^4`>E6QQ>$U(;N\=\;#<CU,9O=QK[X!S,J\71L02S(`_%`5(7V\>.
M_,BLL\:`W)U#J*[O(`J=`)\?"C];-`J:X`GJ^J&DH,E\<0[A8<@2(BS%8,2>
MPU>-#,FP#,E[,\D'80TR$`(/F6V;(`/9)(0CP%PO]$L3.1#31CM]`0Q@L,"H
M+!]&4`>P.QON]<JQ/,U\K#=L3`&!3#@B\`'RXSAA9(EBU)45P%Q^JIP$44@=
M8,QZ80YM$,++'"(XL`3!X#)\1<WV+,M_C,V^*)"Q^6!:NCN=]5G#M(*KA4UW
MA$OJ?!?QL`KN_,X&/$(&X<#*_ZG!R-)\SQ8M4M9,RP>Q"=U,2B_62CIY50+!
MDPYT.PE-%[[1?`YM)4(P'+#!3!<=TQ@[R_J,$-/VD*B9;3;@"1V054LT$)Q0
M5^D)7J$<%^!`*2LM)C@`!5KC&M%<T3(=U6^4T36]T0O5"7VJ"9FP#HB6#3LH
M`[K4"5M="2(@78[V-T1-%_K0"D>0U+_B`VK@Q:RA0?E5UW9]UWB=UWZ5S]EL
M$#<]2U^)1R,0?A^Z3U8)`MJ6788P..^0UG+!#5!0R&XM)D-@'T`1.8M#F@=1
MU!2AH02A.(N3#7OD$B#59"-TVJB=VJJ]VJS=VJ[]VK`=V[(]V[1=V[9]V[A=
MVS3=U_\)L8Z+,0YO(-F372E#D"4](9"IY9B<71">4&@7T=@R0!!BE5J?)A->
M4PBYG=W:O=W<W=W>_=W@C=K8?<V\?1`+YW"&40QH8`3LW=[N_=[O+=Q!-`3P
M7=_O?02(_,`X\4(X6LGYX`S8AC@^%>`R5)3K(-:@7!#8H-4QV%``!I_6@&W$
M)-TLB4:CT$!$Z`Z=(`J9T`F3,U.9$(/AZ`F:T`D"JM6B(!#6H-6(L^`AKMGX
M,`E^,.,T7N,V?N,XGN,ZON,\WN,^_N-`'N1"/N1$7N1&3N,44-66`0[<T.1.
M_N10'N4JK5N\$.56;N4;QA,15!"X=%8U@'"Z%%:+9$]>:63_Z&D[E8#5ZS.A
MG3!JHEU=TQ;=`\%6H]T)R`4",_;+D-9BCYB;U=!1GS9(J&4)^*2?FT96$5D)
M]=3+[24)5^`"D![IDC[IE%[IEG[IF)[IFK[IG-[IGO[IH![JG@X!5R`(IG[J
MJ)[JJI[JC5#>J=$&,QL5->HX39H-^J,)/=T)B//+V64!A![*U;`),6`!;?Y<
MH\!-V-28-2#=0SE(WHG8,OABQA-+(2"<-:!`%M"#6ZJE850-T@5#V/`!OR11
M,K5,C/`"59#NZK[N[-[N[O[N\![O\C[O]%[O]G[O^)[O^F[O*J``+P#5;4,)
MKHX:9ZLR-ZP38$40Y#5&>)Y=UV2._S`0W=7@31]0F"E47=O4YB+@4]AD4`36
M6@1!YP4AE+]S#9.X4:4$`D_%I=\DI4(%I2!@`9J@"2OTRZ+@"3%P36>^9(C@
M=&;W\T`?]$(_]$3/=5R@`00`"":KQ*]1\/]R\#EAYZ_EU=A@")Y5#479CM:`
