<SEC-DOCUMENT>0001292814-11-003287.txt : 20111227
<SEC-HEADER>0001292814-11-003287.hdr.sgml : 20111226
<ACCEPTANCE-DATETIME>20111227092756
ACCESSION NUMBER:		0001292814-11-003287
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20110630
FILED AS OF DATE:		20111227
DATE AS OF CHANGE:		20111227

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:		111281231

	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>sbspr2q11-6k.htm
<DESCRIPTION>EARNINGS RELEASE 2Q11
<TEXT>

<HTML>
<HEAD>
   <TITLE>sbspr2q11-6k.htm - Generated by SEC Publisher for SEC Filing</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;December 27, 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><A name="page_1"></A>

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

<a name="_bclHeader1"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt" align=center>
<IMG src="top.gif" width=794 height=97></P></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=PT-BR face=Arial,sans-serif>CIA. DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Rui de Britto &#193;lvares Affonso</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Chief Financial Officer and Investor Relations Officer</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Mario Azevedo de Arruda Sampaio</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Head of Capital Markets and Investor Relations</FONT></P>

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 18pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>

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



<TR height=20>

   <TD vAlign=top width="82%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>

   <P style="TEXT-ALIGN: center; MARGIN: 18pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 16pt" lang=EN-US color=navy face=Arial,sans-serif>SABESP announces 2Q11 results</FONT></B></P></FONT></TD>

   <TD vAlign=top width="3%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>

   <P style="TEXT-ALIGN: center; MARGIN: 18pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 90%; FONT-SIZE: 16pt" lang=EN-US color=#000080 face=Arial,sans-serif></FONT></B></P></FONT></TD>

   <TD width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></P>

   <P></P></TD></TR>

<TR>

   <TD vAlign=top width="82%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>S&#227;o Paulo, August 11, 2011 - </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (BM&amp;FBovespa: SBSP3; NYSE: SBS), one of the largest water and sewage services providers in the world based in the number of customers, announces today its </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>results for the second quarter 2011 (2Q11)</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>. The Company&#8217;s operating and financial information, except when indicated otherwise is presented in Brazilian Reais, in accordance with the Brazilian Corporate Law. </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>All comparisons in this release, unless otherwise stated, refer to the year 2010</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P></TD>

   <TD vAlign=top width="3%" align=center>

   <P style="MARGIN: 0cm 0cm 8pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></P></TD>

   <TD width="15%" align=center>

   <P align=center></P>

   <P style="MARGIN: 0cm 3pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>SBSP3: R$ 41.99/ share</FONT></P>

   <P style="MARGIN: 0cm 3pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>SBS: US$ 51.51 (ADR=2 shares)</FONT></P>

   <P style="MARGIN: 0cm 3pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total shares: 227,836,623</FONT></P>

   <P style="MARGIN: 0cm 3pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Market Value: R$ 9.6 billion</FONT></P>

   <P style="MARGIN: 0cm 3pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Closing price: 08/11/2011</FONT></P>

   <P style="MARGIN: 0cm 3pt 0pt 0cm" align=center>
   <IMG border=0 src="pag1_img1.gif"></P>

   <P align=center></P></TD></TR></TABLE></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><STRONG><FONT color=#0000ff size=2 face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="img_alt.gif"></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

<a name="_bclFooter1"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; " align=right><FONT style="mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

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

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

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

<a name="_bclHeader2"></a><DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>1. Financial Highlights</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><I>R$ million</I></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BACKGROUND-COLOR: #333399; BORDER-RIGHT: #333399 1px solid" width="28%" align=center><FONT style="COLOR: #ffffff"><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 width="9%" align=center><FONT style="COLOR: #ffffff"><STRONG>2Q10</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 width="9%" align=center><FONT style="COLOR: #ffffff"><STRONG>2Q11 </STRONG></FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><FONT style="COLOR: #ffffff"><STRONG>Var. (R$)</STRONG></FONT></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="9%" align=center><FONT style="COLOR: #ffffff"><STRONG>%</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 width="9%" align=center><FONT style="COLOR: #ffffff"><STRONG>6M10</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 width="9%" align=center><FONT style="COLOR: #ffffff"><STRONG>6M11</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 width="9%" align=center><FONT style="COLOR: #ffffff"><STRONG>Var. (R$)</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#333399 width="9%" align=center><FONT style="COLOR: #ffffff"><STRONG>%</STRONG></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>(+) Gross operating revenue</TD>

   <TD width="9%" align=right>1,864.6</TD>

   <TD bgColor=#dddddd width="9%" align=right>1,985.4</TD>

   <TD width="9%" align=right>120.8</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>6.5</TD>

   <TD width="9%" align=right>3,709.0</TD>

   <TD bgColor=#dddddd width="9%" align=right>3,975.2</TD>

   <TD width="9%" align=right>266.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>7.2</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>(+) Construction revenue</TD>

   <TD width="9%" align=right>542.6</TD>

   <TD bgColor=#dddddd width="9%" align=right>498.5</TD>

   <TD width="9%" align=right>(44.1)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(8.1)</TD>

   <TD width="9%" align=right>994.9</TD>

   <TD bgColor=#dddddd width="9%" align=right>948.7</TD>

   <TD width="9%" align=right>(46.2)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(4.6)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>(-) COFINS and PASEP taxes</TD>

   <TD width="9%" align=right>134.7</TD>

   <TD bgColor=#dddddd width="9%" align=right>144.1</TD>

   <TD width="9%" align=right>9.4</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>7.0</TD>

   <TD width="9%" align=right>268.3</TD>

   <TD bgColor=#dddddd width="9%" align=right>289.5</TD>

   <TD width="9%" align=right>21.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>7.9</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>(=) Net operating revenue</TD>

   <TD width="9%" align=right>2,272.5</TD>

   <TD bgColor=#dddddd width="9%" align=right>2,339.8</TD>

   <TD width="9%" align=right>67.3</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>3.0</TD>

   <TD width="9%" align=right>4,435.6</TD>

   <TD bgColor=#dddddd width="9%" align=right>4,634.4</TD>

   <TD width="9%" align=right>198.8</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>4.5</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>(-) Costs and expenses</TD>

   <TD width="9%" align=right>1,138.0</TD>

   <TD bgColor=#dddddd width="9%" align=right>1,253.0</TD>

   <TD width="9%" align=right>115.0</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>10.1</TD>

   <TD width="9%" align=right>2,164.5</TD>

   <TD bgColor=#dddddd width="9%" align=right>2,681.0</TD>

   <TD width="9%" align=right>516.5</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>23.9</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>(-) Construction costs</TD>

   <TD width="9%" align=right>530.6</TD>

   <TD bgColor=#dddddd width="9%" align=right>486.3</TD>

   <TD width="9%" align=right>(44.3)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(8.3)</TD>

   <TD width="9%" align=right>972.3</TD>

   <TD bgColor=#dddddd width="9%" align=right>925.7</TD>

   <TD width="9%" align=right>(46.6)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(4.8)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>(+) Equity Results</TD>

   <TD width="9%" align=right>(0.1)</TD>

   <TD bgColor=#dddddd width="9%" align=right>(1.3)</TD>

   <TD width="9%" align=right>(1.2)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>-</TD>

   <TD width="9%" align=right>(0.2)</TD>

   <TD bgColor=#dddddd width="9%" align=right>(2.3)</TD>

   <TD width="9%" align=right>(2.1)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>(=) Earnings before financial expenses (EBIT*)</TD>

   <TD width="9%" align=right>603.8</TD>

   <TD bgColor=#dddddd width="9%" align=right>599.2</TD>

   <TD width="9%" align=right>(4.6)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(0.8)</TD>

   <TD width="9%" align=right>1,298.6</TD>

   <TD bgColor=#dddddd width="9%" align=right>1,025.4</TD>

   <TD width="9%" align=right>(273.2)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(21.0)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>(+) Depreciation and amortization</TD>

   <TD width="9%" align=right>148.7</TD>

   <TD bgColor=#dddddd width="9%" align=right>176.2</TD>

   <TD width="9%" align=right>27.5</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>18.5</TD>

   <TD width="9%" align=right>291.8</TD>

   <TD bgColor=#dddddd width="9%" align=right>404.3</TD>

   <TD width="9%" align=right>112.5</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>38.6</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>(=) EBITDA**</TD>

   <TD width="9%" align=right>752.5</TD>

   <TD bgColor=#dddddd width="9%" align=right>775.4</TD>

   <TD width="9%" align=right>22.9</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>3.0</TD>

   <TD width="9%" align=right>1,590.4</TD>

   <TD bgColor=#dddddd width="9%" align=right>1,429.7</TD>

   <TD width="9%" align=right>(160.7)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(10.1)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>(%) EBITDA margin</TD>

   <TD width="9%" align=right>33.1</TD>

   <TD bgColor=#dddddd width="9%" align=right>33.1</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>35.9</TD>

   <TD bgColor=#dddddd width="9%" align=right>30.8</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Net income</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right>319.5</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" bgColor=#dddddd width="9%" align=right>479.6</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right>160.1</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right>50.1</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right>618.5</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" bgColor=#dddddd width="9%" align=right>662.4</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right>43.9</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right>7.1</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Earnings per share (R$)</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>1.40</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right>2.11</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>2.71</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right>2.91</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 21.55pt 0pt 0cm"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;(*) Earnings before interest and taxes</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 21.55pt 0pt 0cm"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;(**) Earnings before interest, taxes, depreciation and amortization</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 2Q11, net operating revenue reached R$ 2.3 billion, a 3.0% growth compared to 2Q10. Costs and expenses, including construction costs, in the amount of R$ 1.7 billion grew 4.2% versus 2Q10. EBIT dropped by 0.8%, from R$ 603.8 million in 2Q10 to R$ 599.2 million in 2Q11. EBITDA was R$ 752.5 million in 2Q10 and R$ 775.4 million in 2Q11, an increase of 3.0%, with EBITDA margin stable at 33.1%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 6pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>2. Gross operating revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Gross operating revenue, including construction revenue, reached R$ 2.5 billion, a 3.2% increase in comparison to the 2Q10.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Gross operating revenue from water supply and sewage collection recorded grew from R$ 1.9 billion in 2Q10 to R$ 2.0 billion in 2Q11, an increase of R$ 120.8 million or 6.5%. </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The main factors that led to this variation were: the increase of 2.7% in water billed volume and of 3.7% in sewage billed volume and the tariff adjustment of 4.05% as of September 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The main factors that contributed to higher billed volume were: the increase in the number of connections, the growth in the consumption in the industry category due to a better economic scenario, and the new firm demand contracts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 6pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>3. Construction revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Construction revenue dropped R$ 44.1 million, or 8.1% when comparing to 2Q10, moving from R$ 542.6 million to R$ 498.5 million, due to lower investments in the period. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 6pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>4. Billed volume</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The following tables show the billed water and sewage volume per customer category and region in 2Q10 and 2Q11. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 21.55pt 0pt 0cm"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 5pt" lang=EN-US face="Tms Rmn"></FONT>&nbsp;</P>

<a name="_bclFooter2"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Page </FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2</FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> of 11</FONT></FONT></P></DIV></DIV>

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



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

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

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

<a name="_bclHeader3"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="top.gif"></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 21.55pt 0pt 7.1pt">&nbsp;</P>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=10 align=center><B>BILLED WATER AND SEWAGE VOLUME </B><B><SUP>(1) </SUP></B><B>PER CUSTOMER CATEGORY - million m</B><B><SUP>3</SUP></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="28%" align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="24%" colSpan=3 align=center><FONT style="COLOR: #ffffff"></FONT><FONT style="COLOR: #ffffff"><STRONG>Water</STRONG></FONT> <FONT style="COLOR: #ffffff"></FONT></TD>

   <TD bgColor=#333399 width="24%" colSpan=3 align=center><FONT style="COLOR: #ffffff"></FONT><B><FONT style="COLOR: #ffffff">Sewage</FONT></B> <FONT style="COLOR: #ffffff"></FONT></TD>

   <TD bgColor=#333399 width="24%" colSpan=3 align=center><B><FONT style="COLOR: #ffffff">Water + Sewage</FONT></B> <FONT style="COLOR: #ffffff"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="28%" align=left><B><FONT style="COLOR: #ffffff">Category</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">2Q10</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">2Q11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">2Q10</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">2Q11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">2Q10</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">2Q11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Residential</TD>

   <TD width="8%" align=right>356.8</TD>

   <TD width="8%" align=right>366.7</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>2.8</TD>

   <TD width="8%" align=right>290.1</TD>

   <TD width="8%" align=right>301.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.8</TD>

   <TD width="8%" align=right>646.9</TD>

   <TD width="8%" align=right>667.9</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.2</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Commercial</TD>

   <TD width="8%" align=right>40.3</TD>

   <TD width="8%" align=right>41.8</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.7</TD>

   <TD width="8%" align=right>37.7</TD>

   <TD width="8%" align=right>39.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>4.0</TD>

   <TD width="8%" align=right>78.0</TD>

   <TD width="8%" align=right>81.0</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.8</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Industrial</TD>

   <TD width="8%" align=right>9.2</TD>

   <TD width="8%" align=right>9.8</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>6.5</TD>

   <TD width="8%" align=right>9.3</TD>

   <TD width="8%" align=right>10.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>8.6</TD>

   <TD width="8%" align=right>18.5</TD>

   <TD width="8%" align=right>19.9</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>7.6</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Public</TD>

   <TD width="8%" align=right>13.2</TD>

   <TD width="8%" align=right>13.8</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>4.5</TD>

   <TD width="8%" align=right>10.6</TD>

   <TD width="8%" align=right>10.9</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>2.8</TD>

   <TD width="8%" align=right>23.8</TD>

   <TD width="8%" align=right>24.7</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.8</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="28%" align=left><B>Total retail</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>419.5</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>432.1</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.0</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>347.7</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>361.4</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.9</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>767.2</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>793.5</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.4</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Wholesale</TD>

   <TD width="8%" align=right>73.4</TD>

   <TD width="8%" align=right>74.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>1.1</TD>

   <TD width="8%" align=right>7.2</TD>

   <TD width="8%" align=right>6.7</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>(6.9)</TD>

   <TD width="8%" align=right>80.6</TD>

   <TD width="8%" align=right>80.9</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>0.4</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Reused water</TD>

   <TD width="8%" align=right>0.1</TD>

   <TD width="8%" align=right>0.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD>

   <TD width="8%" align=right>-</TD>

   <TD width="8%" align=right>-</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD>

   <TD width="8%" align=right>0.1</TD>

   <TD width="8%" align=right>0.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="28%" align=left><B>Total</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>493.0</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>506.4</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>2.7</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>354.9</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>368.1</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.7</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>847.9</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>874.5</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.1</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="28%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M10</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M10</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M10</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Residential</TD>

   <TD width="8%" align=right>721.3</TD>

   <TD width="8%" align=right>740.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>2.6</TD>

   <TD width="8%" align=right>584.2</TD>

   <TD width="8%" align=right>604.8</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.5</TD>

   <TD width="8%" align=right>1,305.5</TD>

   <TD width="8%" align=right>1,344.9</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.0</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Commercial</TD>

   <TD width="8%" align=right>80.6</TD>

   <TD width="8%" align=right>83.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.1</TD>

   <TD width="8%" align=right>74.7</TD>

   <TD width="8%" align=right>77.5</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.7</TD>

   <TD width="8%" align=right>155.3</TD>

   <TD width="8%" align=right>160.6</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.4</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Industrial</TD>

   <TD width="8%" align=right>18.2</TD>

   <TD width="8%" align=right>19.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>5.5</TD>

   <TD width="8%" align=right>18.6</TD>

   <TD width="8%" align=right>20.0</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>7.5</TD>

   <TD width="8%" align=right>36.8</TD>

   <TD width="8%" align=right>39.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>6.5</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Public</TD>

   <TD width="8%" align=right>24.4</TD>

   <TD width="8%" align=right>26.0</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>6.6</TD>

   <TD width="8%" align=right>19.7</TD>

   <TD width="8%" align=right>20.4</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.6</TD>

   <TD width="8%" align=right>44.1</TD>

   <TD width="8%" align=right>46.4</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>5.2</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="28%" align=left><B>Total retail</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>844.5</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>868.4</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#d8d8d8 width="8%" align=right><B>2.8</B></TD>

   <TD bgColor=#d8d8d8 width="8%" align=right><B>697.2</B></TD>

   <TD bgColor=#d8d8d8 width="8%" align=right><B>722.7</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.7</B></TD>

   <TD bgColor=#d8d8d8 width="8%" align=right><B>1,541.7</B></TD>

   <TD bgColor=#d8d8d8 width="8%" align=right><B>1,591.1</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#d8d8d8 width="8%" align=right><B>3.2</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Wholesale</TD>

   <TD width="8%" align=right>145.9</TD>

   <TD width="8%" align=right>148.3</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>1.6</TD>

   <TD width="8%" align=right>15.3</TD>

   <TD width="8%" align=right>14.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>(7.2)</TD>

   <TD width="8%" align=right>161.2</TD>

   <TD width="8%" align=right>162.5</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>0.8</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Reused water</TD>

   <TD width="8%" align=right>0.2</TD>

   <TD width="8%" align=right>0.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD>

   <TD width="8%" align=right>-</TD>

   <TD width="8%" align=right>-</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD>

   <TD width="8%" align=right>0.2</TD>

   <TD width="8%" align=right>0.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="28%" align=left><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>990.6</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>1,016.9</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#d8d8d8 width="8%" align=right><B>2.7</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#d8d8d8 width="8%" align=right><B>712.5</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#d8d8d8 width="8%" align=right><B>736.9</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.4</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#d8d8d8 width="8%" align=right><B>1,703.1</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#d8d8d8 width="8%" align=right><B>1,753.8</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#d8d8d8 width="8%" align=right><B>3.0</B></TD></TR>

<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=10 align=center><B>BILLED WATER AND SEWAGE VOLUME </B><B><SUP>(1) </SUP></B><B>PER REGION - million m</B><B><SUP>3</SUP></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="28%" align=left><FONT style="COLOR: #ffffff"><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD bgColor=#333399 width="24%" colSpan=3 align=center><FONT style="COLOR: #ffffff"><STRONG></STRONG></FONT><FONT style="COLOR: #ffffff"><STRONG>Water</STRONG></FONT> <FONT style="COLOR: #ffffff"><STRONG></STRONG></FONT></TD>

   <TD bgColor=#333399 width="24%" colSpan=3 align=center><FONT style="COLOR: #ffffff"><STRONG></STRONG></FONT><FONT style="COLOR: #ffffff"><STRONG>Sewage</STRONG></FONT> <FONT style="COLOR: #ffffff"><STRONG></STRONG></FONT></TD>

   <TD bgColor=#333399 width="24%" colSpan=3 align=center><FONT style="COLOR: #ffffff"><STRONG>Water + Sewage</STRONG></FONT> <FONT style="COLOR: #ffffff"><STRONG></STRONG></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="28%" align=left><FONT style="COLOR: #ffffff"><STRONG>Region</STRONG></FONT></TD>

   <TD bgColor=#333399 width="8%" align=center><FONT style="COLOR: #ffffff"><STRONG>2Q10</STRONG></FONT></TD>

   <TD bgColor=#333399 width="8%" align=center><FONT style="COLOR: #ffffff"><STRONG>2Q11</STRONG></FONT></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="8%" align=center><FONT style="COLOR: #ffffff"><STRONG>%</STRONG></FONT></TD>

   <TD bgColor=#333399 width="8%" align=center><FONT style="COLOR: #ffffff"><STRONG>2Q10</STRONG></FONT></TD>

   <TD bgColor=#333399 width="8%" align=center><FONT style="COLOR: #ffffff"><STRONG>2Q11</STRONG></FONT></TD>

   <TD bgColor=#333399 width="8%" align=center><FONT style="COLOR: #ffffff"><STRONG>%</STRONG></FONT></TD>

   <TD bgColor=#333399 width="8%" align=center><FONT style="COLOR: #ffffff"><STRONG>2Q10</STRONG></FONT></TD>

   <TD bgColor=#333399 width="8%" align=center><FONT style="COLOR: #ffffff"><STRONG>2Q11</STRONG></FONT></TD>

   <TD bgColor=#333399 width="8%" align=center><FONT style="COLOR: #ffffff"><STRONG>%</STRONG></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Metropolitan</TD>

   <TD width="8%" align=right>278.8</TD>

   <TD width="8%" align=right>285.0</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>2.2</TD>

   <TD width="8%" align=right>236.2</TD>

   <TD width="8%" align=right>242.4</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>2.6</TD>

   <TD width="8%" align=right>515.0</TD>

   <TD width="8%" align=right>527.4</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>2.4</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Regional <SUP>(2)</SUP></TD>

   <TD width="8%" align=right>140.7</TD>

   <TD width="8%" align=right>147.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>4.5</TD>

   <TD width="8%" align=right>111.5</TD>

   <TD width="8%" align=right>119.0</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>6.7</TD>

   <TD width="8%" align=right>252.2</TD>

   <TD width="8%" align=right>266.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>5.5</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="28%" align=left><B>Total retail</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>419.5</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>432.1</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.0</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>347.7</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>361.4</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.9</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>767.2</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>793.5</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.4</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Wholesale</TD>

   <TD width="8%" align=right>73.4</TD>

   <TD width="8%" align=right>74.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>1.1</TD>

   <TD width="8%" align=right>7.2</TD>

   <TD width="8%" align=right>6.7</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>(6.9)</TD>

   <TD width="8%" align=right>80.6</TD>

   <TD width="8%" align=right>80.9</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>0.4</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Reused water</TD>

   <TD width="8%" align=right>0.1</TD>

   <TD width="8%" align=right>0.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD>

   <TD width="8%" align=right>-</TD>

   <TD width="8%" align=right>-</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD>

   <TD width="8%" align=right>0.1</TD>

   <TD width="8%" align=right>0.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="28%" align=left><B>Total</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>493.0</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>506.4</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>2.7</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>354.9</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>368.1</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.7</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>847.9</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>874.5</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.1</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="28%" align=left><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M10</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M10</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M10</FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">6M11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="8%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Metropolitan</TD>

   <TD width="8%" align=right>555.9</TD>

   <TD width="8%" align=right>570.3</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>2.6</TD>

   <TD width="8%" align=right>469.9</TD>

   <TD width="8%" align=right>483.7</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>2.9</TD>

   <TD width="8%" align=right>1,025.8</TD>

   <TD width="8%" align=right>1,054.0</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>2.7</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Regional <SUP>(2)</SUP></TD>

   <TD width="8%" align=right>288.6</TD>

   <TD width="8%" align=right>298.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>3.3</TD>

   <TD width="8%" align=right>227.3</TD>

   <TD width="8%" align=right>239.0</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>5.1</TD>