M7A$9`^=-"K+S8-M$08:$5OT0/W_>\BPDW65-$-7P5-3&B(7Y2T967LEI/B-&
M`MDXRGA4`S2U#JQ)"M<0/Q;?7I5W>:^7^(J_^(S?^(X_>E6P`0-``(0P#4HK
M+SY,&DY/+5"/$[QC`Q`47A/_2\'D##IY[7^*YYDP.S'`E>GS?0JE"6C%4!]@
M#:@U.R`@Y_\C7?&68`E]VEE8*FF_#$BR=#S;F/:CX/*KM58Q,&)4!5Z""E[-
MOTR9R0']=_W8G_W:O_W<'W]E./F+\'NV`ANQF@9RX")IX`JKP'/R40;T*P:M
MD`9&)P=)UY=3\0[7@%T?F@WZOUT`4<V:NW[NK&5[A\V:M7S]'#K,9DVANVS7
M^KVS]JY@-879'O;+5DW@PGP'^V'#5FV$)8X-\5T[F`]?QGS8/&+DZ-!@QHL+
ML37\^!#?(0@:+F#8D%3I4J9-G3Z%&E7J5*I5K5[%FE4K5`P8"@P@L$AC4+)E
MS9Y%FU;M6K9MW;Z%&U=N/S4W[-[%NV:>."=BS`T3)BX)WC3FX$G_*<*MUK<H
M983MP(NWW%S*E2U?QDP66XQ.F=<.=6&TZVC2I4V?1IU:]6K6K5V_AAU;]FS6
M%P:`783O;#Z@#WG+_`CT=V_?Q#T?1YY<^=FZD>^NB6>/+XX?2&J94W*WC+EZ
MAZ/`2R,N3JTTSN].7IY>_7KV;$&+IAU?_GSZ]>W?7WVA@.VPNLMFBX&&CP",
M`80*-+FH$@M*JB&&$"Q`T*%\/"G0!N/:PS!##)LS3XPXM.'+KCC@J86'NZ*(
MPY;#D/BF%G%JJ26*)H0P#ST-;\0Q1[B&*NHH_'X$,D@AAX3M`MMPJZ<L:V2P
M0`:R\LE$!'?<J>2#!1_*9`2/((J!%&LRPME21S''G(M#\VX`T0F[<$@CGO+P
MJ@6>*&X0`Q94:GGE&VU^,3$R&\D$--`,W_.12$,/1311V8R\K;^R/*D$A!HT
M$P%!:RQA$JAL*OV(%!`,L<0:04<EE2PSS4OS+C#F804'.`^[2XI:6''3G#G]
M+#5772_+)XL(C"I446&')99(1G'S+ZAWW!G!R:`TT;*??-ZQY`.@+!%A+(<\
M^2"32J+=-5P=3W4NS32`22..>3SL);L;XI3"KAUJB2,-\,Q1$U=Q__?E]RS0
M,`BV6($')GC1(QTM*Y\1)AU0ADIZL^3*=V*H)*A/0.`(A%'ZY7@]<B.SA1LE
MB*CE'/%V8$6<6V,!)U\D>@$"AUC,:<55?3O&6=RA?@VX8)]_!KJKKW#3EJQF
MI<6&(&M`\.2C:ANJ)H2F+[JFIA$$^F#CG+?.[.,SOP8;[#^Y)AO0]X)&.^V"
M^<O-+(4GM4:$SJK!V.DK/<7&H5$^<.>=2@RIH0:"RB8\+J_#1CSQL0MG/,-\
M#OD5`PTDIWQRRRO'_'+-,^=\<\\[!_UST4,G?7332T?]=-53KUR#R;]"N"Q2
MJKG(!E(*(J5H;+1V9Q1-?2]H%$_";+QXM/\.3SSY,Q<WOOGD0%-`@0*DIWYZ
MZZO'_GKML^=^>^^[!_][\<,G?WSSRT?_?/73K]XK!0PH(/:SLM%D<.?O]PQY
MY?<_#W__C^,'Y!)```(6T(`'1&`"%;A`!C;0@0^$8`0E.$$*5G"!!SC@`2*1
MI/]UT&/\`^'7F.=!$KHG%X(81`H3,8@5MI"%+W1A#&$X0QG6D(8WM&$.<;A#
M'?:0AS_T81"!.,0@KC"%1TR$)*B1K!(V$3/Z"V'R1NA$*I(%&H6`Q"0FD44N
M;M&+703C%\481C*.T8QE1.,9U9A&-J[1C6V$XQOE&$=(9%&+=Z1$,Y9813Z6
M*8I_[%\?!1D4:A39@A+*0&0B%;E(1C;2D8^$9"0E.4E*5M*2E\1D)BG9#&FT
M@XF#!"5S``G(*8:RA.UHA!ZIL4I6MM*5KX1E+&4Y2UK6TI:WQ&4N=;E+7M92
M'>KPI"F%:18HCE*$PQ0D)-2!#V8VTYG/A&8TI3E-:E;3FM?$9C:UN4UN=C.;
MR`3G1XIIS!J%LXJ0:(<YU;E.88Z3G#=C9P<GD<YXUM.>)'3G.P-Y3_RADY__
M!&CC\JG/&Y0RH%R;YT$5NM!^#52?!F4HQ_P948I6U*(7O5%",;I1CG;4HV^9
MZ$=%.O]2DF)4HR5%:4I56L^0KM2E+X6I$PLQTS_0,Z8WQ6E.C7=2G?;4IS\5
M5TN!.E2B%C6C-C5J4BNJ#UAP0ZE!1>I3I0K08"PA!T-013RF6BJ>;M6KZMP'
M-\Y@,[L,H1?V^"J@A)I6MH;R'*T8PIG44`Q]M#5'7;5K7IVH#U^0(6Q&J(,Y
M])JAM0[6L/@KAQM^D#@<+($7AUT/7B$[V<+MPQ6+W=\.S@!1RL:EL)T%+<?L
M$0PH_/$'J^!L:->BS'[HQK6MA>UK91M;VL[6MK7%[6UUFUO>WE:U.>7&&WI@
MS":<];=S0:4T?KE<YC;7N<^%;G2E.UWJ5K>Y>CPN3.VQBB6"Z',';W!J=M]"
M#4$LTYOG16]ZHTE>98AWI<4`0PX(:A<CJ`*M[EV+,OY`C=[V=[?_]6^``3S@
M?JAC$GZ8YR?QRU%SR`&S\UV3$8JQCP7[2[^-4"XUU*%A#F_8PQT&\8=%'&(2
MC]C$)4;QB54LC4D4P@^%V&.%.1J/6<05PL[!@1JX0?]A&7\$'Y3X0R,FH8QF
M%-G(1T9RDI6\9"8WV<E/=K(R)M$(%Q>BDSV^J#Z`<88;@\T(K1`LEEM[83O>
MT<QG1G.:U;QF-K?9S6_>(I5?+`T%BSF@Y7B#C;O\M1Q\`1AB_G&0RPQG0A?:
MT(=.<QWE;.6H]F,4,I#![:15B<XXY!V9R$2RLF&)&-@@;W8NX3YD802R[AEL
M/W!#:BF+#S(/&M&OAG6L[ZCH*M,Y*''+!+2P\8X:6*!B>K-`#;2E"1*XPP:"
M`W4'PPJ&4IL:<4)PA587_&-!-,+5LL9VMN$,B45?N5,:(X4(+B4#$/PZ&R,(
M=M&D90D8$"_9S0L''2#C;!#_0J$8]Q4OJP6M;7[W>\W<[O8GW1$#&00.(]@0
M@2$<DJ6%J3O<R'YW\^PQ"R;0^X\]>$,W>'S<0%O[VOX&>;:Y7>NH`J@2E9"!