   <TD width="8%" align=right>515.9</TD>

   <TD width="8%" align=right>537.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>4.1</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="28%" align=left><B>Total retail</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>844.5</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>868.4</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>2.8</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>697.2</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>722.7</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.7</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>1,541.7</B></TD>

   <TD bgColor=#dddddd width="8%" align=right><B>1,591.1</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.2</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Wholesale</TD>

   <TD width="8%" align=right>145.9</TD>

   <TD width="8%" align=right>148.3</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>1.6</TD>

   <TD width="8%" align=right>15.3</TD>

   <TD width="8%" align=right>14.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>(7.2)</TD>

   <TD width="8%" align=right>161.2</TD>

   <TD width="8%" align=right>162.5</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>0.8</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Reused water</TD>

   <TD width="8%" align=right>0.2</TD>

   <TD width="8%" align=right>0.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD>

   <TD width="8%" align=right>-</TD>

   <TD width="8%" align=right>-</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD>

   <TD width="8%" align=right>0.2</TD>

   <TD width="8%" align=right>0.2</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="8%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="28%" align=left><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>990.6</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>1,016.9</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>2.7</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>712.5</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>736.9</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.4</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>1,703.1</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>1,753.8</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="8%" align=right><B>3.0</B></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 21.55pt 0pt 0cm"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;</FONT><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1) Unaudited</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 21.55pt 0pt 0cm"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; (2) Including coastal and countryside</FONT></P>

<a name="_bclFooter3"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Page </FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3</FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> of 11</FONT></FONT></P></DIV></DIV>

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



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

<A name="page_4"></A>

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

<a name="_bclHeader4"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="top.gif"></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>5. Costs, administrative and selling expenses</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 2Q11, costs of products and services, administrative and selling expenses grew 4.2% (R$ 70.7 million). As a percentage of net revenue, costs and expenses moved from 73.4% in 2Q10 to 74.3% in 2Q11. </FONT></P>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=right><B><I>R$ million</I></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="28%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 10pt">2Q10</FONT></B></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 10pt">2Q11 </FONT></B></TD>

   <TD bgColor=#333399 width="9%" align=center><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT><STRONG><FONT style="FONT-SIZE: 10pt" color=#ffffff>Chg. (R$)</FONT></STRONG></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="9%" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 10pt">%</FONT></B></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 10pt">6M10</FONT></B></TD>

   <TD bgColor=#333399 width="9%" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 10pt">6M11 </FONT></B></TD>

   <TD bgColor=#333399 width="9%" align=center><STRONG><FONT style="FONT-SIZE: 10pt" color=#ffffff>Chg. (R$)</FONT></STRONG><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="9%" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 10pt">%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Payroll and benefits</TD>

   <TD width="9%" align=right>396.0</TD>

   <TD bgColor=#dddddd width="9%" align=right>412.1</TD>

   <TD width="9%" align=right>16.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>4.1</TD>

   <TD width="9%" align=right>753.2</TD>

   <TD bgColor=#dddddd width="9%" align=right>968.6</TD>

   <TD width="9%" align=right>215.4</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>28.6</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Supplies</TD>

   <TD width="9%" align=right>32.3</TD>

   <TD bgColor=#dddddd width="9%" align=right>34.6</TD>

   <TD width="9%" align=right>2.3</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>7.1</TD>

   <TD width="9%" align=right>66.6</TD>

   <TD bgColor=#dddddd width="9%" align=right>71.7</TD>

   <TD width="9%" align=right>5.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>7.7</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Treatment supplies</TD>

   <TD width="9%" align=right>31.1</TD>

   <TD bgColor=#dddddd width="9%" align=right>36.0</TD>

   <TD width="9%" align=right>4.9</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>15.8</TD>

   <TD width="9%" align=right>67.1</TD>

   <TD bgColor=#dddddd width="9%" align=right>81.6</TD>

   <TD width="9%" align=right>14.5</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>21.6</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Services</TD>

   <TD width="9%" align=right>274.6</TD>

   <TD bgColor=#dddddd width="9%" align=right>232.6</TD>

   <TD width="9%" align=right>(42.0)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(15.3)</TD>

   <TD width="9%" align=right>489.9</TD>

   <TD bgColor=#dddddd width="9%" align=right>464.1</TD>

   <TD width="9%" align=right>(25.8)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(5.3)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Electric power</TD>

   <TD width="9%" align=right>129.8</TD>

   <TD bgColor=#dddddd width="9%" align=right>151.3</TD>

   <TD width="9%" align=right>21.5</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>16.6</TD>

   <TD width="9%" align=right>260.0</TD>

   <TD bgColor=#dddddd width="9%" align=right>292.6</TD>

   <TD width="9%" align=right>32.6</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>12.5</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>General expenses</TD>

   <TD width="9%" align=right>36.0</TD>

   <TD bgColor=#dddddd width="9%" align=right>157.0</TD>

   <TD width="9%" align=right>121.0</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>336.1</TD>

   <TD width="9%" align=right>108.8</TD>

   <TD bgColor=#dddddd width="9%" align=right>284.4</TD>

   <TD width="9%" align=right>175.6</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>161.4</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Tax expenses</TD>

   <TD width="9%" align=right>11.7</TD>

   <TD bgColor=#dddddd width="9%" align=right>10.2</TD>

   <TD width="9%" align=right>(1.5)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(12.8)</TD>

   <TD width="9%" align=right>38.8</TD>

   <TD bgColor=#dddddd width="9%" align=right>37.6</TD>

   <TD width="9%" align=right>(1.2)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(3.1)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left><B>Sub-total</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right><B>911.5</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>1,033.8</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right><B>122.3</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right><B>13.4</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right><B>1,784.4</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>2,200.6</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right><B>416.2</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right><B>23.3</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Depreciation and amortization</TD>

   <TD width="9%" align=right>148.7</TD>

   <TD bgColor=#dddddd width="9%" align=right>176.2</TD>

   <TD width="9%" align=right>27.5</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>18.5</TD>

   <TD width="9%" align=right>291.8</TD>

   <TD bgColor=#dddddd width="9%" align=right>404.3</TD>

   <TD width="9%" align=right>112.5</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>38.6</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Credit write-offs</TD>

   <TD width="9%" align=right>77.8</TD>

   <TD bgColor=#dddddd width="9%" align=right>43.0</TD>

   <TD width="9%" align=right>(34.8)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(44.7)</TD>

   <TD width="9%" align=right>88.3</TD>

   <TD bgColor=#dddddd width="9%" align=right>76.1</TD>

   <TD width="9%" align=right>(12.2)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(13.8)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left><B>Sub-total</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right><B>226.5</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>219.2</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right><B>(7.3)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right><B>(3.2)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right><B>380.1</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>480.4</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid" width="9%" align=right><B>100.3</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right><B>26.4</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>Construction costs</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>530.6</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right>486.3</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>(44.3)</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(8.3)</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>972.3</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right>925.7</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>(46.6)</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right>(4.8)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left><B>Costs, administrative and selling expenses</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right><B>1,668.6</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>1,739.3</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right><B>70.7</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right><B>4.2</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right><B>3,136.8</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>3,606.7</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right><B>469.9</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=right><B>15.0</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" align=left>% over net revenue</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>73.4</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>74.3</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>70.7</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=right>77.8</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="9%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="9%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.1. Payroll and benefits</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="BACKGROUND: yellow; text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 2Q11 payroll and benefits increased by R$ 16.1 million or 4.1%, from R$ 396.0 million to R$ 412.1 million, due to the </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>following:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5.05% increase in wages since May 2010 and of 8% since May 2011; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Adjustment in the provision, in the amount of R$ 7.7 million, for the payment of severance to employees who requested retirement in 2Q11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>These increases were partly offset by the of R$ 4.9 million decrease in the payment of FGTS penalty and termination notice on account of the fewer terminations in 2Q11, mainly those related to the Conduct Adjustment Agreement (TAC).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="BACKGROUND: yellow; text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.2. Supplies</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 2Q11, expenses with Supplies increased by R$ 2.3 million or 7.1%, when compared to the same quarter of 2010, from R$ 32.3 million to R$ 34.6 million. The main factors for this variation were higher expenses with maintenance of the equipment, furniture and services in the sewage pumping and treatment stations located at the Regional Systemns.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.3. Treatment supplies</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Between 2Q11 and 2Q10, expenses with treatment supplies increased by R$ 4.9 million or 15.8%, from R$ 31.1 million to R$ 36.0 million, due to the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 6pt 35.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Increase of R$ 4.6 million in the consumption of aluminum polychloride in replacement of the aluminum sulphate at the Water Treatment Station of Guara&#250;;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 6pt 35.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Addition of R$ 1.4 million on account of the price adjustment of sodium carbonate since September 2010, which now includes product transport costs, and the increase in chlorine and oxygen consumption due to the climate and water reserves conditions; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Decrease of R$ 1.7 million, due to the lower consumption of activated carbon, which is a seasonal product, caused by the lower proliferation of algae in dams that serve the Alto Tiet&#234; production system.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<a name="_bclFooter4"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Page </FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4</FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> of 11</FONT></FONT></P></DIV></DIV>

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



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

<A name="page_5"></A>

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

<a name="_bclHeader5"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="top.gif"></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.4. Services</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="BACKGROUND: yellow; text-shadow: auto" color=black><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 2Q11 this item decreased</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> R$ 42.0 million or 15.3%, from R$ 274.6 million to R$ 232.6 million. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The main factors were</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Agreement with the municipality of S&#227;o Paulo:</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 53.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Decrease of R$ 44.7 million in the provision made in 2Q11 relating to the actions established in the agreement; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 53.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Addition of R$ 2.0 million, due to transportation of sediments of lake Parque do Ibirapuera.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Advertising campaigns with a R$ 10.4 million decrease due to the completion of certain advertising campaign contracts, such as: </FONT><I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>SPTV 2&#170; Edi&#231;&#227;o, midia project TV RECORD, globo soccer, planeta sustentaval 2010</FONT></I><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>, among others.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>There was an increase in the following services:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Preventive and corrective maintenance in the water supply and sewage service systems, amounting to R$ 5.0 million, due to the following factors: (i) maintenance and recuperation of equipment, properties, as well as reservoirs, aqueduct systems and substations in the S&#227;o Paulo Metropolitan Region and the regional systems;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 6pt 35.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=windowtext face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=windowtext face=Arial,sans-serif>Postage and telegraphs in the amount of R$ 3.5 million related to the delivery of water bills at some Business Units by post, due to judicial request.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.5. Electric power</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2Q11 this item increased R$ 21.5 million or 16.6%, from R$ 129.8 million to R$ 151.3 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>This result is associated to the increase of 12.3% in the free market and of 15.8% in the captive market, corresponding to an average consumption of 15.2% between the markets. The average tariff increase in the free and captive market was approximately 5.4% in the period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.6. General expenses</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="BACKGROUND: yellow; text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 2Q11 general expenses increased R$ 121.0 million or 336.1%, from R$ 36.0 million to R$ 157.0 million, mainly due to the following:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 6pt 35.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Provision in the amount of R$ 77.6 million as envisaged in the agreement with the Municipal Government of S&#227;o Paulo, which is equivalent to 7.5% of the municipality&#8217;s gross revenue after deducting the</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=red face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Cofins and Pasep contributions, calculated from the date of signing of the agreement, that is June 23, 2010; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 6pt 35.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Additions in the provision for legal contingencies in relation to 2Q10, amounting to R$ 46.9 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="BACKGROUND: yellow; text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.7. Depreciation and amortization</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="BACKGROUND: yellow; text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>This item increased R$ 27.5 million or 18.5%, from R$ 148.7 million to R$ 176.3 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</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>5.8. Credit write-offs</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Credit write-offs dropped R$ 34.8 million or 44.7%, from R$ 77.8 million to R$ 43.0 million, mainly due to the complementing of provision that occurred in 2Q10 for the debts with the </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Municipal Government of S&#227;o Paulo</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>6. Other operating expenses and revenues</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Other operating revenues (net of expenses) increased R$ 46.8 million, mainly due to the signing of the Disposal of Exclusive Rights agreement, for the payment of Sabesp&#8217;s employees, with Nossa Caixa and Banco do Brasil for the period from March 2007 to March 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<a name="_bclFooter5"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Page </FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5</FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> of 11</FONT></FONT></P></DIV></DIV>

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



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

<A name="page_6"></A>

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

<a name="_bclHeader6"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="top.gif"></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>7. Financial expenses and revenues</FONT></B></P>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 align=right><B><I>R$ million</I></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="40%" align=center><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="COLOR: #ffffff">2Q10</FONT></B></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="COLOR: #ffffff">2Q11</FONT></B></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="COLOR: #ffffff">Var.</FONT></B></TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Financial expenses</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#dddddd width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Interest and charges on domestic loans and financing</P></TD>

   <TD width="15%" align=right>101.3</TD>

   <TD bgColor=#dddddd width="15%" align=right>75.8</TD>

   <TD width="15%" align=right>(25.5)</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(25.2)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Interest and charges on international loans and financing</P></TD>

   <TD width="15%" align=right>11.8</TD>

   <TD bgColor=#dddddd width="15%" align=right>17.9</TD>

   <TD width="15%" align=right>6.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>51.7</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Interest rate over lawsuit</P></TD>

   <TD width="15%" align=right>45.3</TD>

   <TD bgColor=#dddddd width="15%" align=right>18.0</TD>

   <TD width="15%" align=right>(27.3)</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(60.3)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Other financial expenses</P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right>13.8</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="15%" align=right>13.8</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right>-</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left><B>Total financial expenses</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right><B>172.2</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="15%" align=right><B>125.5</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right><B>(46.7)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; TEXT-INDENT: 5px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>(27.1)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Financial revenues</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right>48.3</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="15%" align=right>99.3</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right>51.0</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; TEXT-INDENT: 4px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>105.6</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left><B>Financial expenses net of revenues</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right><B>123.9</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="15%" align=right><B>26.2</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right><B>(97.7)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; TEXT-INDENT: 5px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>(78.9)</B></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>7.1. Financial expenses</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="BACKGROUND: yellow; text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2Q11 financial expenses dropped R$ 46.7 million, or 27.1%. The main factors that influenced this result were:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Decrease in the amount relating to lawsuit in the amount of R$ 27.3 million; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Decrease in interest by R$ 25.5 million, on domestic loans and financing, mainly due to the amortization of the 8<SUP>th</SUP> debenture in June 2011</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>These decreases were partially offset by the interest related to the Eurobonds, in the amount of US$ 350 million, in December 2010, which increased R$ 6.1 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>7.2. Financial revenues</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Financial revenues increased by R$ 51.0 million, as a result of higher volume for financial investments due to the increase in cash position.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>8. Monetary variation on assets and liabilities</FONT></B></P>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 align=right><B><I>R$ million</I></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="40%" align=center><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="COLOR: #ffffff">2Q10</FONT></B></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="COLOR: #ffffff">2Q11</FONT></B></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="COLOR: #ffffff">Var.</FONT></B></TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#333399 width="15%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Monetary variation on loans and financing</TD>

   <TD width="15%" align=right>22.8</TD>

   <TD bgColor=#dddddd width="15%" align=right>15.1</TD>

   <TD width="15%" align=right>(7.7)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(33.8)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Currency exchange variation on loans and financing</TD>

   <TD width="15%" align=right>18.4</TD>

   <TD bgColor=#dddddd width="15%" align=right>(74.3)</TD>

   <TD width="15%" align=right>(92.7)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(503.8)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Other monetary/exchange rate variations</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right>2.5</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="15%" align=right>7.7</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right>5.2</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>208.0</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left><B>Variation on liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right><B>43.7</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="15%" align=right><B>(51.5)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right><B>(95.2)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>(217.8)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Variation on assets</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right>47.6</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="15%" align=right>20.3</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right>(27.3)</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(57.4)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left><B>Net Variation</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; TEXT-INDENT: 3px" width="15%" align=right><B>(3.9)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="15%" align=right><B>(71.8)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right><B>(67.9)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>1,741.0</B></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>8.1. Monetary variations on liabilities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The effect on the monetary variations on liabilities in 2Q11 was R$ 95.2 million lower, compared to 2Q10, due to:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Exchange variation on foreign loans and financing generating a negative impact of R$ 92.7 million, due to the 4.2% depreciation of the U.S. Dollar in 2Q11 compared to the 1.2% appreciation in 2Q10; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Monetary variations on domestic loans and financing decreased by R$ 7.7 million, mainly due to the R$ 9.9 million decrease due to the positive variation of the IGPM in 2Q11 of 0.70%, compared to a 2.84% variation in 2Q10; and the R$ 2.2 million increase due to the higher variation of the TR interest rate in 2Q11 of 0.31% compared to 0.11% in 2Q10.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>8.2. Monetary variations on assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Monetary variations on assets de</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>creased R$ 27.3 million, mainly due to the exchange variation caused by the depreciation of the Real against the Yen during the payment of Japan International Coopreation Agency - JICA, and the monetary restatement of the deposits relating to legal proceedings in 2Q10.</FONT></P>

<a name="_bclFooter6"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Page </FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6</FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> of 11</FONT></FONT></P></DIV></DIV>

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



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

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

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

<a name="_bclHeader7"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="top.gif"></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif><BR>9. Operating indicators</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The water loss ratio remained stable at 26% as it is calculated considering the moving average of the last 12 months, therefore, still affected by water network outsourced maintenance services interrupted in 2010 in the S&#227;o Paulo Metropolitan Region.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="40%" align=left><B><FONT style="COLOR: #ffffff">Operating indicators*</FONT></B></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="COLOR: #ffffff">2Q10</FONT></B></TD>

   <TD bgColor=#333399 width="15%" align=center><B><FONT style="COLOR: #ffffff">2Q11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="COLOR: #ffffff">%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" rowSpan=8 width="15%" align=left><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Water connections <SUP>(1)</SUP></TD>

   <TD width="15%" align=right>7,207</TD>

   <TD bgColor=#dddddd width="15%" align=right>7,386</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>2.5</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Sewage connections <SUP>(1)</SUP></TD>

   <TD width="15%" align=right>5,609</TD>

   <TD bgColor=#dddddd width="15%" align=right>5,814</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>3.7</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Population directly served - water <SUP>(2)</SUP></TD>

   <TD width="15%" align=right>23.5</TD>

   <TD bgColor=#dddddd width="15%" align=right>23.8</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>1.3</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Population directly served - sewage <SUP>(2)</SUP></TD>

   <TD width="15%" align=right>19.8</TD>

   <TD bgColor=#dddddd width="15%" align=right>20.2</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>2.0</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Number of employees</TD>

   <TD width="15%" align=right>15,095</TD>

   <TD bgColor=#dddddd width="15%" align=right>15,397</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>2.0</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Water volume produced <SUP>(3)</SUP></TD>

   <TD width="15%" align=right>1,463</TD>

   <TD bgColor=#dddddd width="15%" align=right>1,500</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>2.5</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="40%" align=left>Water losses (%)</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right>25.8</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="15%" align=right>26.0</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>0.8</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 21.55pt 0pt 0cm"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; (1) In thousand units </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 21.55pt 0pt 0cm"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; (2) In million inhabitants. Not including wholesale</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 21.55pt 0pt 0cm"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; (3) In millions of cubic meters</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 21.55pt 0pt 0cm"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; * Unaudited</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>10. Loans and financing</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The following table shows the loans and financing breakdown in 2Q11. </FONT></P>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=right><B><I>R$ million</I></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" bgColor=#333399 vAlign=middle width="28%" align=center><B><FONT style="COLOR: #ffffff">INSTITUTION</FONT></B></TD>

   <TD bgColor=#333399 vAlign=middle width="9%" align=center><B><FONT style="COLOR: #ffffff">2011</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #333399" vAlign=middle width="9%" align=center><B><FONT style="COLOR: #ffffff">2012</FONT></B></TD>

   <TD bgColor=#333399 vAlign=middle width="9%" align=center><B><FONT style="COLOR: #ffffff">2013</FONT></B></TD>

   <TD bgColor=#333399 vAlign=middle width="9%" align=center><B><FONT style="COLOR: #ffffff">2014</FONT></B></TD>

   <TD bgColor=#333399 vAlign=middle width="9%" align=center><B><FONT style="COLOR: #ffffff">2015</FONT></B></TD>

   <TD bgColor=#333399 vAlign=middle width="9%" align=center><B><FONT style="COLOR: #ffffff">2016</FONT></B></TD>

   <TD bgColor=#333399 vAlign=middle width="9%" align=center><B><FONT style="COLOR: #ffffff">2017 and<BR><B>onwards</B></FONT></B></TD>

   <TD style="TEXT-INDENT: 2px; BORDER-RIGHT: #333399 1px solid" bgColor=#333399 vAlign=middle width="9%" align=center><B><FONT style="COLOR: #ffffff">Total</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left><B>Local market</B></TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>Banco do Brasil</TD>

   <TD width="9%" align=right>162.5</TD>

   <TD width="9%" align=right>346.4</TD>

   <TD width="9%" align=right>377.1</TD>

   <TD width="9%" align=right>99.4</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>985.4</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>Caixa Econ&#244;mica Federal</TD>

   <TD width="9%" align=right>47.4</TD>

   <TD width="9%" align=right>103.3</TD>

   <TD width="9%" align=right>104.7</TD>

   <TD width="9%" align=right>65.9</TD>

   <TD width="9%" align=right>43.8</TD>

   <TD width="9%" align=right>42.3</TD>

   <TD width="9%" align=right>439.3</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>846.7</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>Debentures</TD>

   <TD width="9%" align=right>33.3</TD>

   <TD width="9%" align=right>833.7</TD>

   <TD width="9%" align=right>548.4</TD>

   <TD width="9%" align=right>334.2</TD>

   <TD width="9%" align=right>348.9</TD>

   <TD width="9%" align=right>34.7</TD>

   <TD width="9%" align=right>188.4</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>2,321.6</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>Debentures BNDES</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>2.0</TD>

   <TD width="9%" align=right>35.4</TD>

   <TD width="9%" align=right>35.4</TD>

   <TD width="9%" align=right>35.4</TD>

   <TD width="9%" align=right>35.4</TD>

   <TD width="9%" align=right>139.6</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>283.2</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>Debentures FI FGTS</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>22.7</TD>

   <TD width="9%" align=right>45.4</TD>

   <TD width="9%" align=right>45.4</TD>

   <TD width="9%" align=right>386.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>499.6</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>BNDES</TD>

   <TD width="9%" align=right>23.1</TD>

   <TD width="9%" align=right>72.2</TD>

   <TD width="9%" align=right>44.5</TD>

   <TD width="9%" align=right>40.3</TD>

   <TD width="9%" align=right>40.3</TD>

   <TD width="9%" align=right>40.4</TD>

   <TD width="9%" align=right>238.1</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>498.9</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>Others</TD>