M1_(A@HIA8P2>J($-BG8-$6@LXL;;1S'.,&^+1Q$'25@%OE6K;VN'W.C\IO6<
M/^D)$$0D:])B>3\LT0$16*`#F7C(P"V0B0O=G&OVH(.>>P[('=B;XY2H=AV/
MOO98)YW100FW)SHA`MJM_-?YR`8-!*>)&&PZV'WS.N'LT8L'CYV<.Y"#JM-*
M]#HVWO&/AWSD)3]YRE?>\I=7=,#)0HJ82SH?E'[(.S2AB7R,PA+8R`2D'>;N
MP/=+_Q\Z-_R-C0`+:7M4[IW`?=ZL@?M.#*\?UO!$[WC?"5*XX_:=$)5./#$U
MLW0\\P"'?B.L+?WH3]_ZU<<^];5__>UGG_O?]W[U2=[Z4):C#F*/_7S)$(RZ
M=C0$(QA%_+.1#TN`H/<RD+DE0I"248`@!J,XB`^H@5'(A!B@G7[@E@]@/:'0
MKYF2O@>$P`B4P`FDP`JTP`O$P`Q\P%JK,_)KHEEH@O1SMB%(O(X2`8:1$$L8
M`8+P!!%`/1`8G!&P`9T``:S+AX*3%AM`MP@I"WPX,#\`0C^@`"`<0B$DPB,T
MPB0LPB5$0B94PB:$PB>40B>D0B@<0@J@`$&@AD;S0!(:A_^=$T%ZPX'9XR@0
MD($I(0CZ&P&)L(&4PY88G,&"J$&'P);?&P%.J`$9Z+K6`H4KL((90`$6P()`
M'$1!),1#-,1$+,1%1$1&5,1&A,1'E$1'I$1"9`$4.($)<$`AL[4N;*)X6`4A
MR`$<(,52-,53+,4PO`%49$54S($P``>,$@$!#)SYJY:""Y!LR`08=`@9I$&L
MZX=,L)86S`9/D32R``TNZ()E9,9F=,9GA,9HE,9II,9JG$8N4`$"<(`R4X88
M\T02"H8Z$,=Q),=R-,?!$$$W,,=U7$?:NZ@00,%U6\%^((6L><->C$-WF,-^
MJ`0IJ0$0L(2(P82NXQ$6J((M0,C"A%3(A63(AG3(AX3(B)3(AN2"*E"!`@@`
M"#@D(E.N#OQ&9'*H=U*\CSK!X%!!@O"4:J@_./Q%D("!3$`X2R"%1XL!^_&Q
M+`@-#E"!G>3)GO3)GP3*H!3*H23*H@Q*#K"-`(@`::`&=FB'8/K(>`I)<AI)
MCP(!"Q"!K"2]B,E*$<"$=\`$*7$(&,A'$/@`$5@)=]`$<=N6#SA&'R,*H]@`
M#J#+NK3+N\3+O-3+O>3+OO1+O-P`_1B``'"!9=JXJ)3*,*S_RLDBE)Y1&_HX
ME@"8`'5`3'Z:2F-:3,CJ%9YYS"`13,)<IJ`H"5(@S84@3=+4"&R8G:)Q!])<
MP,HLG,L<I<P\K']QS,Z4C\B<3+)X!U'0A&J124W($A&("/P;@4I+D!$`G->$
M3;(IIB!X@S6(##98!0>[`3-(!3'`@1Q0`QH1&SO;&?C`S?OXS,+LP$ZX&H@8
M`=*K!&%#B8=8&DVPAA!XR^:,S<1)@WGXAKR(A\"(A1\0!STQ@C3@D["A3<,B
ME/$D3T:13,HT"Q&P!"P9@;P9`1$@N#!Q!P@EA36TS^*!(B1PJOV\BU^`ARGX
M!;Z`!UKXAB30AC?Y3D"+2R-14/LX_Q+0Y(='`8'D>P<0B!"T7)(:$`Y,``$1
MD+D.%:BPP0%6(`?]Q`MU<9%:$`)QT`9MJ(5A,((CZ)/E`<]#"(W;G-'8,)*O
M:%"SL($8``JZD;2%Z8>P!(JE`4`1T!HC)1S]B0)QH(4`Q0LHJ(=O@`<YR($X
MN`54T(92^`8[S5+G.-#!VAF`\=(O?8T:-<\GB3J'6,LMX;1L:$/1LP8TQ0:F
MD=/[!)M:L`=MF(=YX!!A``?KF(=YBX-=B(,7\08C."88=0$%:%1'=8W/W$VR
MT$?D_!9-D8$1@(%JV-%.N+01H!B;_-2MT1\E`(,X,`=R@((X@`4A&`9S>()>
MB`?(*():$/^#\*@%;?#.<@(T1"@*7*T/,2W,&^7-WIB6X`"\@FB(?.B;/5Q6
MCBDF$-6&'<@3)'"";X@'<8`#5R$#*/4!;3`'5N`Y1-W27[$<UX'8B)78B:78
MBK78B\78C*58H2%,=KA7<))-4MI2")">`C#9DT79E%79E679EG79EX79EP6`
MR?3(CZVBD/VC1-4K?(B$%W`!!X``!Q#:H27:HC7:HT7:I%7:I65:I(6`$SB!