   <TD width="9%" align=right>1.4</TD>

   <TD width="9%" align=right>1.0</TD>

   <TD width="9%" align=right>0.6</TD>

   <TD width="9%" align=right>0.5</TD>

   <TD width="9%" align=right>0.6</TD>

   <TD width="9%" align=right>0.6</TD>

   <TD width="9%" align=right>14.6</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>19.3</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>Interest and charges</TD>

   <TD width="9%" align=right>130.9</TD>

   <TD width="9%" align=right>2.8</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>133.7</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" bgColor=#dddddd width="28%" align=left><B>Local market total</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>398.6</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>1,361.4</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>1,110.7</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>598.4</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>514.4</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>198.8</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>1,406.1</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>5,588.4</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left><B>International market</B></TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD width="9%" align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>BID</TD>

   <TD width="9%" align=right>30.1</TD>

   <TD width="9%" align=right>60.2</TD>

   <TD width="9%" align=right>60.2</TD>

   <TD width="9%" align=right>60.2</TD>

   <TD width="9%" align=right>60.3</TD>

   <TD width="9%" align=right>60.2</TD>

   <TD width="9%" align=right>191.6</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>522.8</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>BIRD</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>7.0</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>7.0</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>Eurobonds</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>218.0</TD>

   <TD width="9%" align=right>538.9</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>756.9</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>JICA</TD>

   <TD width="9%" align=right>21.2</TD>

   <TD width="9%" align=right>42.4</TD>

   <TD width="9%" align=right>42.4</TD>

   <TD width="9%" align=right>42.4</TD>

   <TD width="9%" align=right>42.4</TD>

   <TD width="9%" align=right>42.4</TD>

   <TD width="9%" align=right>551.4</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>784.6</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>BID 1983AB</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>37.1</TD>

   <TD width="9%" align=right>37.1</TD>

   <TD width="9%" align=right>37.1</TD>

   <TD width="9%" align=right>37.0</TD>

   <TD width="9%" align=right>37.1</TD>

   <TD width="9%" align=right>164.6</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>350.0</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="28%" align=left>Interest and charges</TD>

   <TD width="9%" align=right>15.9</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD width="9%" align=right>-</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="9%" align=right>15.9</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" bgColor=#dddddd width="28%" align=left><B>International market total</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>67.2</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>139.7</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>139.7</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>139.7</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>139.7</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>357.7</B></TD>

   <TD bgColor=#dddddd width="9%" align=right><B>1,453.5</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>2,437.2</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid" bgColor=#dddddd width="28%" align=left><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>465.8</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>1,501.1</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>1,250.4</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>738.1</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>654.1</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>556.5</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>2,859.6</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" bgColor=#dddddd width="9%" align=right><B>8,025.6</B></TD></TR></TABLE>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter7"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Page </FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>7</FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> of 11</FONT></FONT></P></DIV></DIV>

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



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

<A name="page_8"></A>

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

<a name="_bclHeader8"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="top.gif"></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>11. Conference Calls</FONT></B></P>

<DIV align=center>

<TABLE style="WIDTH: 70%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 119.55pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 119.55pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif>In Portuguese</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>August 17, 2011</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2:00pm (Bras&#237;lia) / 1:00pm (US EST)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dial in access: (55 11) 3127-4971 </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Conference ID: Sabesp</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><U><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Replay available until</FONT></U></I><U><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> 08/24/2011</FONT></U></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dial in access: (55 11) 3127-4999</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Replay ID: 81841135</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US color=red face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 119.55pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>In English</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>August 17, 2011</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4:00pm (Bras&#237;lia) / 3:00pm (US EST)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dial in access: 1(412) 317-6776 </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Conference ID: Sabesp</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><U><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Replay available until</FONT></U></I><U><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> 08/25/2011</FONT></U></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Dial in access: 1(412) 317-0088</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Replay ID: 10002685</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 16pt; FONT-SIZE: 10pt" lang=EN-US color=red face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Click here for live webcast or access through the internet at: </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=Arial,sans-serif>www.sabesp.com.br&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>For more information, please contact:</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Mario Arruda Sampaio</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Phone: (55 11) 3388-8664</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face=Arial,sans-serif>maasampaio@sabesp.com.br&nbsp;</FONT></U></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Angela Beatriz Airoldi</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Phone: (55 11) 3388-8793</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face=Arial,sans-serif>abairoldi@sabesp.com.br&nbsp;</FONT></U></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Statements contained in this press release may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, SABESP performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.</FONT></I></P>

<a name="_bclFooter8"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Page </FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>8</FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> of 11</FONT></FONT></P></DIV></DIV>

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



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

<A name="page_9"></A>

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

<a name="_bclHeader9"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="top.gif"></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 15pt" lang=EN-US color=navy face=Arial,sans-serif>Income Statement</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B>Corporate Law Method (Law No. 6,404/76)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B>R$ '000</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" bgColor=#000080 width="40%" align=center><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="30%" colSpan=2 align=center><B><FONT style="COLOR: #ffffff"><U>PARENT COMPANY</U></FONT></B></TD>

   <TD bgColor=#000080 width="30%" colSpan=2 align=center><B><FONT style="COLOR: #ffffff"><U>CONSOLIDATED</U></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" bgColor=#000080 width="40%" align=center><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="15%" align=center><B><FONT style="COLOR: #ffffff">2Q11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#000080 width="15%" align=center><B><FONT style="COLOR: #ffffff">2Q10</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="15%" align=center><B><FONT style="COLOR: #ffffff">2Q11</FONT></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#000080 width="15%" align=center><B><FONT style="COLOR: #ffffff">2Q10</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Gross Revenue from Sales and Services</B></TD>

   <TD width="15%" align=right><B>2,483,943</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>2,407,162</B></TD>

   <TD width="15%" align=right><B>2,485,814</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>2,407,162</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Water Supply - Retail</P></TD>

   <TD width="15%" align=right>1,027,158</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>961,920</TD>

   <TD width="15%" align=right>1,028,400</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>961,920</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Water Supply - Wholesale</P></TD>

   <TD width="15%" align=right>39,033</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>47,889</TD>

   <TD width="15%" align=right>39,033</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>47,889</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Sewage Collection and Treatment</P></TD>

   <TD width="15%" align=right>872,200</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>813,834</TD>

   <TD width="15%" align=right>872,698</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>813,834</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Sewage Collection and Treatment - Wholesale</P></TD>

   <TD width="15%" align=right>4,499</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>5,474</TD>

   <TD width="15%" align=right>4,499</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>5,474</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Construction Revenue - Water</P></TD>

   <TD width="15%" align=right>243,189</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>271,311</TD>

   <TD width="15%" align=right>243,237</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>271,311</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Construction Revenue - Sewage</P></TD>

   <TD width="15%" align=right>255,349</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>271,311</TD>

   <TD width="15%" align=right>255,398</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>271,311</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Other Services</P></TD>

   <TD width="15%" align=right>42,515</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>35,423</TD>

   <TD width="15%" align=right>42,549</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>35,423</TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Taxes on Sales and Services - COFINS and PASEP</P></TD>

   <TD width="15%" align=right>(144,160)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(134,665)</TD>

   <TD width="15%" align=right>(144,248)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(134,665)</TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Net Revenue from Sales and Services</B></TD>

   <TD width="15%" align=right><B>2,339,783</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>2,272,497</B></TD>

   <TD width="15%" align=right><B>2,341,566</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>2,272,497</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Costs of Sales and Services</P></TD>

   <TD width="15%" align=right>(1,437,714)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(1,301,548)</TD>

   <TD width="15%" align=right>(1,439,146)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(1,301,548)</TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Gross Profit</B></TD>

   <TD width="15%" align=right><B>902,069</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>970,949</B></TD>

   <TD width="15%" align=right><B>902,420</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>970,949</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Operating Expenses</B></TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Selling</P></TD>

   <TD width="15%" align=right>(155,317)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(214,441)</TD>

   <TD width="15%" align=right>(155,392)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(214,441)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Administrative</P></TD>

   <TD width="15%" align=right>(146,219)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(152,645)</TD>

   <TD width="15%" align=right>(147,561)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(152,766)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Other operating revenue (expenses), net</P></TD>

   <TD width="15%" align=right>48,199</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>196</TD>

   <TD width="15%" align=right>48,227</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>196</TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Operating Income Before Shareholdings</B></TD>

   <TD width="15%" align=right><B>648,732</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>604,059</B></TD>

   <TD width="15%" align=right><B>647,694</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>603,938</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Equity Result</P></TD>

   <TD width="15%" align=right>(1,286)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(107)</TD>

   <TD width="15%" align=center>-</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=center>-</TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Earnings Before Financial Results, net</B></TD>

   <TD width="15%" align=right><B>647,446</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>603,952</B></TD>

   <TD width="15%" align=right><B>647,694</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>603,938</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Financial, net</P></TD>

   <TD width="15%" align=right>(18,660)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(101,572)</TD>

   <TD width="15%" align=right>(18,775)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(101,558)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Exchange gain (loss), net</P></TD>

   <TD width="15%" align=right>64,211</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(18,424)</TD>

   <TD width="15%" align=right>64,213</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(18,424)</TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Earnings before Income Tax and Social Contribution</B></TD>

   <TD width="15%" align=right><B>692,997</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>483,956</B></TD>

   <TD width="15%" align=right><B>693,132</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>483,956</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Income Tax and Social Contribution</B></TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=left>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Current</P></TD>

   <TD width="15%" align=right>(197,704)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(198,095)</TD>

   <TD width="15%" align=right>(197,832)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>(198,095)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">Deferred</P></TD>

   <TD width="15%" align=right>(15,646)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>33,588</TD>

   <TD width="15%" align=right>(15,653)</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right>33,588</TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Net Income (loss) for the period</B></TD>

   <TD width="15%" align=right><B>479,647</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>319,449</B></TD>

   <TD width="15%" align=right><B>479,647</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>319,449</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Registered common shares ('000)</B></TD>

   <TD width="15%" align=right><B>227,836</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>227,836</B></TD>

   <TD width="15%" align=right><B>227,836</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>227,836</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Earnings per shares - R$ (per share)</B></TD>

   <TD width="15%" align=right><B>2.11</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>1.40</B></TD>

   <TD width="15%" align=right><B>2.11</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>1.40</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>Depreciation and Amortization</B></TD>

   <TD width="15%" align=right><B>(176,228)</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>(148,730)</B></TD>

   <TD width="15%" align=right><B>(176,239)</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>(148,731)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="40%" align=left><B>EBITDA</B></TD>

   <TD width="15%" align=right><B>775,475</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>752,486</B></TD>

   <TD width="15%" align=right><B>775,706</B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="15%" align=right><B>752,473</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="40%" align=left>

   <P style="MARGIN-LEFT: 2%">% over net revenue</P></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right>33.1%</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>33.1%</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="15%" align=right>33.1%</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="15%" align=right>33.1%</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center></P>

<a name="_bclFooter9"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Page </FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>9</FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> of 11</FONT></FONT></P></DIV></DIV>

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



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

<A name="page_10"></A>

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

<a name="_bclHeader10"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="top.gif"></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>Balance Sheet</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center>&nbsp;</P>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

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

   <TD width="13%"></TD>

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

   <TD width="13%"></TD>

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

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B>Brazilian Corporate Law</B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=right><B>R$ '000</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" bgColor=#000080 vAlign=middle rowSpan=2 width="42%" align=left><FONT style="COLOR: #ffffff"><STRONG>ASSETS</STRONG></FONT></TD>

   <TD bgColor=#000080 width="28%" colSpan=3 align=center><FONT style="COLOR: #ffffff"><STRONG>PARENT COMPANY</STRONG></FONT></TD>

   <TD bgColor=#000080 width="2%" align=center><FONT style="COLOR: #ffffff"><STRONG></STRONG></FONT></TD>

   <TD bgColor=#000080 width="28%" colSpan=3 align=center><FONT style="COLOR: #ffffff"><STRONG>CONSOLIDATED</STRONG></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="13%" align=right><FONT style="COLOR: #ffffff"><STRONG>06/30/2011</STRONG></FONT></TD>

   <TD bgColor=#000080 width="2%" align=right><FONT style="COLOR: #ffffff"><STRONG></STRONG></FONT></TD>

   <TD bgColor=#000080 width="13%" align=right><FONT style="COLOR: #ffffff"><STRONG>12/31/2010</STRONG></FONT></TD>

   <TD bgColor=#000080 width="2%" align=right><FONT style="COLOR: #ffffff"><STRONG></STRONG></FONT></TD>

   <TD bgColor=#000080 width="13%" align=right><FONT style="COLOR: #ffffff"><STRONG>06/30/2011</STRONG></FONT></TD>

   <TD bgColor=#000080 width="2%" align=right><FONT style="COLOR: #ffffff"><STRONG></STRONG></FONT></TD>

   <TD bgColor=#000080 width="13%" align=right><FONT style="COLOR: #ffffff"><STRONG>12/31/2010</STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Current</B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Cash and Cash Equivalents</P></TD>

   <TD width="13%" align=right>2,172,953</TD>

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

   <TD width="13%" align=right>1,988,004</TD>

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

   <TD width="13%" align=right>2,174,539</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>1,989,179</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Accounts Receivable from Clients</P></TD>

   <TD width="13%" align=right>876,984</TD>

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

   <TD width="13%" align=right>971,047</TD>

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

   <TD width="13%" align=right>877,581</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>971,318</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Related Party Balance</P></TD>

   <TD width="13%" align=right>160,452</TD>

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

   <TD width="13%" align=right>137,772</TD>

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

   <TD width="13%" align=right>160,452</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>137,772</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Inventory</P></TD>

   <TD width="13%" align=right>37,044</TD>

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

   <TD width="13%" align=right>36,090</TD>

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

   <TD width="13%" align=right>37,062</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>36,096</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Restricted cash</P></TD>

   <TD width="13%" align=right>112,783</TD>

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

   <TD width="13%" align=right>302,570</TD>

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

   <TD width="13%" align=right>112,783</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>302,570</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Recoverable Taxes</P></TD>

   <TD width="13%" align=right>26,324</TD>

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

   <TD width="13%" align=right>108,675</TD>

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

   <TD width="13%" align=right>26,439</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>108,675</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Other Receivables</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>42,126</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>30,716</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>56,406</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right>44,511</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Total Current Assets</B></TD>

   <TD width="13%" align=right><B>3,428,666</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>3,574,874</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>3,445,262</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>3,590,121</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Non-Current</B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left>Long Term Assets:</TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Accounts Receivable from Clients</P></TD>

   <TD width="13%" align=right>375,556</TD>

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

   <TD width="13%" align=right>352,839</TD>

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

   <TD width="13%" align=right>375,556</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>352,839</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Related Party Balance</P></TD>

   <TD width="13%" align=right>197,271</TD>

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

   <TD width="13%" align=right>231,076</TD>

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

   <TD width="13%" align=right>197,271</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>231,076</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Indemnities Receivable</P></TD>

   <TD width="13%" align=right>146,213</TD>

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

   <TD width="13%" align=right>146,213</TD>

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

   <TD width="13%" align=right>146,213</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>146,213</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Judicial Deposits</P></TD>

   <TD width="13%" align=right>49,633</TD>

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

   <TD width="13%" align=right>43,543</TD>

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

   <TD width="13%" align=right>49,633</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>43,543</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Deferred income tax and social contribution</P></TD>

   <TD width="13%" align=right>75,695</TD>

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

   <TD width="13%" align=right>77,913</TD>

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

   <TD width="13%" align=right>76,252</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>78,440</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">National Water Agencie - ANA</P></TD>

   <TD width="13%" align=right>65,609</TD>

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

   <TD width="13%" align=right>62,540</TD>

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

   <TD width="13%" align=right>65,609</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>62,540</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Other Receivables</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>27,327</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>47,884</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>29,171</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right>49,370</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left>&nbsp;</TD>

   <TD width="13%" align=right><B>937,304</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>962,008</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>939,705</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>964,021</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Investments</P></TD>

   <TD width="13%" align=right>16,566</TD>

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

   <TD width="13%" align=right>8,262</TD>

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

   <TD width="13%" align=right>-</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Intangible Assets</P></TD>

   <TD width="13%" align=right>19,118,094</TD>

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

   <TD width="13%" align=right>18,541,522</TD>

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

   <TD width="13%" align=right>19,128,759</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>18,546,836</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Permanent Assets</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>201,026</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>206,384</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>279,340</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right>249,606</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>19,335,686</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>18,756,168</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>19,408,099</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right>18,796,442</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Total Non-Current Assets</B></TD>

   <TD width="13%" align=right><B>20,272,990</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>19,718,176</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>20,347,804</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>19,760,463</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Total Assets</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B>23,701,656</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B>23,293,050</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B>23,793,066</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>23,350,584</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" bgColor=#000080 width="42%" align=left><B><FONT style="COLOR: #ffffff">LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B></TD>

   <TD bgColor=#000080 width="13%" align=center><B><FONT style="COLOR: #ffffff">06/30/2011</FONT></B></TD>

   <TD bgColor=#000080 width="2%" align=center><B></B></TD>

   <TD bgColor=#000080 width="13%" align=center><B><FONT style="COLOR: #ffffff">12/31/2010</FONT></B></TD>

   <TD bgColor=#000080 width="2%" align=center><B></B></TD>

   <TD bgColor=#000080 width="13%" align=center><B><FONT style="COLOR: #ffffff">06/30/2011</FONT></B></TD>

   <TD bgColor=#000080 width="2%" align=center><B></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#000080 width="13%" align=center><B><FONT style="COLOR: #ffffff">12/31/2010</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Current</B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Contractors and Suppliers</P></TD>

   <TD width="13%" align=right>170,736</TD>

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

   <TD width="13%" align=right>142,634</TD>

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

   <TD width="13%" align=right>172,719</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>144,043</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Current portion of</P></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">long term loans</P></TD>

   <TD width="13%" align=right>1,007,875</TD>

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

   <TD width="13%" align=right>1,239,716</TD>

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

   <TD width="13%" align=right>1,008,000</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>1,242,143</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Salaries and Payroll Charges</P></TD>

   <TD width="13%" align=right>273,281</TD>

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

   <TD width="13%" align=right>246,325</TD>

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

   <TD width="13%" align=right>273,712</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>246,467</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Other taxes and contributions payable</P></TD>

   <TD width="13%" align=right>156,164</TD>

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

   <TD width="13%" align=right>157,768</TD>

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

   <TD width="13%" align=right>156,555</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>158,050</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Interest on Own Capital Payable</P></TD>

   <TD width="13%" align=right>92</TD>

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

   <TD width="13%" align=right>354,254</TD>

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

   <TD width="13%" align=right>110</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>354,254</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Provisions</P></TD>

   <TD width="13%" align=right>737,846</TD>

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

   <TD width="13%" align=right>766,603</TD>

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

   <TD width="13%" align=right>737,846</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>766,603</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Other accounts payable</P></TD>

   <TD width="13%" align=right>361,884</TD>

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

   <TD width="13%" align=right>378,256</TD>

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

   <TD width="13%" align=right>361,884</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>378,256</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Other payables</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>211,851</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>216,230</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>212,109</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right>216,298</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Total Current Liabilities</B></TD>

   <TD width="13%" align=right><B>2,919,729</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>3,501,786</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>2,922,935</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>3,506,114</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Non-Current</B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Loans and Financing</P></TD>

   <TD width="13%" align=right>7,017,781</TD>

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

   <TD width="13%" align=right>6,969,576</TD>

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

   <TD width="13%" align=right>7,105,863</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>7,022,472</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Other taxes and contributions payable</P></TD>

   <TD width="13%" align=right>36,040</TD>

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

   <TD width="13%" align=right>53,045</TD>

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

   <TD width="13%" align=right>36,040</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>53,045</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Deferred Cofins/Pasep taxes</P></TD>

   <TD width="13%" align=right>114,104</TD>

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

   <TD width="13%" align=right>112,962</TD>

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

   <TD width="13%" align=right>114,104</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>112,962</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Provisions</P></TD>

   <TD width="13%" align=right>777,278</TD>

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

   <TD width="13%" align=right>693,227</TD>

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

   <TD width="13%" align=right>777,278</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>693,227</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Pension Plan Obligations</P></TD>

   <TD width="13%" align=right>2,013,705</TD>

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

   <TD width="13%" align=right>1,804,038</TD>

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

   <TD width="13%" align=right>2,013,705</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>1,804,038</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Other Payables</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>547,539</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>476,616</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>547,661</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right>476,926</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Total Non Current Liabilities</B></TD>

   <TD width="13%" align=right><B>10,506,447</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>10,109,464</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>10,594,651</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>10,162,670</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Shareholders' Equity</B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Capital Stock</P></TD>

   <TD width="13%" align=right>6,203,688</TD>

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

   <TD width="13%" align=right>6,203,688</TD>

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

   <TD width="13%" align=right>6,203,688</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>6,203,688</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Capital Reserves</P></TD>

   <TD width="13%" align=right>124,255</TD>

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

   <TD width="13%" align=right>124,255</TD>

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

   <TD width="13%" align=right>124,255</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>124,255</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; TEXT-INDENT: 2px" width="42%" align=left>

   <P style="MARGIN-LEFT: 2%">Income reserve and accrued earnings</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>3,947,537</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>3,353,857</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>3,947,537</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right>3,353,857</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Total Shareholders' Equity</B></TD>

   <TD width="13%" align=right><B>10,275,480</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>9,681,800</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>10,275,480</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>9,681,800</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid" width="42%" align=left><B>Total Liabilities and Shareholders' Equity</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="13%" align=right><B>23,701,656</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="13%" align=right><B>23,293,050</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="13%" align=right><B>23,793,066</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>23,350,584</B></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center></P>

<a name="_bclFooter10"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Page </FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10</FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> of 11</FONT></FONT></P></DIV></DIV>

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



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

<A name="page_11"></A>

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

<a name="_bclHeader11"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="top.gif"></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>Cash Flow</FONT></B></P>

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

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

   <TD width="13%"></TD>

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

   <TD width="13%"></TD>

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

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B>Brazilian Corporate Law</B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=right><B>R$ '000</B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 vAlign=middle rowSpan=2 width="42%" align=left><B><FONT style="COLOR: #ffffff">Description</FONT></B></TD>

   <TD bgColor=#000080 vAlign=middle width="28%" colSpan=3 align=center><B><FONT style="COLOR: #ffffff">PARENT COMPANY</FONT></B></TD>

   <TD bgColor=#000080 vAlign=middle width="2%" align=center><B></B></TD>

   <TD bgColor=#000080 vAlign=middle width="28%" colSpan=3 align=center><B><FONT style="COLOR: #ffffff">CONSOLIDATED</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 vAlign=middle width="13%" align=center><B><FONT style="COLOR: #ffffff">Jan-Jun/11</FONT></B></TD>

   <TD bgColor=#000080 vAlign=middle width="2%" align=center><B></B></TD>

   <TD bgColor=#000080 vAlign=middle width="13%" align=center><B><FONT style="COLOR: #ffffff">Jan-Jun/10</FONT></B></TD>

   <TD bgColor=#000080 vAlign=middle width="2%" align=center>&nbsp;</TD>

   <TD bgColor=#000080 vAlign=middle width="13%" align=center><FONT style="COLOR: #ffffff"><STRONG>Jan-Jun/11&nbsp;</STRONG></FONT></TD>

   <TD bgColor=#000080 vAlign=middle width="2%" align=center><B></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" bgColor=#000080 vAlign=middle width="13%" align=center><B><FONT style="COLOR: #ffffff">Jan-Jun/10</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Cash flow from operating activities</B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Earnings before income tax and social contribution</TD>

   <TD width="13%" align=right>1,071,724</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>962,846</TD>

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

   <TD width="13%" align=right>1,071,822</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>962,846</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Depreciation and Amortization</TD>

   <TD width="13%" align=right>404,324</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>291,758</TD>

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

   <TD width="13%" align=right>404,339</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>291,758</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Losses from the sale of fixed and intangible assets</TD>

   <TD width="13%" align=right>4,379</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>12,195</TD>

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

   <TD width="13%" align=right>4,379</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>12,195</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Provisions for bad debt</TD>

   <TD width="13%" align=right>177,892</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>169,280</TD>

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

   <TD width="13%" align=right>177,892</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>169,280</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Provisions</TD>

   <TD width="13%" align=right>116,014</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>213,132</TD>

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

   <TD width="13%" align=right>116,014</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>213,132</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Interest calculated over loans and financing payable</TD>

   <TD width="13%" align=right>237,592</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>212,012</TD>

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

   <TD width="13%" align=right>237,853</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>212,012</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Monetary and exchange variation over loans and financing</TD>

   <TD width="13%" align=right>(108,511)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>91,460</TD>

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

   <TD width="13%" align=right>(108,511)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>91,460</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Variation on liabilities and interest</TD>

   <TD width="13%" align=right>1,549</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>2,225</TD>

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

   <TD width="13%" align=right>1,556</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>2,225</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Variation on assets and interest</TD>

   <TD width="13%" align=right>(14,319)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(43,916)</TD>

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

   <TD width="13%" align=right>(14,319)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(43,916)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Fair value margin on intangible assets from</TD>

   <TD width="13%" align=right>-</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(22,593)</TD>

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

   <TD width="13%" align=right>-</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(22,593)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>concession agreements</TD>

   <TD width="13%" align=right>(22,982)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD>

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

   <TD width="13%" align=right>(22,982)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Provision for the conduct adjustment agreement (TAC)</TD>

   <TD width="13%" align=right>21,949</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>9,153</TD>

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

   <TD width="13%" align=right>21,949</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>9,153</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Equity result</TD>

   <TD width="13%" align=right>2,252</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>224</TD>

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

   <TD width="13%" align=right>-</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>S&#227;o Paulo municipal goverment transfers</TD>

   <TD width="13%" align=right>(835)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD>

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

   <TD width="13%" align=right>(835)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Provision for Sabesprev Mais</TD>

   <TD width="13%" align=right>(5,655)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD>

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

   <TD width="13%" align=right>(5,655)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Other write-offs</TD>

   <TD width="13%" align=right>4,630</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>105</TD>

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

   <TD width="13%" align=right>4,630</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>105</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Pension plan obligations</TD>

   <TD width="13%" align=right>215,639</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>81,584</TD>

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

   <TD width="13%" align=right>215,639</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>81,584</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Adjusted net income (generated by operating activities)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B>2,105,642</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>1,979,465</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B>2,103,771</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>1,979,241</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Variation on Assets and Liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B>(145,712)</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>(134,530)</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B>(146,151)</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>(134,575)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>(Increase) decrease in assets:</B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Accounts receivable from clients</TD>

   <TD width="13%" align=right>(104,549)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(51,051)</TD>

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

   <TD width="13%" align=right>(104,875)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(51,051)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Balances and transactions with related parties</TD>

   <TD width="13%" align=right>15,996</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>8,818</TD>

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

   <TD width="13%" align=right>15,996</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>8,818</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Inventories</TD>

   <TD width="13%" align=right>(755)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>8,683</TD>

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

   <TD width="13%" align=right>(767)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>8,683</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Recoverable Taxes</TD>

   <TD width="13%" align=right>(56,558)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(1,755)</TD>

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

   <TD width="13%" align=right>(56,801)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(1,755)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Indemnities receivable</TD>

   <TD width="13%" align=right>-</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD>

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

   <TD width="13%" align=right>-</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Judicial deposits</TD>

   <TD width="13%" align=right>5,525</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(1,178)</TD>

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

   <TD width="13%" align=right>5,525</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(1,178)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Other accounts receivable</TD>

   <TD width="13%" align=right>2,512</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(23,292)</TD>

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

   <TD width="13%" align=right>1,671</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(23,294)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Increase (decrease) in liabilities:</B></TD>

   <TD width="13%" align=right>-</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD>

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

   <TD width="13%" align=right>-</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Contractors and suppliers</TD>

   <TD width="13%" align=right>23,048</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(29,641)</TD>

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

   <TD width="13%" align=right>23,622</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(29,727)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Other suppliers</TD>

   <TD width="13%" align=right>(16,372)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>42,352</TD>

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

   <TD width="13%" align=right>(16,372)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>42,352</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Salaries and payroll charges</TD>

   <TD width="13%" align=right>5,007</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(6,780)</TD>

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

   <TD width="13%" align=right>5,296</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(6,735)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Other taxes and contributions payable</TD>

   <TD width="13%" align=right>(20,158)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(47,161)</TD>

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

   <TD width="13%" align=right>(20,049)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(47,163)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Taxes on revenues</TD>

   <TD width="13%" align=right>1,142</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(4,065)</TD>

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

   <TD width="13%" align=right>1,142</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(4,065)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Provisions</TD>

   <TD width="13%" align=right>-</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD>

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

   <TD width="13%" align=right>-</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Pension plan obligations</TD>

   <TD width="13%" align=right>(5,972)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(8,170)</TD>

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

   <TD width="13%" align=right>(5,972)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(8,170)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Other accounts payable</TD>

   <TD width="13%" align=right>71,616</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>83,883</TD>

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

   <TD width="13%" align=right>71,627</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>83,883</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Contingencies</TD>

   <TD width="13%" align=right>(66,194)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(105,173)</TD>

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

   <TD width="13%" align=right>(66,194)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(105,173)</TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Others</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B>(642,740)</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>(740,527)</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B>(642,740)</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>(740,527)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Interest paid</TD>

   <TD width="13%" align=right>(374,631)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(284,613)</TD>

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

   <TD width="13%" align=right>(374,631)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(284,613)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Income tax and contribution paid</TD>

   <TD width="13%" align=right>(268,109)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(455,914)</TD>

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

   <TD width="13%" align=right>(268,109)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(455,914)</TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%">&nbsp; </TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Net cash generated from operating activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=right><B>1,317,190</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>1,104,408</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=right><B>1,314,880</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>1,104,139</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Cash flow from investing activities:</B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Restricted cash</TD>

   <TD width="13%" align=right>189,787</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(390,011)</TD>

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

   <TD width="13%" align=right>189,787</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(390,011)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Increase in investment</TD>

   <TD width="13%" align=right>(10,556)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(809,760)</TD>

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

   <TD width="13%" align=right>-</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Acquisition of property, plant and equipment</TD>

   <TD width="13%" align=right>(6,065)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD>

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

   <TD width="13%" align=right>(41,156)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Acquisition of intangible assets</TD>

   <TD width="13%" align=right>(798,483)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD>

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

   <TD width="13%" align=right>(803,850)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(810,547)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Income from the sale of fixed assets</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="13%" align=right>-</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="13%" align=right>-</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right>-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Net cash used in investing activities</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="13%" align=right><B>(625,317)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>(1,199,771)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="13%" align=right><B>(655,219)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>(1,200,558)</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Cash flow from financing activities</B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD>

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

   <TD width="13%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Funding</TD>

   <TD width="13%" align=right>1,305,953</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>2,025,647</TD>

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

   <TD width="13%" align=right>1,340,878</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>2,025,647</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Amortizations</TD>

   <TD width="13%" align=right>(1,389,954)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(1,287,491)</TD>

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

   <TD width="13%" align=right>(1,392,256)</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(1,287,491)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Payment of interest on own capital</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="13%" align=right>(422,923)</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(365,386)</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="13%" align=right>(422,923)</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right>(365,386)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Net cash generated (invested) at financing activities</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="13%" align=right><B>(506,924)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>372,770</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right><B>&nbsp;&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="13%" align=right><B>(474,301)</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>372,770</B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD>

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

   <TD width="13%">&nbsp;</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Increase (decrease) in cash and equivalents</B></TD>

   <TD width="13%" align=right><B>184,949</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>277,407</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD width="13%" align=right><B>185,360</B></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>276,351</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Cash and cash equivalents at the beginning of the period</TD>

   <TD width="13%" align=right>1,988,004</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>769,433</TD>

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

   <TD width="13%" align=right>1,989,179</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>771,008</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left>Cash and cash equivalents at the end of the period</TD>

   <TD width="13%" align=right>2,172,953</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>1,046,840</TD>

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

   <TD width="13%" align=right>2,174,539</TD>

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

   <TD style="BORDER-RIGHT: #333399 1px solid" width="13%" align=right>1,047,359</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>Changes in Cash and Cash Equivalents</B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px double; BORDER-TOP: #333399 1px solid" width="13%" align=right><B>184,949</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px double; BORDER-TOP: #000000 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px double; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>277,407</B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px double; BORDER-TOP: #333399 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px double; BORDER-TOP: #333399 1px solid" width="13%" align=right><B>185,360</B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px double; BORDER-TOP: #333399 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 2px double; BORDER-TOP: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="13%" align=right><B>276,351</B></TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-LEFT: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="42%" align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" colSpan=3 align=right><B></B><B></B><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="2%" align=right><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; BORDER-RIGHT: #333399 1px solid" width="28%" colSpan=3 align=right><B></B><B></B><B>&nbsp;</B></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center></P>

<a name="_bclFooter11"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Page </FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>11</FONT></FONT><FONT style="mso-bidi-font-family: Times New Roman" face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> of 11</FONT></FONT></P></DIV></DIV>

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

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



<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE&nbsp;</U></B></FONT><FONT size=1>&nbsp;</FONT></DIV></U></B></FONT>

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

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city S&#227;o Paulo, Brazil. <BR></FONT></DIV>