M1'!0FS4EG(TBG=6K9JBV1^!:2'@$KP7;KQ7;L"7;L37;LD7;LU7;M&7;M1U;
M1\@B9H!*J@4EJPTAK,VK0MI(3>+;OO5;96`&/>)"NKU9Q00U?(`LA"U\RL5E
MW,9UW,>%W,B5W,FE7,IE)L*M6L,%M<_"W.RR6Q#"V[R2K,[U7,W8M3/.)5W5
M^ES^"5V[&MW455W3%3/4A=W.6MW]:=VV>MW:M5W9Q3+:Y5W(NEWER5VVVMW@
MA:QB@(7E9=[F==[GA=[HC5ZAJ[!F`E[DQ=[)4C1!&-SL]5[0NM[O%5_1[=[Q
M-=^\"M_SS2YZ.$S[/%[US:YXJ(,=:`+V,]+TA5_*B@=>Z"YYD8-PZ-#WS=_.
M"@8T6%B[:`)WA$W\'6"]DE_TPXL=((-B@$T!;F"]VH=>:()F,X\?D`/J[4(&
MOF"OV@=P``/^^8%9`.'6L^`1_BIS<(4#3IX<6+_V__-`$7;AI+('7F`V0!*"
M-RC>VDS<RB7B(C;B(Z[9'/:@;D"#P@.D)E#AUFN'0N`DII0&*\9B:KAB+<[B
M+?;B+@9C+A;C+Q[C,";C*Y:R\E5B_-&'RYHO"8Y%K]/:J2T;=9BIT%QC$AJ\
M_KVQ':B#<[@Y_:(S]2)D]#*P/Q"$3LSC_^$&`Z8W)N"%V@,T_8($5>JE2\9D
M5V*Q0OB#/V@&.E[DYJ$96>VY'5"#8#A<(!,R(H.R5G;E5V8R*:.R3E:&N0WE
MQLG@+Y"OV#."-UAA]V(\MF.[D?L#/U`&4&8+>[WE,8D'-9!APTN"7K#A:5-E
MM1-FHR/F/ZAE@5/!IY,69/]]![^IT#BEQQ$`2&5>9N6(!UAXYO3#`3+8L>HE
MLVO&9F(V9F3NA#/4A$UHB$VH`!D0O1AX![D;"P"1S[I)Y_88O##@8%6\@=,*
M,V!&NZ*CYY#+YFW^B'<H4TNH'Y`PY[YK$$OH!/N)&]^QOX1F#W!0`R=V:+S`
M`3#@A5_N+,;[N(IN.WL^YJ!P!QJ`TY6@OS:4`6P@MT^(@4QS"#3-AP_@091.
M#GN`!71LZ5-3@S@^NWVS:7^[:%MV!X/+$KY;DA@0:CTLP'5PB*4AA7S@4:9.
MCGT@!BC8Y:A&G-.:9M"BZ:M&.IP&92@Y0T[CNQBPDDLH4_I+N5USN>'Q9K7.
MC'+J&%Z+6P+C"BUJ\SC,D^S)IFS)FV5MMN7?DP%HX4$:`.AJB`&^TX1.]01\
MR`0:,(0S1&S,H+$C@.LH,F4*INM6X[;:GC[;QNW;UNW<YNW=]NW>!F[IX^1[
M?A+@RYV'J(:S[H=J\(3<*;V;$)Y/6VW*V`=@((.W?NT0JB])?BEW4#U(2QI,
M@;1*(&M#R`1KR$/5(V>A`+)"T,#WAN_XQD!:SNSI%A-ZZ,[L-B8<@()>:%^5
MR@8("6>-`!`;<`>AKH1W$`$!>8=K^`!CW4,@"\()I_`*M_`+Q_`,U_`-'\*<
MMF\RF3@(UN\_,N6(_UZI;.@`Y`2)&#"$:;$!F5MP&OP$?Y&$*W"!&\?Q'-?Q
M'>?Q'O?Q'P=R'W\!0<#H#\\1?0@&AA[Q^?J!:'.I`*^!Y6N:;`C63N#LE1.0
M@OB`&6\^17B!*@#S,!?S,2?S,C?S,T?S-"_S%M@`!H`$;S-R'.&%,%B".K?S
M.\=S/&]G>C."//?S/&^"5>!ND@IP&UB^C2$0W,._#,WR=0`!+N]!+E5&:Z3T
M2K=T:VR!`F"`2=C".,\1<`#U4!?U42=U<!B#,.R%4E?U41\'F?:H`%=Q`&GQ
M?M"$_8MQ+8?T)X$<$YC(7O?U7Y](%<"``&"`(O=T?/7=I$)Q31APO,._;/_`
MU#.\=4?/]:#@$0W(`*/4]FWG=J+D``P8``%P`&A(XF,OE<56G*WR[N_."/'&
MO[RI!&#4Z`-,&"X5C:W`]WQ?B@P`F,%L@&@P=YQ!=\0)XJU:U%L=3\$<``>0
MAH#OF($WT"WM4G0M#09M@(9'QDZH!-)3RXU/34NHA%#YB'7PEO5V^*Y)'"B`
M!22(C#187NU<`UE(@^VL`Y9_42R[=H3'385W`(`GBTRH@;D3SA'8!!'`.O0D
MA5T+/1O`-+8\^>/0'QPH`W'HAWBYBR<@AU<X42.0TEB-`US8<[LH^*EJ3(H?
M#8O'^(PF@4R8$@F93ZY#.83X")<;A7A]^OP)FRC_U2JKMXM7L)4A\`$DB`<5
MA8)M*`."EWA;-?NS3TJ&Y\T/0-9HN;0<W6H+#>J'&(4.B`$B5;>[KPS]X8$X
M>`5]X/L;$`9]^`9S>`4?$`=OH-)?<%92UE):9=3%!Q@QO7C>]+5S^[5^*-/>
M(=80Z/V]&05C]'R41QPYV(?2_P4W>85Y0((T6(4X\(92"-`2F56<CU';-Y(C
MZ7E)Q3H9R/)@!`%M@0$@+6NZRP9//?[+*";E+_WK0((ZT(=\D0-;@`-8E7V&
MI57Q!`@,`@<2+&CP(,*$"A=>*#`@0`-I_292S&>CAC41E2Q56B=#!C8:GMR!
MT%1-1C9W,3J-^E"-(LR8_S)GTJQI\R;.G#IW\NSI\R?0H$*'$HVIY@;2I$J3
MRMDG98>I7D;2S(L3:YZ/&T9V14ECKI8V(4N5EBMJ]BS:M&J+XCOD0L'"N'+G
MTC5X8<``!Q)ENC,DPE`^;#5$U,#7CU0,$9GZ58N1C;$,$9W64JYL^3+FS)K/
M'AT[5HTX)SI8_3*"XY4X;FEPW!#SRL>.6N#BZ/",M.SFW+IWGVWK0@,&#<*'
M$R]N_#CRY,J7$\=0`&(TWM*G4Z]N_3K.SK:W<^].%COX\)G;0E!0X#SZ].K7
MLV_O_CU\]@+TBJ]O_S[^_/VT>^_O_[9^`0IH4SZ)1,!``@DJD,""#3+XH(,1
M0ADXH8054GBAA1(FX,)>`WKX(8@A9O<?B?WA_R8BBN+MPXP@B32R"(PQRC@C
MC37:>"...<[H2"3+M),BD$$*&1Y_)1JYU(E#*JD;-850H@R444HY)9556GDE
MEEE2N0PTZORX))AABLG9D64B.2::E+73B#3JN$F-.G#*&2>=<]I9)YYWZIDG
MGWO>Z66:@0HZJ%%F&GI#DH0JVA,DZN#S**212CHII95:>BFFE2ZZ*:="%GDH
MB8EV.JI,D'Q)*JJIJFK9IZ#Z)^JJG4YR:JRUVGIK3JVZZAVLN`YJJJ_!"HNK
MKKMRU^NP8\Z:++/-<EJLL;8AZZR2P%)[+;9@0AOM6--FF^*RWXH[[H?;<OL=
MN=72FBZ[[5[7"A3QRD4[+[WUVGOOO?&X&V2X^_K[+\`!#R4-P86L*S#""2L<
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M`XD@#[09>^[%8U:[[5;CGCL^NS<R"22-!-^,H\9;?QGRR;M]?4SX4/)'(]%+
M_X`RB7-_?EK9WY%,.O<<0S0R]^AA=![H_Z1S!Q_II)/''3$?O?SLF@<^2$2O
M$`^@!#6(1Q%K.,,:^>A'-DAAC7?$Q!JDP,8#T8>^[.F!'WPX!C_R8`<^[&P/
M1C-&/^Z'#F2@XQAZ2(8(\Z;!?G@/?)-HQ/C*=S!2T,`&,;A@#&@0`TS`!!LP
ML($,K#'#\V5O#_?@@S'N@0<\Q(\?\R.:'M+!CW3@(1G(2,8QDF$,I`%0=@(,
M7_2"AT`%]B,&F7A'-;+1"1!4(Q,@R&`_*A$#=]3`$GA<8O&RAP?[I0,==NA#
M(?EA0O@1\@[&T-\QT-$'9!CC#D4KH^F\)XCPX3!X.HP)26`@`DN\PQD@&(4E
M8@"3&-0@'Y6H`5X%`6D\#M[#&/'C@R1!N,@1NL]^EIPB,KZ(#G3@X9(S/",!