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;December&nbsp;27 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>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>img_alt.gif
<TEXT>
begin 644 img_alt.gif
M1TE&.#EAB0*7`?<``!H]:2,Y5"$_9AQ!;AY'>2I%:"I,=BY2?3A.:CI0;#!3
M?D!4;$9;=E%>;5UK?61M>GU]?2)-@291ABY:D35;BC)>E3QACCEEFCQIH$ID
MA4%ED49HDTIKEDUNF$YPF%)JB%]TCUAVFT%MI4IVK$Y[LU!YK%Q[H%!]M&!O
M@FMWB&5YDW9[@6!^H@"P4`FR50VS6!&R5A.U7!JT71>W8!FW8!NX8B*T7B*V
M8B*Y9B2[:2JV8BJX92N\;"Z^<#.Z;#.^<3N^<S7`=#G!=CS">4BZ;DJ^=%F_
M>T/`=D/#?$C!>U[#?U6"NFR`F7N"BG:"E&2!I6B$IVJ&J&V(JG*-K7V,H':0
MKW:0L'N4LER*PF"-QF63S&N8T4;&@$O%@DW(A%+&@U?'B%#(AE3)B5O$@UW'
MB%G+C%[-D&7(BV'-DFK,DVW/F&?0EFC0EVS1F7+'C'?,E7/3GG;4H7W6I?\`
M`/\7%_\E)?\W-_](2/]:6O]G9_]T=(2$A(2&BHR,C(&+EHZ3G)*2DI>7F)J:
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M\O[^_@```````````````"'Y!`$``/\`+`````")`I<!``BL`/<)'$BPH,&#
M"!,J7,BPH<.'$"-*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$<S:][,N;/GSZ!#BQY-NK3I
MTZA3JU[-NK7KU[!CRYY-N[;MV[ASZ][-N[?OW\"#"Q].O+CQX\B3*U_.O+GS
MY]"C2Y].O;KUZZW8LVO?SKV[]^_@PXL?3[Z\^?/HTZM?S[Z]^_?PJ;^;)2R^
M?='"Q,3((><=;7:"!"C(?=71TT8,+2380A"]X&/;@`1&]TXK.2AH80M=:),/
M;1!&V%P^P8CQPH47UF`*.;-UZ*%RY<11(8DDNC`$+`["IN**QN$SRQ`NP.AC
M"S.($8Z-.!Z7SS9>C/CCDB;"X]J-10)7CBD]+FEE@@PZN1J44?+V#BQ#7"EF
M@C&4H?_-EET"IXU^8[;90@^FF),:EVG:AH\I+[K9IHSUG49GG;+1T\L/>A:J
MH!GD;$C:GX"^IHT92AIJ:`ZJE+-HH[5-F:>DDK[@12^*?M8,(-&4:NJIJ*:J
MZJJLMNKJJ[#&*NNLM-9JZZVXYJKKKKSV"FLSS1"53R](1,KIL368,>1GC/3!
MSK/01BOMM-16:^VUV&:K[;;<=NOMM^"&*^ZXY)9K[KG:/L)H3N]X@>"Q\%K(
M`ROT>,;('M'8@RE:]C2S!R!!O9-*#?$6?*$0O]2HV;V/-),..P]'#/'$$E=,
M\<469XSQQAIWS/'''H<,\L@BETSRR16;K#+*+*_L<LLPORS_,\G-W`NP3X)R
M8?#.%KH@AS>;,2S),KX6;?312">M]-),-^TTJLTLHVX?@.C+DS=HT,#SU@H&
MH8I_F-W+R".25&+VV6BGK?;:;+?M]MMPQRWWW'37;??=>.>M]]Y\]^WWVH\P
M8K/5.=&32@]<)TXF%\:$O<<CD$LB^>245V[YY9AGKOGFG'?N^>>@AR[ZZ*27
M;OKIJ*>NNN60,R+(OX0/M(L)&YA`#4&;<*#!%.O88P@'%ABR3S5/:""%.@2)
M,\4&%G`2$3[!"%&EXHK'T(:<E8D=^>K<=^_]]^"'+_[XY)=?>>"#&U3%(O=8
MH<%`\T1QR3,:)$+\+9M0L,D4(:@S_T44H;J$!9Z1"`I,PR'Y"`<:ID>]!N:`
M%=@;"BXV(8Y]M,,3T'#(-#:!B5`@3R.WN$7L)L*P[9GOA"A,H0I7R,(6GJYU
MKZM:0JX0@784A'["$X@G)(")$%QA'IO00#4&@@D.4&,1%C@@0]ZA"AXT\(D]
M\\(O0@44%D@@$<.C0"$,THY;%.06(2B$)ZP0A0I:1!R[F$<(3&#&BFB/;"Z,
MHQSG2,<ZVM%SZ(,=0J;!`0K<@R#KB,(&GB&0:82``^*(@@G440@*[&(@U/"`
M"310B#\NQ!?N@J(F%50#.*`H*"8P0`BF,0T+;+$@A@B!)06RNWGL0QT:N,(J
M)=*.*TSA'O_B:*,;'V?"._KRE\`,IC!+!T,]&D0<H;Q"0?*!"Q\*I!V;R,`F
MGA&"#82``K@8R"TTL`DKA$"7!C%'&PBVR7)B:194Y(D5HU`(9U#`$/-8!/`N
M\0D*B%)1[MS$0*X0`D]P(`1/L,`/Q2&%"WC@%NMXP@8X,`5J3%("E]B$!"3P
M!!.P0!R+H(`4-,"!`]Y"=T^@@"<4\L9AFO2D*$WI'?,HPX*H(P01B((-#2(%
M"5CR'A<P@4#RX8D+9'`?]N`?&B4PTH.\@Q4X,*=2%30$;RAL)RS`9@<**$8-
M/".?[ELE)QPY$$MP((@=N"`%;L$_;%B"`L^@G3C:@8DK-#.)4(!:0CO6J(Y%
M2&":&K"".C8PA7880G\DY24<54K8PAKVL*DK9DL)0D,V[N,>NU#'/'91C79$
M00-H5,<Z+/`$4MZC$/V;AC/N<84.5",48S4(/H31A:6Z-D$SD,,G_Z%*`758
MH0,2F,(5*'"%1$C@"E70P"KKZ46!_"Z(4]@''Z]P@0P8HJ:6,,$3;$C6*VC`
M`KMX@DS7B%$#5H,#3Z@&#_?A#*(&=FR02Z]ZU\O>]KKWO?"-KWSG2]_ZVO>^
M^,VO?O?+W_[Z][\`AJ_@C#F0>U`@`BQ(Q"*><=>$^K"?T`"H%$S@C"(2(@2W
MB)]PG1&"*9B@KP:A1ROD8`HYD$(.*$ZQBE>,8C&\M@768[&,96P*8Z3S)E&]
MQRWL:84K9``3M\#%-(*[RG9<42#W`.@NC*?<#13"`AWX1)#3.MVYAA<*<)4K
M70M(2@Z80+R8V,<N`)N0$@;XS&A.LYK7S/_F-KOYS7!V[X`7NU-<!#G(RM.G
M..Q,C0U5P\[8V,<\G'$+)8I6(-7(!2[6X9%>&,N<.9@M5'+<#A,0H!#;W`4U
M;_'7V!5"`]D4X"VJ<=UJY.\9I9U&#ZG<CGF`UQG,<\:$U\'=C$Z#&EYN!PN>
MH(XKF+?,>Q"<L(=-[&(;^]C(3K:RE\WL9CO[V=".MK2G3>UJ6_O:V,XVLP5!
MM1$:9!V%^*!-'/W:2$^E$"S8$!@Q<8]/A"`$F=@'-%A@@IGN@Z=/8&@&26T"
M*81@$_>P1R*\'(IV$*(0-L2%"4Q0"!-`0Q<+O\(5H/EE@BJ3>#XD,T+NU8>.
M>_SC(`^YR$=.\I+_F_SD*$^YRE?.\I:[_.4PC[G,9T[SFJ,<`G06"KE=:^ZV
MD+H*(+D'+G9A#^(JY`]-<(#2E\[TICO]Z5"/NM2G3O6J6_WJ6,^ZUK?.]:Y[
M_>M@#[O8F;Z'LIN][!U_A+>!LO.E]IPM/P>)/0K!T`Z+^R`J6,$)1K#WOO/]
M[WX//.`'+_C"$_[PAD\\XA>O^,8S_O&.CSSD)R_YRE/^\I;//.8WK_G.+[X$
M%R@`>MF[#&FL_2=M]Q$/X*`*4A!*02X80RI*0:@PI"(-,F@!&-1@I;>OY1[3
M`"='VB':9]@;(2%8P1*VP/SF.__YT(^^]*=/_>I;__K8S[[VM\_][GO___O@
M#[_XQT]^+$@@`)BK1#32<934DR@&JX@'&LH!C!THJ`O@6$4VAG&&_(/C##O0
M#:O0>Y+&%8VT`1NP.\=W$R"P`A)``E@0@1(X@118@19X@1B8@1JX@1S8@1[X
M@2`8@B(X@B18@B9X@BAX@DM``000`,#R@B\8#=+`#NWW:.\7`R^0#>.`!`K2
M'SP@"O'`"^^@!.7P!G``#N_R([['%40F9A:P"#L1`A!``!*``2-PA5B8A5JX
MA5S8A5[XA6`8AF(XAF18AF9XAFB8AFJXAFS8AFZXAB(@`00P``$@#0\S+:?'
M=C8((TCP#L!P`PEB`['@#C@P!O@0"_ZW"MQP"O\,!"-+N!5-6`T>D%P;M`G5
M,`^><#OY8(E=E`D9)@Z;<`N>0$'DE6'[D`G.L`^@N`G0<&,1D7P$$`$2,`$5
M4(NV>(NXF(NZN(N\V(N^^(O`&(S".(S$6(S&>(S(F(S*N(S,B(P28`!S&`#L
MH"_4F(<ZMX<D<H2QD%0M0`.U,`XXH`3XD`9BD`IPL`K=<`9M<`:`Z"./J!53
M(%SD=0&88$BV9`*[T&'M@`OZDP@A@`DF<`F>0`%0<`D,U0[\4PWV$`%6H#Q0
M8`DA\$@6D0(I$(NR.%$8F9$:N9$<V9$>^9$@&9(B.9(D69(F>9(HF9(JN9(L
MV9(NN9(1$`$$T((T6!#_T#0%A:!$`H&)5U`(A'0)5A"45O!GA6`%1340UB"4
M^G02[O<CHX`/91"(LD"(AI@&";(#V:!_V0`.:*"$!0B)$<`!'A`"A+`.`S<-
MU4`!F'`)0B0%!^4!A'`/J911F-`.(860'6`-]V``5K!CN[`.)F`%KE01R1>3
M%_F2B)F8BKF8C-F8COF8D!F9&1D!T$B'-4D0;.D,BQ`"UD!$&K`+ES!*XD`-
M^8A-IN1/1[D/;)F)=T<23>DC9[`/79D@I.`.//`&\1"5+?`&X/`&Y:"(I."5
M8!&/Z[!;^F1%&I"`A\!'A_!.NV`!%)"`(?!7FQ`_$H"0(7")#'D)$6`!"0AB
M_Q5!D18IF>19GN9YGNB9GNK)DC$YDP&P=G_$CZDI$,]`9CNF3QMB#_]$$$\0
M`L:7$J^I(#L`#.Z`!-G0#4@0#.5@`U]0#J(P#-E@?S(`#G*@`]W`"^``!\+Y
M%42F#E'E#(FP`=/0#KO0:E-``10`#=70`58P/--03]49!==Y!2):#0Q)7/?@
M#,+WBBLPGNOYHT`:I$(ZI$3ZD909C9=9$/=P"!)07`.1#Y8@`<[3#A/61OSX
M!`1!`1=031)I$@&J($#@"KXP"SQ8"K.0>V<PID60($?@"C[0`F/@"ZSPIN[X
ME?`HCSLV2B$@!5'``D.4/UAZ#Q!I"`&9/S%ZG:&P._^)P)?%R7`A\`D7`0)3
M&)-%6JF6>JF8FJDI>:0TB1"90`$<T)D$,9`;<#O40`&6,!"&U*0$@8JTY@$H
M\:5/](Y940VI"%3/@`OW8`VY<`MF-%E#9$&$Y@SSL(_(0PW9=`_/<`O6,&H6
MM`N%-DL349B4JJG6>JW8FJT_VIZ6>1`[IC]4Q(]J^4>8@$T"X:$QM7960`&,
MYJ78"$6TJAGB6:W:6J_V>J_XNJF5^9X&,0T:<$54]%T24$D"X6]#E`]3$`&.
M=1!18`&Q^JZS:J>;`8OTFJ\6>[$8>Z_<*HT&04-^>HE3P`'K8`@1D)V5M0\=
MP`*N-`T&8`&>4`UH%`&>(`X-%F`%F]`!8<:4$.M`$O\KKRE@`!6;L4([M$0K
MI)S*L021#Y@P!4P[!176/_O3M(]D"$OY#$T[!8F`#5=P0+A@2YO@BB$AJSPK
M&A0K`10P46=KMFB[MFK;MFG[MFP+MVX;MW0[MW8KMWA;MWE[MWK;MWS[MWL;
MN'XKN(`[N(9;N(A+N(I[N(N;N(S[N&U+F=VZ$+>0"&"K$V)+/?&:&11I`&9[
M``>@`!*@`!00NJ5+NJ:;NJB[NJ?;NJKKNJS[NK(;N[0+N[8[N[=;N[B[N[K;
MN[G[N[P+O+X;O,0[O,8KO,A;O,E[O,JKO$?*KPNQ5D.1N8JSN9C1@`:0O=J[
MO=S;O=[[O>`;ON([ON1;ON;_>[[HF[[JN[[LV[[N^[[P&[_96P!(^Q34FSC6
M>QF#L`(+T+_^^[\`',`"/,`$7,`&?,`(G,`*O,`,W,`._,`0',$2/,$47,']
MRP`,8(TU6&X]FQGW$`B0T`C:-L(D7,(F?,(HG,(JO,(IW`B/,`G-D*1-<;]<
MD[^7$0C+\#<ZO,,\W,,^_,-`',1"+,2@X#`:;!0TO#4V;!F"(`U/\\10',52
M/,547,6V(@TS>,1%D<0\L\25(0C3:`_3.`]B;`_S$`_VT`[V@,9JS,9KG,9O
MW,9P[,9T/,=V+,=X',=Z7,=YS,=[?,=_W,>`[,>$/,B&+,B(',B*7,B)S,B+
M?,B/P-S(D.S(E#S)EBS)F/S&82P57+PS7DP9*I).H3+*3UK*.V7*]X;*I'S*
MK)S*K;S*KAS+L#S+JES+KVS+LHS+M'S+O)S+O;S+OAS,P#S,NES,OVS,PHS,
MQ,S+E^L4OH`#,1#-TCS-U%S-UGS-UQP$'9P9Z[(OJ5$.O0`+XCS.Y%S.YGS.
MZ(S.OE`OHM'-WOS.=^'.\#S/<B'/]'S/;6'/^+S/:*'/_/S/8^'/`/T:VR`/
MMV$/""W0`[T:Y0`'-8`#Z/]$&_8@;#>ST+CQ)7GB`F)@#$\E&PIMT:2Q6F8`
M(S@@!\N2(B!=&^30!IM"(D,P"^P<&Q^=TIZ1#[#``XT((V4"-#)-TZ^1#]K`
M!3F])#$`!V#S)#[=&M\@!^14*`QBT*TQTTE=&?0P"T$`+S&`!HW#&E(]U9)A
M#&60A/#"`W$0TZC1U5[M&/@0!]RX,RX@!'URUFDM&O3@"TW--2Y@)LW<&6@]
MUX>1#V"]LP5C(I92&GWMUX11#G+@1.7T*68-&H>-V('A"SRR5#6`!B?]&=(`
M"%C<V9[]V:`=VJ(]VJ1=VJ9]VJB=VJJ]VJS=VJ[]VK"]VNM'&M\0UB_6`C6@
M"AVW'33.\L\3'0A:3!GF(`<S<-L6,@3!\-B9<2^2,(/3^-QE#-W2'=W4/=W6
M7=W8?=W:G=W<O=W>W=W@_=WB'=[D/=[F7=[H?=[B/2J][1DY8]SOUP9;'32/
MHWZQ?=_XG=_ZO=_\W=_^[=K1L`S-T@?I$-R/80QF<-?P;2$]D`KQ0-]C,S3+
M,.$47N$6?N$8GN$:ON$<WN$>_N$@'N(B/N(D7N(F?N(:7@F!TW'LMQGY@"<+
MOB0OP`7!_[`P@H58.)[C*[7B>U#@!Y%(4="N%J10&H"B6NN=B8!+4*`!7T80
MZB`%WKF4;[%:5QWC5_("95#8EE%2.M[E7KY"Z,/B!X%K"";D`U$-/H0+4K`+
MY0H-A>`!U9!*PS4%U7`%%K"`:J$-:R#65MY[K'#46%$-G'`)F:"3)[$+GH#G
M`V%F7][HCCX^K<,'/>YM'L8!+&#F]Q:B.OFI"C==_$A(!?%D.VH6YF`*C-WG
M;?("8N`+>]T4U#"=H<!/AIX0NA"L&"$%'05LZ/7HO-[KJR,X8FX0U4`-+'#I
M-KD!AF!)N[`!+%!+V7E63JI#O,46^8!)@HWJ)+T&V\P4_J8O\_\@#D<,:[F@
M$2$[ZP3!Z+Z>[NH..JW3!Y-^$+IF[+B36@)A#YB@`9]0#29@`2$@`9!*$.UP
M"!KP4VAA#FB@X-BN)SP`"U51#1:0J@1!#;A>/_8@#@%E/,_0`0;``8=03?5S
M?`E5Y%)@61004"+;#D]V2+F^<<'62^O^\C!?.<!.X`@1[Y@.!1T0:&?.`5(P
M$.[4I:I*`5!X%E\RU`E?*$-0#,K-%/69L\_$/^K@#!:`"5&*"9XP!<TZ5H;0
MI&VE2]FU"U,@`=/0L+N`6E9/`9S0#AZP\@>![C'_]C`?Z>_.1<7.:,ZZ#YSU
M1^)P"^KP#!=0"-1`K`8I#G\&?"6*6E+_/A;T$`Q></0[8SW;7A348`&7D#P;
M8+GSX`%2X`D;(`'3N??8-)`48`*68.;.$`57P`(&</JA.F978`A"M`]7P/8&
M\49Q=ONXG_NZO_O[-?,M3O>7/@]'M@_3KEP>P`)0\&7^Q#^>0%H6H`X?-6$R
M51;>,$Z.OS5(P`I:TA1)UO,#(0X<D.SST`%]-0V98`(4<`CUA`OV\`P=?U<$
MT;#6<`EB'P6MSUN)H`$'-/OFON@`L>?10((%#1Y$F%#A0H8-'3Z$&%'B1(H5
M+5Z$R*C/GG3V]GT$^;%:M7SY"B7ZN$L<R&J[G*V\-VW7M(_6GNV[1\WENI`]
M??X$&E3H4*)%_XU^?*<*31FF39T^?2JDQ52J5:U>Q9I5ZXLN4+UZ;2,LWU&R
M9<T6_63!D[U-'3X5XE#-DX5/F$)@NZ7!4BX*FQ*9$'>+PJV04RA4BR)A6A0.
MUG91*.3,@B5Q&CC0!,IH#R/.G3U_!AU:]&C2I4V?1IU:]6K6K5V_AJVZ3Y]T
M1.]=67E6]V[>O7GC`QY<^'#B^%Z]T)I<^?*I.;85ATY\K&_JU7OBBA+BB:=]
M[3"9,$'XGJ40(1:UVV<E!*9#(4QPNA>2&@L6A:#L2C1%W;0GFO)Y,B$**Z;(
M[2?-!$$P00479+!!!Q^$,$())Z2P0@LOQ#!##3?DD,)``MF#-H^L(_^Q1!-/
M-*L7Y)ACL<46<B`'11EGI)'$1O98(4<==^2Q1Q]_!#)((8<DLD@CCT0R2267
M9++)'_>`,LHH`:FM1BNOQ-(H%5WD4CD8LP0S3"RI:*(\,\]$,TTUUV2S33??
MA#-..>>DLTX[[\0S3S4S>$`01OP$E+-)V!E13$,/-7'++A>]ZDM$'X54-Q56
MR&(++2S%]%)-,^5T4T\[!?5344,E=5132T7U5%5397555UN%]5598]UB"0,:
MD*0277>M9)EHV(DT6&&/4E2Y%X`A!0:J@'!%FV+&:`$.8U:Y(5I6O(QQ6&';
MX9;;0B,%884+L-"B7'//13=====EMUUWWX7_-UYYYZ6W7GOOQ3??<I>0H``'
MFHDF8(&CD:8C;0]&&*1BDUME'UIBF$J&5<#I815W8AGGC7+2*`*<-[!-^-%I
M(MB`!1.>V&38$%8@H((12(`Y9IEGIKEFFV_&.6>==^:Y9Y]_!CIHH8<F>@0)
M"`#``6G88;IIIK\-.>I'%\ZJB'<<EN$J-_+AQITSQB$%E6Y<`%EJ,:>1@#N$
M4TC!@`@DN"!NN>>FNVZ[[\8[;[WWYKMOO_\&/'#!!R>\<`D,0-H!@\UF?%BJ
MKXH!8WIH4;8J&[+!9Q5M9`'GE&X^+KMQ+*>A0.V/G+E"I2LVN>4*3*XH1)U]
ML"E$BDSVJ::03*RX?^*F:JZ0PA!K]EGG$"D2R:>=2Z28@C"A5H[@;0FFI[YZ
MZZ_'/GOMM^>^>^^_!S]\\<<GOWSSSX^`@,2!_0F31.8)Z9Y;IKB"FGWLP>1X
M=?)9OA#[0YK&%:8`']$5\">/L\H7RO&&>-`B:U21V#ZZX8,?E.$+J\C&&V:1
M"AYHQ5'_!JS1-`Q`@0ULP`3/$$=Y+L$!9V!"`E?`10>>L`X63`$7&[`$+BAP
MPA!$81TF"($S3,""=D3A";<(@14PH8%/&.(R0F$;`:)W/BI6T8I7Q&(6M;A%
M\D5O?3ZQQR4HP`'T@.03(=B%=L1A"!/@@@,GL4#^0E#&[GC@$):@@#-`N,=]
M()`J-P!&-GC0P,I-10[XH`?H6L"#;DR,%Q[S8+;X*".TF2XE$J#`)?:1"0KL
M8A^'D,`F,BD.('(BCO.(0@>L$0()F&`3XA`'9,1AF"M$0`-6$$=\@K(R*4J/
MB[\$9C"%.4QB>B]]2'M`E4)B"`U8P`-T5`<+KJ#+:6@@91^Y_X(%VH''`F&"
M`O";Y![].!4@!(,<,<*'*X#``Q>D(1[X4*0+,'B&<JR"&W*(9#@IF;:>Q+(O
M^>`D+O:Q"`HDP@`>B((4#B%*3,Q#"ANH!C2@T`$2WL(`&Y""%*[@C$2$P`*E
M$PH((-#+8I;4I"=%:4JW%P'$)8U](9E)"#I`QVJ$8`J?P$4[='B)6SSC'LZ@
MP!5L6J@I6,`9MRB0/ADWSJK$X!T.-,8[B%"+?8R#*1WD`3C@8(-A<`,<:<BG
M4DU$.DO.PS`RK48F)(")=D#A`LZXP"7ND8E;X.*4#YU&)CY1C2DHY@*%F(<G
M-K&+33R#$Q%8Q/-6$#U?JM2QCX5L9/_+=TR7`L4$,V6)!D*0B`TDPIM0N`('
M//&8*9A@FB!)C"&,F%2QAHRI56G#%UQ0AC;HX`QRD$,<Y!"$%OB@MBT0@AS2
M4*VL?+"UU1'A!IZPW$QL(I2XN&4B)#`%*(@6?^4Q@3-TV-"'5N,2[MGL/3AA
MIEL(L3Q/8&U/HCA%R;;7O>]M+TO7-YV>R)2F-IW'%39@"`IDXH<L",$&YN%-
MS*2'`NNP*R:.*[77,HHYQEUP;Y+7CG54>![V6$=\N.7-4'#K(_?@%OR2%Y]Y
MM*,DW=)EMS[2+:CYA)?LA6^,93QC8%+6`2_MR671HV%ISH.9EMA`)HH8`LOL
MPQ,2>$9)]N'_S78X0P,HB7#"&NS@T$691IJ@@$##Q#:W-9;&7P9SF,$G7Y?2
M-R3V?8PFC!P"7-ATC2SXA`<LL<1+6,$$[2@/+$-@B47$Q<H(FS*5P_KG&3W#
M$-40$_2\+&9&-]K1+;TQ4#!QB7FDD!,X"<45*+./`:\./9NX0B(0G8F&[F,:
MA##$30BMK4`+&BL07O5QN?PV"AP`DQ2X=:XI@.M=ZYK7O_9UL'L];&`36]C%
M1O:QE6UL9B>[V<MV=K2A/>UG5UO:UJ9VM`_`:UM#FAUF]HDX<!/K*+?:U5:!
M-;F5NC(#*,#=[FZW`N(];WC76][VIO>]]9UO?N/;W_O^=[\!/G"!_Q<\X`<G
M.,(-GG"&+]SA"H<XPP]P@'>/4`&'JZQ0[I%>=>O3W.>F2KH[/DD50*``)T=Y