M<YA`4'[`!M8802;<(0,0?,`3,!E!*U\92UGF+GO'N,<>^L`/9.AO9^C8`QX<
MJ3]^]`,90]L#,5>8CCX8_U.#-7Q>)\EG/IB\HR3OZ*$F1(`-38!@FZQ\QRO_
MR$W3-3$=QR#G%;^Y!R=.;9#I&%K_^K`^^Q63:)@$'3+3>,!EQD0&E<!&#"R1
MB1$,]`/N(`4I\I%*;,@@$PI=Z.?4%\X^[%(/?9AB'V)XAW`.#0][L*1/^6!)
MCQZ3$IL4GR?W"9/&Q$`&UPA)#-SX#D/4P!WN&$%5L8'3;FH/;Q_]W!EQJ$PV
M]L,=ZXCE.];AC@>^`Z[9V.98&5K6R0EL%!7P(TD6$Q-LV,`=%/%$")28FQH6
MHK&%B.K!\IK7[.WU?WVM@$L""\%1D.(=T@1!3">"6&N\U((.I&$U1O&2MI)B
M%/^/*:UJKT&*U>;#M#>ER"3\H%L__,$/!Y0&._"QCWP,M[C$S<=QC6O<Y#)7
MN<R5K-<H6]EZ`LRO%D!)2;(A@XMD`J75S*`G1%`-3WR@$C80@0,S(0-+B(`4
MV;"!(2P!DE&`P`:6J&\EQ'N8FL9@%#3!!R-><((!E^`$)<""%K2`B`4SN,&(
M4(2#'0SA"%.XP8R(+'1=)MWI#NVLV!J%!6)0$A!D`A,@<,<H1'"-2HS`L*)-
M+'E5*QEW*`8?UI#C"!PX@DJ0UQ/9*`E)-,%'&R!4!B[N'B-<4(4E;V')3GXR
ME*,LY2E3N0H;8``U,@RU#7/8P]<"\2AD\`$+:,(&%A#_`0@Z4`U#C&";X;4&
M>:V1$4Y@HYH3R<<E4-(/),XQCB+P1#ZR&X,S@R`&8I4)/A"A9"XPNM&.?O2C
MNP#I2$\:TEM(00$4T"$M\VR7'*Z:EZD%XFI4PP(5R$0E[OB.;.1CI4<>K2=`
M@(TY!QF".,;@CLGK9T"36)HVR(=7_WN("&A@`RHX-K*3K>QE,[O9SN;`!0*0
M@&:PE=,!.T;.LBVSCGZZ:GO0=LX>.2R_OL0&%=#$,RM1"4.XXQ.G!"^,/R#G
M$7"BU3+0!`PZD8T^JM>"+LG&GP.MB7YT8@2=N/=MR:.!"V!@`PY_.,0C+O&)
M4WSB&<#```20`&54V]K_JB6W_[LM<K$--1G)RL9((-@)L5JC$S[NQSL\00K/
M96,4[D!Y74<AUG>,HA.AQ88G.J%$E+N#YX_QQ,Y)P1*\PL0W"Z\+U./2$(US
MW.,0XP<ZE#KRK5<M#]_T6ULB@`&&1[WL![G+``Y0=:M#[![("#G7XWX'1+(3
M[&YYNMGS/I"[4+W:0^X'30GS4A&((`3MI<@[5FIDM@>KEDN-^];U@(ZZ_TWA
M9-=[WOF^\6ISXKKYT$0EJ@$"2U!$CT<F18YK8`C&"^N<CX?\=+V.UKM?X/*8
MC_K4-S^3:PQ:!G>.-2DF4HT/^)<B\LU&)D3`>F'QPX6PKRP>\@=2MRC`]K>O