MRE6^<I:WW.4OAWG,93YSFM?<YC?'><YUOG.6/^#;(Q_YQT'^(DD"79^VX(,3
M5L`VIC?=Z4^'>M2E/G6J5]WJ5\=ZUK6^=:YWW>M?=[H3%(%CHZ]:Z"`7>=D-
M*(A*2,+M;X=[W.4^=[K7W>YWQWO>];YWOO?=[W\'?.`%'W=?U0/<:B_WBH;>
MHK0COG&":,8R)#]YRE?>\I?'?.8UOWG.=][SGP=]Z$4_>M*7WO24!]CB'/_G
MLY^[\:N7FB#2,7O:U][VM\=][G6_>][WWF/WOP=^\(4_?.(7W_C'Q_T\#@_[
MUK;>U:]G?L($<3][5-_ZU\=^]K6_?>YWW_O?!W_XQ3]^\I??_.='?_JO'WU"
M.U_0T&>_MJ8??_K7W_XS<C^5X7__1\V?__\'P``LBOQSL/W_$T`P\;\#5,`%
MY#]R4`53@,`(E,`)I,`*M$`+9`5Z8$!A2<`-],`/1+R2$,$1),$2%$%$P@<3
M5,$1!,%(Z<`6A,$8K+]RD(,<2(6KD<''R\$=Y$'$@P=8&`*JX()>T,`>E#XC
M1,(DM+)B*`.(J0H:0(-O4,)A><$IM,(KE)IWJ$&M"((,Q$(QL;XJ_,(Q)$-#
MH8=>Z('E<($A,`9\*,,:L0>"`(0WI,,ZM))\\`8S<!$7:(-P6#X[M`XQ!,1!
M)$2R*`=3Z*`N^0%5P,%"#$1'A,1(%(I\@`4D4+PNB0$O\`5)]`U!Y,1/K$-S
M$(,9.#<::(-&!$6R\,149$4K-`=3?W#"H<N!5T#%5A2*5;3%7,S!,PS"Q:N*
M,"@&-]1%H,#%833&#?2&-HA%7Z0*')"#<#C&GBC&:*1&_I.'5.`M9LR*(6`%
M88S&::S&<&0_8QB"2]3&JW@!+O`&:@1'<73'LLN';UB#<V21%XB#HLO%=GS'
M?22W<E"%1*1'%@D"6)#_AV'41WY$R'+C`G,,R.6(`3'0!ET4!/6CR(JT2/1+
MR$%\AS:H@89D%!Z0@UKD1$GH@V8PR9-$R914R95DR99TR9>$R9B4R9A<AD<@
MNXS$0GA@A1SP2$'K`2),18T@E(LDRJ(T2GM@ATJ@$IP<0WP0!B3H29`K`VWP
MQDC4C&4`EA'1RH_8ROOARJ_TRK#LRK$$2[(4R[)$R[-42[-D2[2TAV80A#V0
M!J;$0F^0@V6,RO>3`WPL1,UXA$HH&.03S,$DS-];!D8`A#V(AA:CRQVD!U7(
MQKP<NA<8@E>01,U@A+^<R<WDS,[TS,]<R4IX!,3<@V9@S,:,06\8`KR43)![
M_\AR@$2_'(A<H<VVL\W:Q,W;U,W<Y,W=],W>!,[?%,[@),ZVDX31%(3$7$R?
M:+,-L(#I>H(-T`!<<X9JH``+*!F?N`4+N";4-+IR:`.&;,W%JX%2@$U"Q,S9
M'+SU9,_VS+O1)$W3#(I-R`#G(:4YF@L]\HEU>`("Z$[O5+=W@(7(',^`'`*@
M!$39?`3W9-`&95#D5,[3;(<.F((RV@0+(`PKH``K$+*>.#(#^$\`7;5B$`/Q
M+%!M?($VT(8_Q,+T7%`'A=$8]3OX3$SY_(FY<)YV"!#T`*),L*F0T-$0Z"\1
MC;5RB`.>/%')!$F1_$(%E=$GA5*[&XCD+,W3+(\R@O^&M5HQ]#@$"OB?@5H/
M:R)20ON%U72!,T73-%53-4W2J5C3-UW3%XB!(5C'-W31*,73/#U.SJA1QHRE
M*P")1-``_00)4=*R=M``W:$`0Z"C,66_?$"#)$V%:'12/;74&(50Q61,'>K.
M)PB!W.@I>[@"#:@&7)B&WYD"%I"`$%`U1WW42#W123W&.UW06CW.6[757,75
M7=757N757_758`768156876[@>#3*KW1/`*)#F"!$2D$FPH!3[@&#KB"$7&R
M$'55V(-42:54@<"(<!77<9T(*K71GFB':2B4D0")>9@&9Z"&?,B)`G'71MU6
M;H75`I75!<P+#2BA#?B$=;C#SA+J@%UH!RF8(Q/8@%TSH17"3@W0#Y#04$,8
M"LS,S(L=S8S%V(W5V([EV(_UV)`%V9$5V9(EV9.%SXM-UF:XUROL5F.)@1G`
M2Q>(@1A8D9HEFQ:(@9S5BGU5P",KL.Z0`$W:!R"J!A;0`)`P`0HX'0M`B?L<
M"VC0``G8`-D)"HT(E*S]DZW5VJ[EVJ_UVK`%V[$5V[(EV[/M6C_A6G,]S9;-
MP9?5"AB(A7<(!W!(@JK0&&\8!A_P@7(8AUB0`1_X*N7P_]D#_`0*@`8@'=J/
MF((0J`832-I]R(>E;5HH.S)$$R5"`*FKE9+.]=S/!=W0%=W1)=W2-=W3]5P(
M.%>W-4*XS0H;,`4TZ`)WD(6<O0%PB`4D<(=5B(7.`0<>P""`S(K"%<`CJZ$I
M*`1Q:`<#X(`I,(Q#:`>D_8A\8`&FW0?)@++'\(1V:%SKO`(6]8,5^(#Q)=_R
M-=_S1=_T5=_U9=_V==_W75\'`(3Y?01I:%O6A4'738XOB(=8H(HSH(=3\(%N
MR(;>'05PH"=%ZMD-/%Q/&`F2:(<7&@D@V@7IE5S*O5ZG38F^J*8K0*5/#8I)
MP8(1)N$2-N$31N$45N$59N$6=O_A%T[A);B`!6B$7&D&U<-?'M3?K,@J=X#*
MJ4@#>Q!@`BZ"<MC=6.@&UKP*X@U`H%5<HA4,3+!@ZK5>[/T(P;B%(WLEZ?J$
M75J!$;B4+1#C,2;C,C;C,T;C-%;C-6;C-G9C,M:"$3"`!9"$96B&I<EA)-SA
MK``"<`"'G$T#>B"%`4[B%G"!CL&@>0"&!\(*)@;`PTU<D(A@HKU03YAB#+;B
M>R@$"Q"')Z``%H""I2V$T^2R"UB"4T;E5%;E56;E5G;E5X;E6);E65;E$8@`
M`%B`92@80LGCULU7Y9`!6LB'%3F#>1CB;(`8>>H&-RB'WA5>JW#D_SNR*4B$
M14@$9UC_APC8K(XB!&R8XNIMVLTJA.VPSE'NCB?@`([;!^B1@`H0@7>&YWB6
MYWFFYWJVYWO&YWS6YWV.YPI`F@5H!E[N95]6#A^0`S'8`6THAQJ0@R_P@;]%
M@G&0`[(I@FY(`S>XF')XYJJ(9OYKAUW`!5RX!:22'Y$.:?1X5Y"0B14[JKI"
M-)TJD)8@Y120HNF9@)O&Z9S6Z9WFZ9[VZ9\&ZJ`6ZJ&^Z>DA@`$`Z)L<:!G<
MXR<$AG+0!G`8@QS8!U>`@:_1AF'8`9T]A6S``4:*AVR@@04^QA=;-$<KJ99*
M:I_0T1*RC'G(BQ*ZA'6`"]$"TE'=`%9=ZA#\Y:R0@1S@@;%N_P$<Z$@7P($<
M8&0:J`&RJ8'`3HZ.!D61(BFT3JGT0>J`#HIIZ``/%JK<L.1J`"K3$8<.6`1=
MVFNU:^J>A.Q/-&O*KNQ_QNR?N`?.JH9YD"E,\"20$(<(.`20V(47\@1L.&W4
M[FO)7&U.7*^S=FUALNRU_@EQZ*Q[F(=/'M50^+`KD(#;^0A.""KZ$.[A!KK4
M]LCCED1%4^[EKC'85NHELX#<G@9N"0$/^`AO2F=)5M<L)5KP[CCQ;DCRCL3D
M1F^3:NYFL%>0\%36B@).%B4)T+*>L(<7TN^1X^^`]&](;.T`+Z;TP>78[HE\
MH``IB`][@(9UL&T6>(:IO29QH`D5%[QQ"5"S"%>W":?'"G=$R88Q#&?NHW9N
M!Y>`WMZ'%(H"H<H%@]*`2Z`K*="`=MB$$+B")Y""`H=Q*Y/Q<Z3Q0GPQ',]P
M]?Z)_T`TD?B$39B&?)@&3O"$,G^&9Q`/9^"$3[#:*(^U*=?&*B=$+IN>6I.`
MB\/S.]?S/.?S/??S/@?T/Q?T0"?T03?T0@]TC-MQ-]]`.&=&.1]$=INXB7NW
M2K?T2\?T3-?T3>?T3O?T3[?T`S"`RUYO1@]`1_=%2/\'Q!18`9YS]5>']9H3
M`("&<E,_]>+.2U6W0TW@@Q3X`%\']E\7]F`G]F$W]F)']F-7]F1G]F5W]F:'
M]F'W@U^Q]4;']:C4=3L,!%"@A.+T]N$$]V\7]W`G]^*LA#N^WVJW/U1?O&RO
M0T&0!H*1]WBG]WFW]WK']WO7]WSG]WWW]WX'^'\7>'Q?FG17]_HS!2%0^(5G
M^(9W^(>'^(CO!7:\/D*Q>*3$^(O7^(SG^(WW^(X'^8\7^9`G^9$W>>L[^)1?
MP(-4^99G=)9W^9C7;YB7^9I?:IJW^9S'7YS7^9[?5I[W^:`74:`7^J*G2Z(W
M^J1_1XM'>J5W5'30@ZB7^JE1I_JJM_JKQ_ICJ`=CC,.!F$.GM_5DF(.Q)_NR
M-_NS1_NT5_LZ0(=J;'JP%]%DH`.UI_NZM_NQ9WNWAWM3%_N[]_N_Q_NV9\>]
M9_2^!_S#I_N\_Q]\PH]RPT?\QS=[Q?]&QF_\N8?\RP]\O:?\"'=\S']\R3_&
MM]]\G)1[S[]\T#=&T1_]A.Q\TP=\U#?(U0?OUG=]OX=]B93]X:;]VK?[V\_'
MW#_MTK][.S@&9,@#L\\#9$`&/9B#.CB&8[B#YC^&.DA[W[=%U0=^=]Q]M#\'
M94@&=#C^L;^#>D@&K=<#9.A^9:"#8S@'.ZA^P3_&:``$T*3_^K?_D\Q^^Q/^
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M[J!39M#.XJ[)ZD$6Z_W^7,N,AE?J[_\_@`$*.""!!1IX8("2/,)(===EEQ$V
MU50CSC[SB(--.QBM,R%'&UJ3(7XABCBB:J[8B3>',E:IAXP^=]Q!4'H3S9$;
M8H.A4Q^).18EW"/#2?(CD$$*.22111IY))))#KE@@]AQ9`T%(4R12#M7A,""
M%>M,$X())GBB$31=2@FBCF6:>291X)TX%3+)3(0',E_ET::,=2@T1QW')),'
MCFCZ29)^/2HY**&%&GHDD]8YN9$G%#B#4344;&)-")M8:4TF')#YC"?M[$+!
MEW^*.BJI&9FX)JJIXFE?J:WNPZ./A\HZ*ZU")NH@1U=((.4TC=YBCPDL=.DI
M!;MP=`L%E[BZ++,AGJHJM'WY_];LGX'&6BNVV2IYZZ(:7<'"-$^$4(T%ASRS
M`0>6<+"+(1*$FA&E$>1"+;WUEA@MON)-:V^9L&K[+\!$]MCD@QIM(H$SN#P1
MA04AS)-("%&`JI$X4400!;\9:VR7FOEZ;!&K&Y-H;<`E!\QMP1EY(H&Q%9H@
M14:?/HJ1/5=$$`*%(NN\LU'/?ASMOCQ[YZ_)1=?:(X.*/FC/)9BT4P@'TQ2"
MRS,<W'*+)>H<TD$[MU!YBP0;S"PTV66;U/'/'@=M-G#6]O@VW''+/3?===M]
M-]YU)XWK1IMPP$$(N-@S192)V%/U!B$\<T\A%(ACA0$2`+X)VY5;KI'/::>Z
M]N4H5?^S`04;B%Y(.T]0H('HF-R3B`:[0$V!!!9L<(M';N=].^ZYZV[WWMUJ
M=`_P&06/43[#[Y//\<`;WSGS?E;E$/312S^]FYI_3(>>U&L?O3+GZ,,\-11D
MHM$Z)DPQSSZL3V,(!=-@9(D%8W>D'R/UVW\__OGKOS___?O_O_\(UKP!7DX?
MR*B#]1*HP-?0`0_*:!ZY,$$^+&4($QJ`QB$H0(WW.0HDEND#"$,HPA&2L(0F
M/"$*4ZC"%>Z!;P1\H=G.H8?P++"&";3#508X#0IP0`H^=$;Y+!"%*&Q@"D^C
M0#7>%S^0*&(/*W@B%*,HQ2E2L8I6O"(6LZC%%#R`&2F#(1C_-T:0Q]BPC/FB
M0Q[.\4)R&4(<;K3'.ECPA&E4(Q$6V$4&W;</2Q0+)$Q8P0@"*<A!$K*0ACPD
M(A.IR$4JL@0C*`$%_O#%,%*27_4X!@W-J,D3V4$9WWMA^"28D7:8P`H9JL8%
M+G$%)"I1?AP)P0JRL(59TK*6MKPE+G.IRUWRLI>]'$$!G,".2A)S9X;)Y":3
M:9`ZL"B,U+"`*#7$@O/MPQD6\$3C],A'5VX$!"N@P!*R(,YQDK.<YCPG.M.I
MSG6R,YU8$($!`,"'81:SGAHS(!F5J4DTJI&2X3/!(0*ZB?)QX`J&\*$X#&&!
M).YQB1^!)0$D(`)&4K2B%KVH(B\0_P$"`*`)Z;`G2#,F$03JTX9WF`\Q#[>+
ME>YB&OFH!DN=H8Y]B.,9<JDI^AZZ@@A$0`(5N`!0@RK4H1*UJ$8]*E*3JE2B
M3B`"!N"H1R<9TJF.2A_*P$-)%8B]D%%5*""```%X*H&QDK6L9CTK6M.JUK6R
MM:UIW2A49\J1=D1!`R:H1CX\$8(0&*L:3["K'C&B#BML0`.?Z"IB4V-`DF;U
M8WCP7F*)`E&QNK6REKTL9M7*TZ=V-!V?U,@3I$"-*B2B&H;%Q$(O405U<"FG
M^8#?^BP0V,C2%B_J069C4X7#S]86*"E(05A[FMGA$K>X:(5K1^5*,4EEQ(+/
M^%0H,F*"$%"`*!^7X$`=9=O;[=I%'\G`:FY158<\<)6[/8$E3X5KW/6RM[*;
MA6II-H(+"ECA"IB8AR&BMD/*[>,2R=+(-#KPUT+<P[P&9LMB&!M>L)R4M_\'
M1LEO@]O>"5/XK02`*CTU`K8I;"($B2C$!J:Q7XQ8(PHFP$9&;J&!3$P!9P]^
M,5G.`=X%CR>',/;)9-5;X1VW][V=?=!^[6$Z0X1XQ!AIU&$KU&)Q("NZ-WYR
M4:SZ%1K/82%0]LE7)<SC+:^7IQ=.+D?FL8%%D)(#N&B=)RSPC&I,XQ[^O44U
MH%&S$%BC4;BX,IZ%4AX%E_2D>3[O"L+*Y4$;UZGP=?`^-E'*$'1J"E-X0B'L
ML0@.%"($A?"K!O*1BQ!\RXA__K1/KHI;3>:IO*`.R6\-H&-"L]JRG&V"<G^W
MBU`\`WE=NT6&YK&+6^PB0\\]WC2N%NM3$ULD]8C_DS+S\,!BEP2]$:"``J`M
M[6A3>]K6KC:VKZWM;'-[V][N=K8EL-$?,[O<>)$(J5%J[I&D8`4&.(`!XBWO
M>=.[WO:^-[[SK>]]YUL!\6Q"AM<M<+:<XPZC_AEB$#WPCE!A!0EX^,,7`'&)
M1WSB%J\XQA-`<8U?G.,9WSC(.Q[RCT.\Y"7W0WP7KG*R''O*::/#'9:]<I!<
M`Q"(",0?</Z'G.^<YSO7N<^##O2A]YSH/R\ZTH^N=*$GG>DX?WK.$4&)@,^\
MZD4Y1QX.KBH<UL/J(1%$,VRQ#%`LH^QD-WO9QY[VLZL=[6YO.]S9+O>UT_WM
M<[?[VFU!=E#H?>S-D`;5GKTN^)^,T6/D5?C@,2*(=$BC\8Y_/.0C+_G)4[[R
MEK\\YC4CU<1SWMB8A%8G._\10=@#'_JP!^I3K_K5L[[UKG\][&,O>]2;OO2G
MM\?M1:][GQQS37GJ^NXY(HC@$W^`Q\YG4_A9?.$OO_F7T\VH[V!CYRN>^M8O
MFSX*'IC<7#\CP^\^^'5&D#K<H9_A_W[XTZ\QX*L?_>I_/[W*`8MO_[0?_O9G
M%CY\P848#($5]#C__04@J;P#&L1`"QQ@#'2!-EA?2[B?`#Y@CKR#*AC@`59@
M"[S`&KQ#\]D#D``"!'[@B-"#_KF`!99@"_``+&B@\SD@"+8@<&P#&]2`"<[@
M"XB!+ZR@"^;@;\A#*OS`#/[@`=9`&Z@@\;&@#AXA7N2#-G#!"P"A$[;`#_@"
M/A0A$E9A7I0#&SRA%AZ@%VC#%.J>$5JA&";%.[!"$&PA&LZ`*9`#&(ZA&Y*%
M+W@!!:(A&B+!*_P?YX7A&^YA3[Q#&\@@'09B"\1`&&Q#'O(A(OX$/;Q"#@BB
M(R*@'!"AU>EA(E8B1^"#,'C!(V[B`09!+W#(@]=1HB6.(CG(`2!RXB;&@!DL
M8-6)XB@B(CVP`A*@(BT>(`_(@3G,G"N^XAM^@QS6(C"^P!#\@LJQ`R!\!C(F
M(V=H!B]>63G(`3!&HP5Z`3D@S[JI1'1DHS9N8S8JR.8U8V2]`RR<H3268PO4
M@"F4_\.ZH<5'Z8@T"((@!!XX]I8PB$$3FJ,YO@`2],(7%IME2`)VS)Y`#B1!
MOIXTJ`0@^,X\TM8[R$$CXB-$GB,:L*$_7H8D_!WF9:1&;J3D-0-U@)!"+F17
MY5\0D&!$GB0/J`(>@EJ@2$(EI!U,QJ1,SB1-UJ1-WN0R5$*BI,4DB<-,L9F(
MM=D\L!F99(0X4`->B:3.Y(,WA,%)/J4%#H$OK&2>$8W1&,U.1L,73<,%&%$B
M7($44``%6,,A=$D4K(.&=8D&\)=29@PYF,(I0B54OD`;&.*?D<Q5%@W25`=/
M>@3D4-,^/(,&7$&D9((Z<("R8,0\<%H[?,*=M:6]X`,L(/_!/<JE9;9`#Z1"
M+N*95>9ER61ERCR#N%D!^M@#B%G#?$57"#Q!1J@#<T$FOY##+UXF;5X@$@0#
M9^[!?ER+9_[+7H)DRD!!EU`3-6A`(MS#81J",U!`!U@C--P,!Y@`6L(FL_!@
M7-8F;=*E.CY99_:F;R9-'V@E1VR"!N1"*:'/)O31/DR#HP%.@:UG!+11=%*G
MJXC@$&`G?EH@#["")!X87GJG;^ZD0I8.![!.!]S"/$C!N&Q$Q&3$.E"`!#V!
M!10E??Y).9@"',1!',`!AW:HAWYHA]YG?IX@B):HB<J!-]Q8=P(HMH#F1MS#
M+G@")@#.+BPF%&3(T^`"-5R`)R3_%"[,`PM<@3AX0`A4:.68PHBV`!I8X\JY
MS8\,!Y0JB)1&*95.J956*99>J99FZ6_V94>0TOG,PV`B3\UH@`80F&`F0CY,
M@PEH0`<PE)&6#9*.*!KP3+LL`DU=24?DE(9H`,S@!:SLCJ`.*N_PI7C&Z7;-
M:7XNZ<X8@@%PP#J(`Y=P!#1,0<[LPSIH`,8`JFX"D*=^*JC^#U^&)*(BEJ+B
M9YTV:@1XP"%@PZ2*`R8D0J^Q@`1<@5QD:A3D`RY@@B<D0J>LIR4DPB<4V#/$
MZIVUPR;(Z"7@PB8DPF-.@R5<PFQQA&7`H[5>*[9FJ[9N*[=VJ[=F*R#L07A^
M8ZG6TZEB_R>CZHRC^DV'F4`[!&DB=,`GK!(F6".N#HX$9$(&X8*K7H$E=,`F
M[$((',)UA0(U`$XH_`TF3`%V;8DA0,RT:H1E0`#%5JS%7BS&9JS&;BS'=FS&
M>FFY1M:Y6J`+G,$O_((OI`$,G($O]$(2F&`:]((/M(`-IH(.M$`9L,(/IJJZ
M1H`U"&=TIAF"^BDFL%*?1L$\6($%:(D$6$+1NE0[S,.2[8.X[`('&%&+54.C
MA()_6</G6,)'J,`*:,`%D*W9EBW:GJW:IBW;KJW;HNT%,$`@[":A5@*IAFQ(
MC6P%R@`P@$,7Y$`"CL,H\$(W%,'>GL([X(,1^$`WG$(YO`$/9(I#+.PLDVZ,
MHZ[#IT0`0$6`FTI)T<(IKDKMA%:#!!P"X5RJ@!58%6B`)Q24U.),HUA*!'"`
M!WB`)7R1V&*!%FS![O8N[_ZN[P8O\`ZO\!:O%FC!!2``([PD3M;DW\DCWN8M
M$.;`.'3#%_``#,#!._S`&=`#&AR@"[S!.R1N$22!.YP!.*S"&X`##NS_K)U&
M0#N\*P&8P"U8`(*&0C6D)^AJJCTH;3M,@P040GK6*"Y(#0=00SNLIC.X;HO5
M&05\@G]50]=<ZBM!P`7H[O%FL`9O,`=WL`=W,#PA`&9(0SJ4L`F?,`JGL.9%
MK\@"(0_,@S=T0SFX02RX`P\8`3[`004FP1D`@^+B`##$PCBL`C&<0F668+J*
MC*/.U,&XZQ4LC.+L@I].9^A.00:T`^D>@C@H:!2$`)P-D8G1$0/C#"=00"A4
MS!-,013`*4>`0`H80`6,P`G,,1W7L1W?,1[G<1V3P`7$4P)$`N`59.KM`^JQ
M<`O_8`RD`1#XP#MT0PW[0!'D@PY;8"S@@^$*_T$;G($H@,,;I$(IS"P2\XPX
M0`/RS`,=[</_/H,U[,,]5(--9<0T4(@XN,\]0,-,I3)#S?(S4$@KRW(UW$,[
M0$.&K,,S/,.P,2A8]10&+#,S-[,S/S,T1S,S7T`%P!4"2$+*&3*HZ:T)>D,Y
MU/`-YW`)OH+B5F`,2.XP#`,XE(())K'*>5-ZM5I9&=H`)``V%TPUM&D(S`RP
M1$&&9$+#;,)[8L1\H<YQ:G,E<7,+N(`,N(`+E`,QI$$\",$;Q,,9Q,`<5K+A
M'N#ZNH$C9\,KM+/5A4`RKUJKP94]MZ-&,,T5K$-K30,+:"ZQ;((S>(#\&((&
M'#-"PY!"G\$[Q$(LE/_#&0Q!-ZQ"-@"#$G3#.U0@.1L!`G9#*M@`+60#.)Q"
M.U?NPN68/).5H1%``DQ"-G-$EXC#%=25NV8"$DEJ(F1$/H0`A"+H3E.20L?`
M&:2"*IS!`2)!*I@"$,@`')!"!9:!*>S``?H`*<PL$)C"88MTU44896VUEPW`
M-:LT1R0"A.[#AVR`N\Z7)TQ#$;UG.]C5(GA`O<8U&"FT7+IS5N_48\MS5Z?T
M%U6,":SR/D1G.]Q#!KFU%#"I.,2O%&B*:?-TDO+LRCFV21-:9*<T2"`91F@V
MF8B#"5P!5N]#(4C`=`;W`*$V5*KVP&GU5HO;4WDU6#_(FBX.'^D"1MBVIZC\
M0X!UBB[T]BY(L(GQ*78SCW8_)7&_<TE_M[A9,S9S!-,45`@8`H@XMZ1.TQ6T
M@S-(@":(0XM=`?W6-P'=]TERM\`YVW$/&CW#=I@]PRTXPZ;H437P6JZ]-Z;>
M@HY.MX0?Z7!;G6/S]UCY-V6O^(-1>$1:^+K!TKN)9;9)FX]'VX_SN)`'N;4=
M`.P80#V/-XW#F(U#9'XO7+OQFY1/^;O!6P'\\8PON7DU.3[BN+E]50&$N9B/
M.9F7N9F?N9D+@)C;\SJ0JY93%9>;XY,/7#7X`2+<.9[GN9[O.9_WN9_?N2,X