M2^WQHE!V-K:Z!B/P/<Q3;,U\&"(&>+2(D0EZV^7':IYP?S[>]I",G4W?!6.W
M_O7GHOFU3Q4&80;_1+#8.V`#-,5$)1B9':T?^ZT*UGD:_+$-'AQ#J/]YC>7E
M'^[M'QO9$0A8@`7XT0.Q6#ZTA&(AE[VM`XLM8++P0S*\WP,J#?Y,8-DX'?Y9
MH-050-_1Q#M\1)&)P@@,'$'%4O(-8`QH@@Q,!@HFRSW\5`M2S1V\D/7X!ES0
M8-1I'__%1#YX@C6M@R98@A%6@R9DD!?V0SZ0@B74VQ$RBPH>U1(>31Y$T?4X
M'7/$H1P>AW/<X!EBC/O$T!K.'3J<#WF81WP$HB"V!P'HWAUFS#R]WO/EP?RA
M#S\,VP(<@"1.(B56HB5>(B9FXB02@`-4X2%>S#G!'QZXH0;M@S04`B1,@BJN
M(BNVHBN^(BS&XBI2`O5TW"=>W3'HX<B]H"RI-<F3:`DP!J.5-(-4W2+'N-_(
MZ0$R4-X2K4F;N`DT1J,T3B,U5J,U1B/L&./'I.&GC2+]+52C9(HXCB.F:./(
MN`\+2@XN,2,WR8TY:E`Z:)WMU$^&]<T[HD\RZ($BBHTW:ID[WJ,&U9(N7@W^
M]"&GV2-`HH\D[6/2Y$'\>-P_)F1`YF/5J!/;(:1$.N(QL.!0P:`&161&SE`\
MOIY#,EZ4/$Q(2M8XF=`H>O\D^E`#P6Q:2N95.K`0.\XD3N:D3NXD3_:D3_XD
M4`:E4`XE41:E41XE4B:E4BXE4S:E4SXE5$:E5$XE55:E50)D-%)#EJV%+G1E
M5S[#58:EF*Q)YDA#^*P%/GB`"1R;!KB`6+ZEDJB#(%`"/D@#^%#$P56"BUD#
M$IV4\1DA!%F"8C4=`FQ`DQ6`6TZ$>EG"7B(18U)$)EA3/UA##=C`H<$E9O)&
M.]A0(_A!(TS$,QT<Z?'>2&B"H?6#)5B`#4Q$-L``"#@#HAW``'"`!@1`!`C?
M"'@"PCV3)R2>#-15:BY&#F*")L!29AYG;JC#'PC"8U'`9R[0$.*#-L'<$'K"
M")0DUT3(P`B`EDSD0WH$0&*"YDKLV6I.1`AT0L%9P&)DQ#54`TLA_R=\8L9F
M]I9N04)%($8GO(,-5,(#Y4,?60,!EJ=JO2:B*0`!((`DO@!,>$(,`-J.400T
M8<,UA,!BB%XVN.=@QJ>&ID5=EB7UQ$1`(10L>4)C"-:#@B9WRD0N@`*+@D)T
MP$0FQ,`[5.8[7!"%BJ%B3*9`N>=E;JB/6L8H6&8JY4-CD$)`G=)$C$!Y`AZ!
MZH0GU$`V:!/JD<)*$1^.+D8V&-S!'=F/=JE:N)(()-%$D,(TB4`,P&8_K!=%
M$.!JY81%$(98A:"(B<`(O$0^#.&8@E6;>BF?:H8UC(("FD4U`&:?%JJA'BJB
K)JJB+BJC-JJC/BJD1JJD3BJE5JJE7BJF9@^JIFXJIW:JIWXJJ"9E0```.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