M0SVH^)O35IR7HY>;FR!(`S<V^G.0,'T7>J*VA/@D*J.EOX2;2WI(32!&=[JG
M?SJHA[JHCWH;$/JZ[:*FZYXWL`*KM[JKOSJLQ[JLS[HQA&*JW_J!H3JN[WHQ
MZ3JO_SH8^3JP#WOS"#NQ'WOE&#NR+[O0*#NS/SN_:$8Z.#NT5SNS<."/5(*U
M;SNW=[NW?SNXA[NXCSNYE[NYGSNZI[NZK_\[N[>[N[\[O,>[O,\[O5>A-#1#
M,T0#ODN"63C#%5@!P%O!(&1ZO9^[:`!>.BS#'O#$/!R"!O00BE6,F8(+1MP#
MV(A2.RA4RW!$)%#`""S!"50``\B%7Z'+[>Z#7HT.B+3#%(0837'`!3P!&Q<\
ML[]%);##.T(`3U1#(?2:!Q0"I4A!FSL\ABP"[$C08,7.QF]$)QS`!6C!"4@`
M`^34+5S!/<Q7+B"+)[Q4"$B!/5C#$X2-^YA8-02IJ=/\K[_%\DH"(.B\1K2#
M!T":!.A1.UA`(DR#%.B*!'W"PMR11S2]!%!S!(R\?$D`)NS5>VK"!3@#)HA+
MB(DI(=Q#BQ$\VA?_^EL(`H.T?79<0JV:CD9P23NHPZ=(4.A?@M]W1"?`CEA*
M0`9DQSR$?7I>04:0[B:TPSI<08BI0[GLPQ5<0*17_K`W@W6TT!ZX_9'%3BX0
MSN<7:349?D:8_M)KA"<HP)BW/EM;S!-8TR&TIO/S?N[O_A5H`.4#_Y*G0R4$
MR3)D1"B()>4L@@2(@SWT-@7\Z8)KPO.?/D=4`R(,`O\/`D!`RK=OG[TK$4),
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M)J_MFGIUZ]>Q9]>^7>U`[M_!AQ<_GGQY\^?1IU>_GGU[]^_AQY<_GWY]^_?Q
MYVG7OY]_?___`0Q0P`$)+-#``Q%,4,$%&6S0P0<AC%#""2FLT,(+,<Q0PPTY
M[-###T$,4<0122S1Q!-13%'%%5ELT<4788Q1QAEIK-'&&W',4<<=>>S1QQ^!
M#%+((8DLTL@CD4Q2R269;-(QR2>AC%+**:FLTLHKL<Q2RRVY[-+++\$,4\PQ
8R2S3S#/13%/--=ELT\TWX8Q3SAP#`@`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>pag1_img1.gif
<TEXT>
begin 644 pag1_img1.gif
M1TE&.#EAQ`!X`/<``````!<7%R8F)B(C/S8V-ATL3S$V52PX9#8M?#8Z9S<]
M<C="6#E#;4`_6D(^<%MT&$='1T='5TQ065%/6EY>0E=75TQ/;5YI35IC>&ID
M2&9F9V=H>7%O?'9Y9G9V=C<M@SPRA3L^F#U(@#Q"FCU6GB]<JCM.H3E7IBIN
MMBIUNC=BK31ILC1VNBA]P$,YBDE"C4=&F$]<B4U0G5)*DUI>A%M3F4E-H$E4
MI%58I5AAB4AEKD5JL$=XNEMAJ5MIL%9VMV):G69>H&]RC6=EJ&AKL&QPK&IV
MMG)KIWISJG9XMF^,&762*7N41WJ*:`.5VAB<VANBW!FKX1BUZ1R^\"F'R"60
MSB*6TSF%Q#:3SC69TB6DVS6JVB>LXB6TYR"_\32LX3BSY!_`\2C"\C?&\UF%
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M[,KG\]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(=$9"(5N4A&-M*1CX1D)"4Y2:@%!``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>top.gif
<TEXT>
begin 644 top.gif
M1TE&.#EAB0)1`/<```T0$!(8*!LA&QLF+2<:%"D5(2DK%2LQ+C0Z1#5/.#YA
M/QI46!I:;1MD51EB<S)642M::C)C63-I;TPV&4<X+7`4&70V`VLL+U(U3'PJ
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M-Y1(4Y19989Y4(9]:+]%6+-[1+!N;=DO,?`X,M@L0?`Z0<Y2+]U@',]Y+NU-
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M_````````````````````"'Y!`$``/\`+`````")`E$```C_`/4)'$BPH,&#
M"`7F2\BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/'//ELV=/7\F!(AN*7`BRI<N7
M,&,>/"FSILV-+&_JW,FSI\J6*3N*+$D3Y<.@^G+Z7,H49-&"1`6>?*IP852#
M)$DRC,JU8=>L8,-^-4EVK%FQ8LE"+<O6K$.J3>/.5(L0+%V*<`EJ3;IR9%BE
M=_DFI+FP;V&"@`72FWBUJM6\`[,BKHHO)>'"2NT!WGNX(+Z#]3#GFS<O=&BD
M`C^KELN:XA4JKZ7$GDVE-A794J3<MET;"I4IOJ$`'^Y["F_>OZA@6?YK&)7D
MOZ(W'X9EV+#FT:]+W\Z]>W1AU82!_Q<?/CRU8>+3JU_/OGWY\>_#"Y.&O;[W
MZ]J]1W^^_[AM+,H%Z-^`Q^5FX($()IC@;5`$1P44NCVQFX013FBA;KG=AN&&
M"BHX88912!'%%%'\YM\4QOG"GR^_^.(++S#RXDLP--(XS8TTKA*,-=9HH\TJ
M/"Z#RRW*W'++,D@N<PLN-!(SI)&WZ+*+-KC@XHHKJ)RBY2FPH-(*+%M>B:4K
MIZ!BIIFKU(*+C^W``T\[JZS9#C?MO.,F/':^,Z<V=-;YIC;$[*(++82JN0PW
MYK!CCCGET`+++7'BLLHJ1BZ*SJ7EE#.+.(NTDB:EL&1ZSCF*+JJ++K?4HFHM
M5\("2S*+IO^CSJ+-Z-+,,MITT\TV/BJ)2SOMB(+"L$;<XHPKJVC3SH^AK-*L
M*,UJ`P]DK56KCQ#89JMMMD%H*X,0WP*![;<^E&ONN>8*$000W6[K[KO:*B&$
MO$K4:R\1]>([+[[V]NOOOP`'+/#`!!=,K[WS)BRONT`T[#"\$+O[;<3N=AN#
M$!=GC#'&0001P\<>A]PQ"QT'0?+()9_L<0PKMPSRQS#'+#,+/K``1+DV^P"$
MS4#``(/#0`=-Q-!$`#$$#4,03<012Q>11!)'&(&$U$E,;402JTP="@\\&#'*
M*%P;00341AA1"`^$\!!**$:@P#4/.XPPP@ESGP!"#B?L<,+>>]?_?<*P@)<M
MBC;NX!+*K\OZ2*>>W#2.Y*24XM(CE:X48CD*98=BB"*+:$)).:VP;40-HW-=
M""&&',)((XL@H@@A9P_!`PJH^_'''XLTHDDRR=R"2BAHH`$XW#L0\H<BBGQ.
MBS+'D&(U*9.20@HJ:X92```(D+`VYLLPLPH/$9!0MA$20###*NT(9NWZ`I7L
M_OO=RB#__..RW+&Z^&,K+K;PMQLQ$`M;&,7<1:]M+0%;!Q38O`S&P(`M$&$'
MC*`0#J@P;`D07@>KX``IUBX?8.QFY0J"#T1(PA&:,&0L2R$*[=<_E?4/?C*+
M(<QJ5C.:L<"&-ER9S(3`@OG-#P8R@`&X_^*5,&SA"PCX2N(2B%"$)3IM"4]+
MPA#*-H0A1#$)14!"%<OV-AU,\8M&T,'X=*`#KDVM!US+00Y&P($V<B`';VPC
MW>96-\#9T0BAD):=X/&-;F"#1]AHW#>X\8U!6F,9D%M&,Q8QBU:@0A1&J.(4
MMU:(1?`N&8TX!"$BR4FN$2(1B)C$(#ZWB$5H\I0[X,$4I7:(SI6#$HL@Q"&X
MYD4RIA(%A4B$*WF7"D-T#8^%",4I-I"`4+3#&:CHVJ2600KQ0:X&$""!%:?%
MOFIV;(0DS.8(A<`N;<5`!AZ;&/_4U2X6D!-^&W27!"G(S@G6:X(15,(2YAG!
M>*YS@NYL8`/Q&?]/>=4SG_M,8!$O2,1TYB];/I#?QECXPH8Z]*$0E:%$028R
M%OI`ACT$E_R`*,1L_8P(\VI8T90`TB0280E':*)*B^`$ISGM"$>0I$RK2`2I
M&:&+8EQE3B/YMK<AX:=P4Z-0W9@#',`Q;FOD00YZ:D=E.J--?-05-OZ(C,99
MM1O<T(8U<`&+5K;B%M:8AB^>=HJSI9('/4!"*8Z1#&1,"@EO^R0A$.$'61X"
M%K,H)>HVR;4IHLURI11',E)QC%(<XK!@XP$:>)`WRQWB%8?8P2%2T8I%G&YO
M/!C%*4AQTV89KFR0.P()9G"$2<&CFNR#Z$.S)<YNK6M_+X08!2VX0-K_SBN!
M_E18;@5ZTH`M09_`M==OARO/X@KWMPXL8&[?R=QL$=2@_CLHMKXI@XNI]KK8
M?>A$MRM1D\7`9BR`0<UVYK"?!0UHW%0"$DDZ-/8.+0DG'5H1E#:TI,64DT2@
M:17+V%,>B-&+D1Q"$6375U7Z]VUK'&H<X0A'N<GMK$P=%@EX,"EL=.,;[\`J
MD`)IC<;I:DZ+[!2DIL$C9^"BK&<+<'Z3<%BV'N,8AYVE(79`8!X4`GF$8`0C
M7I&*LI:M!C5`0R$6^UA,NK(9OQN?7VU,"!PL@G.E?/)A+0<\/*Y-%$`^`B]$
M<032PK2T[T"MM0;8KO>!2PE5N$)N>#&BWTSA_T4JHL(3SGD_`L:+"$X8T2^D
M08W?.*&]M/470(G+S^(BU]#R="=Q%VU<XM)+7/5BM'&%^\YXXE.!"01@!0-8
M1(.^ZUL^5"B9;\8NG8FPU-TTY[J"``-6FXR'L#:GK&.-L5##(`:WSO4W=UW=
M7O>PND#TH1`X.NP@^LR\D'982<4%0``2K5Y-9")]\TMM_<Z4DV3\XA#(F&UM
M^_>+9.POUW:0`W*W$8X+'D'<U#VWGK:-!"3`G!$FQ2,Z8?60/LK5,5\QBT=)
M:E+30"0J(/>TF.Y7:D@P!5LU^;H",WFOIWC%*Y*1UT-8KA![*T0SDE$($)Q`
MEHQL12NXI(Q9:I(0K_\K7HP/D0R)HWAV72.=$8[`Y1G,8.8P-8:8JS7"FZVK
MYT`?]CB'#8,G>,,>TYH'/98.#WK,(ROP\,81@O8N)`[M"%&X!CCN1!(W@:,:
M3IBG$)B`SP<N5]&)7N<]YTGI1D<:T;_E9GIO^\]#IYV>;Q>[!"N=,($JE]/*
MI1BSY=XP;C;L9S\KEQ!"",)5WZS5XAVV!W-&WACT#-:M;IC.-D]JSNO,9STC
MMJR!&-YCF][TX0VU#SD:1&,?NV?,93;5BT8T(!3!]D#X`1%T3]\!Y_?:LK-V
M&+E&@F[KH/C:1N.XEXK6'O1`C7$\-P=VP`&Z<>#!)^#:UKB&`A*,(-YXE)S_
M5NV=JW>8PU&M8-*-;H1(R%W#&]ZX1C!6,32D59$'AB"$'Q31B+8FX:8V9CF$
MX#:$@#J*P`B:X#F)$$SC8`XA````8``@H`B!H`F3H`F9D@RE9#F(0`C9EWW$
M`W(3IPJHD%C=!V\U<'-+`U-&X`X[QQK953*?UP2G]1;P<`385#((9$1$,"GN
MT!A0@73@,%]]UR]`@%R.=EQL-UST)&E(^'8``T#YDG=+V(1)F':4YFB'QB_Z
M4D"=EDZNA3]A&(-DV%`J=(8K9#\4I4-J>%WG8D/H\GD^\'J'IVQ#@T16=X=Z
M.&U$DS1#@(<#-E\"ME_91C0_<(A;-#LGT&V_=W\%_U9&<-5\.B!4.1`!U\=@
M;>1@["9NL_-];A,MW>`F2/<.Z$`G5F55[0`-T-!^JS`-UY`-4[4*4#,$,Z`V
M:$`(.]`#A]!_R4`)KV,(.3!3-\<UK:0[H[((&[`!A6`.B^`'^5<(EZ0[FN`)
MF?`Z9],U!^9?-^4UHX`*)#@*G#4[,X`",R`^,W`-U/*"-J%:_.,^0$`#-,@0
M.7&#='90>%8-+@@9-(%T1W!V2W0O4XAWAR9I<+>$!9F$_!*0<-<OC%8$\G12
M2Q21EU9;?Z=!7@@Q82B&&NE:YE*&V)5"W!62(BE1<:@SX$5J-K0SH(=L>5@T
M/R!2>*@T2=.'1#-@1D.3C?^X;3\P!+KW`P,F4]R'?#-52SQ51N&&1L\G5`XF
M?6^DB70T`OT%.!.F3-J0)^]PE7YTBE?5#3QB#9."#,B0#?$W#:N`"A>W`^%6
M"*U42JR3-52D2ORU`SN0.HL`.K/`*,CS.H>P<;&$/)EP@8W`8\GP#*_`?643
M;U/9-:$@/:)3-C9W<ZN@CDVQD93I6N[#3?&8%%MQ@ZK63?I#!,+P@UCA#MNP
M#==P#:'($O``0>[46_4D3\/EFHPVFWFWD%>X!$_P!,<%F[QID,.53T@X:,PU
MG`-E6YX67=N24!,SAI5Y327DG!U#7:HW/[PVG3XDG=?9:]750RSP7=\E`]P)
MGC/_`VLFN3,T)%Z/5UXB57M%\X>T]Y(O:33R^8<\26WM"9.2Y%]>)$D[V8@Z
M@%G9%F[=MHT'9I1OHWP)%GUNE(G71S=YXV[$!W[SY@Q7"0[OT#CM@%6ZT@T9
MFJ&EN0W$0`PVTCW)<`BT,$M1\S2F<%@%:`@3ETF'`%<S]38[D$N40`F#,`G(
M4P[FT`ZO4`B(@`B^R#FME`R:P#HH^C15-`.T.`3%-SY0&DDWEXZ2"1-C>#]7
M2F>OY00UZ!#N<`1BV"U(E'6+`151%P5)I`18=PW3<H,GQ4\3!$`#B7:TR815
MR(3RI)N_Y02P685]NFAX.IN!2I!O1Y&;5IQ?N$',N6K;_[2H6+IJ^',Q(Z0Q
MUODQO;9KW#6=O&:IUAEJ,&,RV_E=VN(P<TA>/21$,!"?C3@TAYA?2$2?5@>K
MU?:'M^>3KSI3/%E%.RE)W+:?VS:)W#:C9-0#P:I\:32)"H!N1.64FF@Z)BAA
M$P8]@?0-;Y*A'-H-?`(LVNH.7+D,R``+KV!)_196W\!,:KEN87,*+Y8,,#9+
M!B9APY((@3`(@[`(XY`IY:`(B+`(OFA9-G8*K917$]<,S7`*;T-%CSD#QR=-
M8(2.5=H3YQ2F.FB9[@,#7`H1\$`$P78_0)`$WJ`/JS$0WD`%G/9`;.JF_G1W
M3VBG`@FHM,FG?*JG>)H$$?DO=?]J:`19LP\I:`!SJ(D*AMN"72>4ABV#0OTS
MDD@[,]_)G=Y),D[[:MX5;.!Y7G.H>!OS,X@X15"37S:7>WF8-#>9JS+9DT:C
M>V6[>[J*J]VV;<1#;CIPB(A(1@'FB&94-DA`K).XH);(K`YV`N7F4VS#`_#V
MI*MP*'?R)W2B#<[`#1N:#8/T#!HX"X?@"E/2.!N7"H(K/E@31G-I"(W0?\C`
M649@<\='"H30!X-05YO3"'\99:^P-4:@"LF@"J=32:54#J:T6;*87R_P`C]@
M<Z,U6C:W#67Z&:BA$`_K$5F:I?ES/S`0!5W:$#<(!"QC1-#[%/>@#_``7YI6
M0$GT"^#_`%\V>UO`Z2^`VIOTQ*<OVYMAQZ=0V$2ZJ:?%);_S!)$+.6G]LFF!
M)T`EBY':DI$4ZT'-RRZN1<#H9%UFF+0*/#]!`$Z46ETFQ#*R%K7@"7I!8WJ'
MYS.T^`("Y@1.($62))\[V9(NF7N[MZN-F'L]B:O;=@-O^X=Q:Z!DM%1HN9\_
M^:OA1DLCD%9X6XG,FJS7YY2I]#6)E;GP-F^K@"=N<J'8`"RYT@W90"?-T`KF
MX&^K4%J%2X)(,"D[L@I&\`),*CM>XRKE4**1I4ES28YQU8&*<`E'ZDJ,P@I$
M5@JJ8+"%$'&S`%FS5#9'4`,MT+LO``.]F\3)>Q/-J9'5FX-`_W"Q#Y&QW](M
M%GMT1?$9\!`,0U-!O*4$OI"0^01/MMF$Z-NGB-:^2J";,:L$8=<$2^"0QM4$
MJ%S*\XN;L"S+,FN;^)M<A_I<_R-=X_2<$BN#9I8Q*V0Q"X4Q"JS`L@:>/,2=
MK_:TYO0QYG1KI=<SYW5ZZ_F82>,T6.2'])4T9DN?<%L$.XG"N[JK1C.4-P"W
M:=NK_D5N.=!M65N@RH<"4/E3/\5M<A,!(V")R9JL3^F@;S,*`#@[\(8YS6(-
M>^0F7=EAT##%M'`E50(,<0(IT!,,KNA'5QP%\T<*QV<ZDX5)C8`VOH28)#!7
M)T"!<U5*&-@HEC-QOA.`H6!QA\`VT/_CQ4[:NS20TS-@#?50R#4!G5>*I<T[
M;(SL$#>(33!`!!^+$-Y`4KE,+YQL=T^(:#C;F\6EODMPRGL*F^K[RF&7U38+
MR[HIUK-,FU1M=_G+LYWFA;H\=$-79OVCD=N4@R\#0V@(DL<\DJ"Z,N#2+4\;
MP=\)JAN%P3&)AZ'G,T0P`V#\`[Y+!/:,!(E-`ZX*J^,LSN+LDYC-DY>-MCR)
MB'&[;;D*M[O*;4KUSKZ*P]EF-K,SB6B%!*.`H&J4SWP[1W24?86`1V4#K>(S
M;];`H5J%#-:`#<O@#,:R),M@#=>P#;K"#5Y)EJV8#;"(#7RR##>UV^(S!*FS
M`WY@2J7`?;DGA$L>"(*%8`A1UG_-8`ZZL'U(S$5XM,6C2P(PQ0M-0%K!P`VG
M,1@^_XT1W!*FBS?4BES4TDL$'0-`O\`0:&J<S74O\`10;F>GH?S57[T$KBSA
M8/T$$N[*%AZS8/TON7G*%AZ_O_4$&"ZH4/@OG0QX&G2<^RV&.<C?P`RI.J@Q
M"!S,>3V2M\9J$SQK)#1KYJ10/X3!M&=U#O,"D:W8H(>(2)`$R#`U2^J'XWS"
MNS?9ZCS.]=F?X,RK.I#.HIVKW&;:0^#"O0I@LU,#PS("[YP#:`17:#2)E>C#
M?,M&FHA9-@:`T&K0HK`*Q+#<[8`+3]4XO6VA&]I'/`(Y)-8C7/F5SF($)"!9
MQ:,(=T4DJM`ZQ>.!P\,UC359M*`+L@"PL-`,MR"ZX\-98O^$<UWVF//W(C'"
M9E&PZKFQZJ[^ZK`>Z[(N(K0>(JQ^Z[(^Z[@N(K:>Z[X.ZQ-+L26#P.1$U-'+
M$#<XX%)P6I]Q$*[L7+IU:04TU0T.=^K;U5<M3Q"N[:+LX;CIRDI@`_8BLZI,
MUEK]R@-9[<9E=F>'J&VM/_X+G8UZ/_->M'5]AAO#AC6.M"/#0Y_:G9,JP=XI
M:J\7R(T];8+,M4QJ7AJ[;3WP8L<@-E7>JKK'S9KMV>+<V5!^B+F'Y6\KVG#;
MJW@[PUZ>VS4P.Y3(7UR#E/ZU1OG,`?H<Q.6V;GT+E6&S-N]V@KP=BLIRH<LP
M5=C@N!Z6#1>VH<4P?SIRFE&,#:W_.`22%0I/!H(\<`B*D`F89'%B-`,U,`1]
MC`)YDTJ`Q8O-\%E&(`JB>\1`1CI,.@-(T[LI\`(ND`(P(/<JX`(JP`)WG_=X
MKP)\W_=^__>`'_B"/_B$7_B&S_<2JRZ>&3_=XD$##N#(#E)`D)D)T020-E"`
MQY#F"X5F35P?'N(ACLJXF=5/0,H?/LOA#@/B/N%*@.%-`.*E'/JR3ZBXW%P4
M]%QM#<"_/+&5F?@.!9+!?C_[/C-!A&N[UL"GFD)."VL7`VK<%%X\\WKO65^C
M:^06#)_GC`0O-DLA?'NAG;8[F?']";<GK,)37D4N+`$ZP,&_JO[J/*QJQ%_#
M0CKT'*#9_TA+/:4#(Z#_/(`$`$$*%:I0*'B<X#""P\(1#4_P"(5JU:I0-5"0
MP(C"R"IB[>#!>[?L&[QOUK!AZ\:MV\INWE9N*S91IK:6YA;-*J>(QXP91G@8
M(K2CT"Q:R68M.L2#!PF>,&CH@(J1AY%#ATZ=&DAPJ8XA,X;0F/&")XT7+V"<
M->O"A0JU*EBH@.L6[ENZ<NO6E1M7[UZ^??W^!?PWB)#!A8,8+DR8\&`84>#I
M@QQ9LF1X1V`0H69O\N8F0CP+4>)9R6C0H)4L*3U:]9+5IUVS9OVDR9+9KI\L
M67+[B9+=35SS!NZ[]V@:,&2H]NT;^.[ANU^/=LY:]>_3IJN'1O\=.G1I[I^]
M?P?_.8B/PX?)ET=O.,9Z(3':OW>/GO#Z^/3MW\>?7[\,%C%@!*$O"!;(\T$(
M%@3T3P8%@6`0"!@:/.LL!HL8@@@BAAB"J1>&<!"&'X#X<,,A>D#BF&-406*(
M'WY0D8@?7"SB!PI9Q%#%%E?$$40&/\1Q10RA>D&'&X3\X885H8**!QV,0*%)
MI7C(`:H:A_#I22MY&(44+9DD(80$#N"A$`YR2$BAALYL,A0U0S&"R8M(T(B4
M5:Q9YB-XP&$)&Y56RJ:EE;S)!IME)@HFF&06<26G58XXPA=EDD'DA!/."+.J
M5U)1994VNV**J1E(T(&$$4A0R@@VGR3_88@C+@R+++'*@J&%"&%0@5:\`L,U
M5UUWY16NQ08KT##%VD,,""<>VRQ9>(B`H0EW(,LG6<A6-<VS[*P;C8C38!-"
MNM&D@PVXW'!;KMSDE!"N"75E2VXX=960P09YU57NW>3LA<Y<X+Z=CC354M.N
MN_`&+E"QQ,H[;S#QO#M8/0`?C@'`B-M;K[R*)=8O8_U8D`$&^F2(@6.1"?,A
M9`!!%D)!&8`(`@@?&GRAP[,L)()"*C$D@L$-87CAPR%@Z(H((TQ1)1E3D+3Q
MQ1>GM#%&%U=TT445=>RQ1R1)D*#J%8?D2@<4O.:AR:]]'$(')<]&4H=2E@EE
MA`<..""``P`P_P`%6E!(J)0>1E#@S!#05*H04MCD$B,2VERE&SL_8NF;E+II
M1YMVP/DFFV^XX>::8&!!-!9%:B%F3FUH*82'AHPXPH@:ICHDE460.L2(KLJB
M_04))/C42I]0%YJ(&6#XW:Q97V!A!1A80#YYY9=G'GF[GG\KKUZG[[7APPQ^
M[S"6&3M6VLTJH\$;S:+U7ICM4DL-"'_5QS9<?FL+5[C1ZOVVB=[<13?_<]&5
MUX9X^P6@:JK@FRK,;U_[\]9JK%.::UUK.P$;6`1_E;#K(6PQ\V%/>M)SL<'$
M!SX:`Z%]0$8?X[`@90`R$(+<([($R4`(#8+AK&8%!`MMR@@4NM"&@/\0LQ?D
MK(<S@,HH#K&#0Y2"!U.R&1"81B,9::U'('(BBW0@@2DZ<4IF4\H)<A`E(_TH
M;3U`$BG,$8JY#2``!0```0"P@5848@2C>`<Z1L&!#3S@3`W9`.`@HB:+9`0C
M&[&&XN#ACI%TPQK6P(5)LM&G/:WD4+`0!R)DL@I<W,(5J##(*K9AC548#HM&
M&,5$4-$F(_#$E&(YW%*.V"9&K8H&-*-!+(O#K)P!@08*DF$N=;G+LW2L8\:9
ME2]98"OJ%=-7Y<&>?#Q8'F,ARWN16=81W#&^9[K#,@\$&,#X19W6N,\YTV'.
M<NBWOP!.IW\VH($-RCD=<A:0"0:$YW2PQ<#_@)U/@M]AV<(0D[!D-NQ7$NL@
M?+)'K(@%*(0'78_(^(,Q$QXH8H<YT('XD[*4P>"%,(30\)1XA"2DC@A)2`*K
MPC(#(L3L!SWSRA`(@8-%)$,9QY"=BLB6-`RQR*8RC>*'=K0U'?R`2$;*VDEY
M!$39H6`$.^!BVI0J)20T0Q<H$```#A""N1$@!(4H72N2`0UEH"`!;U0%#_JF
M@`V4*8\C$-M4"D("$1BN!AO!A38^,HU#XF(9TS@)YMJQUW(8(AGEF$0N;"$*
MPM;B%JI`12UP40LZE;*'44B=V8AXB$5@*A2N+,X0V'2X-O7D9A6JP:J(($NG
M\(R7O'3!:658G+.P_Q:8O@2F#)-GS,``ZY_)O.#U8-"]9T;&FJ*@1V3(ERQ\
M%.,(GX$@:1P80&]]LU^]:2YRUEE.=2KAG/*R;G;56=WI=E>>VO%7M]"7W'L.
MR[R+H2!Y;ANLP\0'H`6%&'W^:3&$@E`&0;BO?_1K(/_X8$`H],_)5"8$"6$4
M0L,<)O!FP*@:;>0(&!*+:87*HB'N@!"'2$8R#@%&KLS41DRKZ4US&L4;E#@"
M-\`:CD0$E1$H52DM%I*15L2#0\"B$`8X@"O&:(`-H*$0A#@#(0B1B%D4`@2G
M,(<Y5#&"!$3@;R-X\D(2$H(0G,"H)T#K1=ZD`R1,1!O<T,8RD)$2,.."&/_:
M:,8K;N&Y6@1CDA/92#"F<0TZ"V-.*]$43S:4.B,@016J&$4H2A6JV9EE0R,M
MRPQ<2SL8I(!6M-5+"OAREUI5VE;'4YXNE0=I%>`6,0?;7LMXVUM]5&8;I(;F
M,)2@K?`&C`G=FBZY5//-X>C/N_F;[G4-B*\F;#>[`#Q7$P9X&]P4V]C'1G:Q
MA?#.;6*GO,^&=K2E/6UJ?P>\H-$6#2VD!!J^T$)>05U7J)0$7ZPBI!6JD(5J
M-`HA[X"(R7C&,XZ!A!0A@4)%P'>^]7WO(?![1C6*48Q"7".N*`FG.//B$$KE
M$[,A#4-M&H7I>&".=I@#!86X12M.@=5$8!6KR4C_LCE&T1",CP++(SBYI*RL
M<H.0L@9]/%PH*&D-;MCI'=H@AC6<H0MNF&,6N+B&-?H$.4.NPLW!R+G0R9R-
M8*C["+R0G=GZK"52I"A57>$9215-%N"UUK3'PS3S['(72M.%[)MV'MFA-UM:
M@3VUJ4VP"V3@@K>LA2UPL7M?TB,$]3;,980!`H&;X,S>N@.XJ(:F,"RDOGJ*
M-SO,[:8`<7UK8-OZ"+96C3IY;>ODV*#7]%*7%)X@!=%3@?12,#T5GJ!Z*%3!
M"E6HPA.@\`1B,\'VM\<][G&3>][;?@E,V/WO?0_\X!<;^,<?OO"53WQD(U_X
MO?]]](O]FG!5?UO))M>Q_P-8!"?@Q@G?AT+W5]T$/J-N58R:"#)600K>$:&5
MJ:A*[(J0!%-D^!P9KGH2D)"$(MA[__2>/WWC/Y#J/WRSMP'4MYHI`B/0OZI#
M`ME)`@;LLPD$*9!"@JH;A1X@D?][P#:)"%W0A5M8!6>HN')HA5!PA5=HA45@
M!5F0!7/0A4(XA79XAW;`)(,(DQVXDB<IA#7Q05(*!5&8$QJ$A\C9*VU`PG:`
M'&]H!W=P0F\`B95`PD,BACFSAFWH!LTI%&H`J0=+'4:YP-39OXZZD%5)M]&*
MI=)Z$-5"L)")`1E0`3=T0XZ)PY!IGDQ#,+#+0[=@`;B#`;I;'D!,K;G[I;DS
M#O^Y<X$8D#L5@$,3\HR#F:^6(1"6B8$E(+QG:@=1P`?$@PQ[^(A>:()M^Q?Q
M8K9^L;[=8(T"8B?*VY]@PQ?K\@W/FPW[01?0JT70:X)>N()W6;5LZ4568[5>
MG`[UT18B2!][\HS`4\87"@\&X3N7,;`&N2AEC"T9^J4((3`'R<8UY$8@8`%O
M!,=O_,8(D1EQ!$<)(<=923#_"L?38I"<>1&:*<8+`8L:Z(G:X0D=2()5,(4V
M(8$?"(LA^#%"&)4C,9M2@+=DB#BNJ*DAN`$;Z2FN>$@,>4@CZ:D2VYH2&P(1
MH9(VT8BMH*)02;&JR9"TR0&,")64U!U44`9S:(:".`7_5^A!C_,Q&=0%<U`'
M6H"R$0B%6^"!$'B`/-J`#:`R*AN5)GFK/FJKC#`"(<0%=VB';<`%,\.%B;`&
M;:"Y;>`&+&2)0YJD?5R%:1#+:9B((Y@!W&&4-GF!5.&*"^F*L"B+%E@!N6RT
M/WP!%7B!%&`!2>.TOO1+P$"FO5,8[<FG`@&"P4,\>B`&3IP,>G"'8N"%56,U
M\3+%;+&^Z:*??@FV6BR@`=(?>K&N_CF-V0BG>\'%+,@"7'Q%``I&8/P7[6"?
M%X+-[5A&9ES&P/.,;_2!\\BGP6@H`3$0BS(.`O,,X7PA8%$O_Q(0`2&/AHH!
M;R2PY_08C]G-Y=S-ZHRHYL1._^;<37,T1VZ4H9RYC`B1QWD4FD\YR]I9RPT9
MA3]#`B$I"QX0LA,@`2CZ$1I+AG,H!UB(*8<LL8F<DA[Y3YNB$0FHD2/0E!I@
M*P0X`!)XSRDJ&RK"FI[IF9/J"B39HAP8@9,T'(.`$R/`JE8X!!1`A5V`059`
M`Q^3E#/`*EH0!RQ#!7-XAZYJL@2P(Z($RK_148-8$P5=2HP(+8XX,W?0AHE8
MAD-:AB0]))H(I$T*.DXR-W/;1U\(!E_HJ".(@BCHK$_!B$3["D5#"Q9H@130
MRS(M'K@@4[[\RS7=BS1-4Q60-#7U"T]3C(39GGQB`4M$O'GP!L;<#$]TAV`X
M`N6(-?]N@J?,Q#73_$QA4X("DHW8H\79L($_E!7/HXW\89=:1)<KP()=7,UX
M`J#QLK91K38-0@SL><1(?!B+,=56-=4`<=6'<E57S4X8\*^7^<;`NT:TB!D&
MD<PBJ!G?214)H!U3PIWX.X1CX+`?\X,3""H+!16HZ(%42`9.:`1#B!(04Y&>
M\A$6&=`*9<"E(`$&'8!RA9L0N`4CH"+]@]"LZ9D5D#$*+9*T0<F&,!Q0F0HT
M0`$4U(6=:Y-;0(5#\#B/(X17`#ES<(4-^*H_0X&B#($(@#*CM%<M*\JV6LJW
MFA-.8@E#"J1#.J0GM08ZHS-K(,NR!"E?\(5?\(4H>,!/$;?_T:H=M%!'MRC3
M29N+FV73G(73G273-DU3#6(O@VF9PA2-2_0>3[2'I%5:S=`,R6!:?6#:J!VD
M:I`"?_D66#L-;8F-5;S4T:2-SA071G54X"B@W.`-88,])6BT%G`!=($]V".G
MT:B"*Y`"1;5%0PT@;,$F9(RVQ(A$H9W5P!7<P6W5B(DHC`DA\QB/[G09<?RE
M&'J06LH98'4_G\B0"@&B3R'645B$1J"L2^D!0_`#/]@!8JW0;2T;:6V$1KB_
M4GC/&B%0&>M6C/P!`T6&92"!<@T```"``)`;J0J%4="!5?@&9D`"*OH!4/G/
M"EV1"D7)J,`R#;U7L3&('D0%I4`%_VAH!M+Q,7TE!*QB!5V@!2Q3!8J#!29C
M,CO*T3S2T9TL2CBY5R`%I&X8"3NYAI4@6;JBJT,2RVN@AD)9V0K,4O9+2]21
MS+A\@15X`5E)K;-0GA6@M+R(GNC1V0K^BU1-U0H*3,-0'Z.5%GJ`!RA4',5Y
M!WA0G&_X!BCT"(\8B7=P!Q<>I";TAE_HEP6Z3-;PC:[5GU1LU"48(+`EU%UK
MU"=@@K0MCN)PVW)*CEWDO,F;C@2B3`8BU5+-8,$4W)11F2S68A=RCRY6C/6X
M+\'5F/:JKX)**.8<$!-RCVG<(5_5MGYSOP<SG-G!&MR9`1X0B@SKW$98A-'=
M@0A0L;+`$?^N,9MD:`1K':(..Q*,K!$9`ZHA6`5HX(&YD:K=Y5VI>HA"4`5H
MX`9DN)V.E(`2"^50KE!Y#650.1.,&!5/00$K*YU2@85F,(<VLH50\#@6+81$
M^%Y9?@=S*`0O"0$L(8$'"`$.^*KV+<J&*`'#$8%F-AS4685K@,(0#N%I"(:1
M%4MJR.9"J5)?X(4N3`+V,S?SDTRX3`'A:;046(M&*QZZD%.]H&`+SA6^?&=<
MB=.?I2!AX6"6*1C0\&!E692T%&A1.`*"9A3"*NB#+FC"6@6&Y@4I",;'>XZM
M?:<<QKQ&%39&58)29,71X"Y0U2X;&*#-=*>R32!P&0UF>[6K/9__QN/;#!XH
MZY&/Q/#B#MKB+?Z8-Q0A!4&HFP89+4[<PQV0E[%-XGP0R,V9;*D14XH*(Q!6
M":CCI1@!+)F%1F`$31A=0@`58@7(GKD!>462=SN'<]@P)'%DC<0I*3("58"%
M!`"`$[@%%+AD`3@!0CB!T@F%9&"&I4""XE77J*ACVJG=G@EE'=C0')#0$8#J
M4<$RL:D2'G@%5^C)6M"%9FBCFA2R7*8%<]#)J7Z'&64RLDJ`H23*H:0R'/T;
M^GP3MF*KGMA':Q!A;P"'$':)H!O+8!`&E$W9E=525D*=))`")PA%5U'#X\E+
M,UT!Z8G@"8:>YY'GO]2G.KTM2%2"?]X,_VLZ@E_PANUNPB9L">YVAVX(;V]P
M!_(F;ZC<J_+VAM<$#=1`Z?>Q-;#U3'>B17.:U+-H8*=`I_Z))71*)WDYXM+J
M[U@4(&8+XN[*)E&=ML%P(4B4#SHM#)^6\`FG\`JW\"P^D-W\C_\01P-A8PB)
M&6ZC&=I1%7\\OU*ZG1<05ZBFL48HAT48!$U(AE+(D%>Q'14)JE/6@1TPA$/>
MA$;H@1QXR![Y$9M*%:4X!"ICA8H+`=Y-@%8^@S.X:RQ1BF]XAV]8!10+2:R9
MHA/+&@<XJ1N(`*@VG#M*94\AE3`I!%,1A9L<(S2PY3"1E%QFA;N6471XAT)X
M@`3XJA<KJ]$F;?_47F4M8ZMF;JN>6`5>V(9IGFUP\`;_[>8JY84`3@(V(>@V
MD4?1DD>R2%/BD4L(QEEX#O7G9M,X15,5L.(*6@R+0@PEZ%-4LR884`(HJ(:/
M2%I2&RZHC0Q/3((:ENAM,1<FV,P#/XUWDI>.48MD5_;\?CM*7787:(%H9]LT
MC*5UNLS?@&+V;KQH<R$7@NF`ZO;WX&**4E4-PIXNEE4+?T/YZ(]V;W<[G,-W
MCRCH-,<8BD8&.>J<L9`>HIG46;#@UE(2,,NE@`#:(95"*`=-4/A&.!33(9)0
MEMU!UH$<Z(%#8%T-2RIQ*Y*;PB*TZL$8G)L3>(5"J.N[?F49A#=N4-=T(4`&
M9C`"K,&(V_G/PO;R&PAE>[TCF.]0%%#0-CF%5H`%5]BY4X"%-AI8K#J%@SV!
MK[H%<Y!D/M]S/N?STG[?$(`3ZBWTMFJ3)`B&[;Z3[?8&:M#M*$@"7I@"+>4!
M?Z^!6+(061+%;)$MO0P,YL8+"HYG4N__%7J&\-RB*/0`@E??C%PO-<N8F2.@
M!G"X=6C1=>$Z6GA8-5&-O*V5#;+M82?VZ&-?]KM3]FB'=FAO`17X_-!/@3$=
M_;:E`1?H;^EJ#2?@EP0*5="(S>Z`(`D*]S4&/'"GJ'#G8L(ED/&P3EQMF8;R
M<.$WH=WT1M_O?>17W//H_9<)?I=YD'J/1F:)&5I:M7A<M0.5@BB8@B,@@7'N
M4MJ!ZD50A$Q0^(4OZYE7SWF%"HK',$(P!+UQ.!S9R*A(J]*AJE`P!UBPZSD'
MB!V$"A%,A(H4B57OOJW2(4$'"8@2)DJX$2'"#0D_5F2$2.+CQQ$@<_!`\7$&
M#QX$4>W2Y<R<_[E0A5@11'%B!\%#A4:$,O?NG;(1"89&&"%T`U*D(99N""$2
MA9$:($&*F%'C"#!AU[QYHQ;LEZ\D28Z(-6+DB)$A-&@0(3)C+0P8,V"P56+7
M;EP8+UBD4*&"A5_`@/T2+FS8\.#$AQ<S;NRX<%^_D8,(H>PC"&7,E37+$%+Y
M,Q!J]O21+FVZM+LCGF7(`$+DB#!W\/3ERW?Z]FE[\)PH67+7KI#?2IX,+]YD
M"?'DQH7;M>'<.6L;,&2XJ.Y"18KL*5JD<-'".OCJ:YNLM?&[B9(FQ-'[YMW;
MKN_?P84043(?^'S/0F38U^]_]7^:819$#)YE]EEFG5VV8!`,,CB@@/^708@@
MA92Q!J&$+`3!@@\:>K@AB!^*>)F&0``A!`Q`P""$B2VVF"(02L1(Q`M$./$:
M6C/,0(04JZQBQ"K$A(*"5!*\\`(,.NS@!R&(:*)))E$R<@@2:=U`P@PDO$#"
M#5V^\,,0.O"PB!^&<-)((SQ`I,,08`X1I@X>I902D:C<DLPA)YR@4B%GH($&
M(@05P@,LRJ#SC1$3#;$*$A%)$%($%7&TPI%'AD2"23?E@$*6(/&P`PHH\!"*
MG;K0XHHN-`EZPI^"PI*,3X4,-0(2RJ@BU%`;))#4!@\@912FH1+YD0@@S4"6
M+\(H*XPO41SQ++1H$<%66],205=<2,9%PUW_GL7%`F`K%";87^626RZZC0WV
M&+OM&M979"EL=N"`"`9Q(81`K#+/;;:=!@\10L1`&8OT$;'*-O",AEN_I'ES
MA'T1,_>;;\@A=]P3R:DW7!,='\><><_90%UUVYG,77;6P2!R$U=X['%ZZ*&7
M7G'OW15?Q/?IU]]_/?NL7V<#VZN9T$4+_-G`$"I=;X%)$Q@#U%%+/375,<C@
M-&9.8[TT9C[X$(,/,(0=`PLL!N%BBT286)\2U0[15A-CI;7CP3\F$4PH)(B2
MQ!`S'"G!"#CXP<%`Y6C"R2:<G)-,2B08J5&7&?WP0IB'+*+((N64<TXCA^R@
M`Y@S_)#1$"3T38*:_U")JI.>K9C3R@E^JH%&(6CPF0PWJWR$S3O8)#K#0R2,
M4)$#74[NIIAS\B#\4@]``('P)XQP`J8I%1***[)<#Y,KA9Q"4*L$P?**4:?X
MA,XH(0PU*U$<#/5``DL]958--619%015S7#6*E.,1=98VG*$MK2M/C:@`;80
MF!<8J"`OP%%"7L[EKG$%IH(3O.`$XZ4">U5(,_LQT&=@<(39F,8V_BH-P.;E
MP;4EH1L+8]AMBD'`W[`M.,R1&<:&8[$G(*<X55A"%9A0A;N$3&0CJPYWN..=
M[XCG.1VK0A9>)D6/*8<X2[CBQ/*3L_[P[&<!.AJ]5)@9>BE-C%R[E]58H__&
M-;*F:E1C8QO=*$>IA4@&/D"1#X#@M3RBS40[>\W;DN`$)_@(2+P(DQ%X<+<A
MB6(:JSB"WR`0.$*,:@2$TX0G.J%)3:3)<9.K2$:R=`,=$$0<L2C$(121N,ZQ
M"4MAHMP+9E"Z+.UO3B=``2U@4@@]T4XFA1A((F2"@E$<ZAVKR(@$9A"GCT@@
M4A#IVYMT1"SAE:!Y#WC`4N3W$104`@5H\&8H;N$,9S1#%S(Y`T$(,9!=%@)6
MSX`)#]:'`E/PH%<)P.;ZWK<43!DA%%'1T0N>!X%8RG*`1XA"%)RP!"<TH3ZN
M48(-KC67O+C@6RQ8`;CR,A\96'1=Y#J7!!FS+@S_DA0RA(G,9A!TQS!2ID";
M<8TW8&@:>!PA+@8Z$(OL$E.9DL8V]HC"%K,HG"M>$6,=6T[&B#/$(<[,B!!M
M#D3S@L`B/B=F38AB$ZI0A:P^H0I7T*I6,]:Q)<Q,/A+361?]D]:?L52E`DJI
M@,YX1C,J+8UPO"L;IZ-7CGJH0T!@05XX>C6H#>AK0+A7V5J4QX)5:Z%.$.0`
MH_"$*)3%"%-`2R*!I+M0^"@:_JO!!L)`B!.$``$!.(`'SD")3G@B$T_JG"E*
M)SF-/*00?KCM"8PPBE$<HA'GT(0B=I"#B(CN!0YYU$E0)ZQ08&\69V!5]KJ)
MAD3\B7:%2`0LS`$-(T1`_P>K8`8RGJ)<DS!S(L]KP?,F4JQLLM=8F;()05"%
MBE"HA!:S$!0/T'`"@BRB%<TXA?I"X8QWM$-6^<R5^N`7`FQNDWY&R%)Z6U"I
M:C7A".B!V+00J$`%YJ6!Z6K@`EF#HF^5M,0F;I<05EJOI:EP19X!@B].2!O<
MI&9%*?)B$[I1&A,VC*8/M.'$@DRSHA;'/>C9*EBW6E::O2P]YGGJ>9Z<'JPR
M^:A9?6*2PRH<AW:+BSKSXG_L.*]Y>>UL*K;7854L5PQAYK`I7M!E[(K7.5NM
MSD(K6X'&N"$AX/F#>HW!7P/M&?M4S#<V&F01DD"$(2AAD&(9@A'$LHHAD<`L
M//\8Q3)\M(I@K*(0("#$!@`0@%$7@``:\,,D!C&(36BB'.B3R$1N\`,)V#80
M?@"!Z8Q`BD,8HA&O55-$C/LF(TT%)*$BB)Y.X8QQ).(,?@(?[=!9"%CDS10_
M@<:02A(JTHK`>1!@@`08\((6<$<"+1`!>[.)S6)])`1ZNN7U,DN+9C0#%J?P
M)0K6N2H4-.,=/C$'"O*)`J.L#W[P:\J"3V*6!P/O>95Z`;4*6$`-+U!;,,@H
M8*_CE^M4=#K[40)'+PZNPXSTQ"9G%UPI!,)Z>2;/(GPA#%/3F<_\C`B\@#D,
MO5%#LS+G/C=$CW+N<F2;"9W)-&N.$<VS9+M<]3Q,KYG_79#\0[L0)\AH!?//
M9MY6%9KML%X'=`S$-N<U"JQ!`R(L826D]JZQ7<YQO!K<I\,:%I`-:AK"3%]9
M`(2POWC0O2$J$9;@FFH1H0B+IH&%R8(62$/:6#7@P2%H`8M;*`,7US#""4!-
M``!POO,&"(,?`!&E3'"B')Z+R!",-`)"^,'6(-#1_D0AD]XVXDR$V,%)7A`Y
MVAI;6*$*12J:08M=GB"8?V+5&=:)`M>A`RC&"D4-1"!]YSDOW"MPP`HD0*GG
M23\$Z+;F`XSRE%!)I0;];(4KYJT+5'"S$(OXI:`*D7Z8R",4"WX`#\89"OBM
M3P'WO.<U.<5)]`WL#=1`'8E<_Q">='"8Q7D8#*1`R1E&Q[$&R$G'Q7W8R64@
MRJV9!PU(:\``9:B(PO`4P!P6R_4,#!"!._"4/MB#,`0,%\5(4`69E`F'S,"'
MS"C9#1H=1!V05*V,<SP=DV'5S"R=D-U,$&D5$S`!SCS0CZT5@/A'7'&-A""(
M"9;-V:!(BFGA':W('=V=&$D(@<09&8XA@:#1'$$-'$6-P`Q,7*C(B9Q(<`#>
M$M2'VKB&B=1(M0P0W;@%-+V)653:I'W*M"G#Y/W(?I'6`71>YX%`(/1!)G3"
M)SQ)Z26#*JB"XT@`Z_D!(FS`262)$2#!H!#"(F@"YQP"#XS`<5$$L2&7L8V`
M2K0"\?^Q@BY\#R\%2OPM@BX`W`/,P"JT@S:@0/Z(@$!)@`,<X^-0B@0(U`@X
MA5%$P/UETU1D2:B,"BIT&@J<PBZ>4OQ95ROH@BLTXRC\!('QP``,Q0$<V#6M
M(S9!#Y9@B;F-&[E)F+;0@`Q<BP)U7$<QD+O$A1I!4%P\1@1J8(G1',WAU(2@
MR-/$13"0$`R!@WV<H,_0@#?@7&ZDAA,"&9!%3!,2D734(!9IU7%L%9$=V7'L
M($31`,O$S&_8P%49(<A450T.E1*`%1-N&7U@76?(P(KI1V:88->=C654A@_(
M@(?P&5*6C5(BC6;@6=2,W1H]31H^I=VYG1S>S'L$S!VZR`__Z,61$-ZB^8VE
ME,X0',$J]$A$,`H/<,!^O<HK7.(KW)LHB,(,+&+GG0`B@$$@!,(D>`(H7`+I
MG0,Z+,_J^4$8!`('.`XRW0"D#2(A_`'I:8(A"!=MC<Y$O,!$3(6HC!<*[$([
MZ`(J[I=,3%<B),)U#4I"D*/NY(\[/D"DF!?V81]FAA\$4,0(%(4UA0#T/,H,
M^)ZP%,(MZ$(S.,,R-$/W\(F@A,(WN8(YM,,[R,,M#,4Y1@`2Z(#!L2/U08#S
M$./C/-P*I`"EK,`"5=S(C1QA`(8,L$M>C`R'$:1['L:$5&%/ULN)=`T,*$%%
MRE0*C9D7B48+,@P\O.`6^9S$'"%9_T$5@LYDT2TH61T5$3&=2X8,1'7,6JBD
MA$+9$?)<@<*'S5S1$BXA?OR''&YAFPVE&"Y-TJ04![U5UM05'4$EG4V-45Z<
MBPV:$'3D?9@(C,`(V@`6C.RA'[Z&W)3E`)4."2`!*:3$*N#"+:Q",CQI,KS"
M,ES#-5"#*(A```#``1!"((Q!('1`&"2")GS"Z#W)(@A.((`!(7``;1W)K#W*
MHAQ!2O3:.7`"(Q!"#MQF16`F9F8F-6H;D3`7+6C/"83"+M1"M*G3=/&7+)1#
M.[2#$3R/+_[("-1F>AGC1%Q$!#A<;5)$2#3C-46`]&$)>9F$J'C/+9B#+:3$
M*<""+-).=?_%UTO$4P+P@#*\`S,8P76NX_-DIZ5>YL.]P`HDD82U@%Y<')*(
MYU^8)V'$@`6%%&"$6!L-Y'N:6`=]QDJI4'VNT!20D(S-&$WA"\&$F0T(@3?0
M@TQY0T/QQ]5MZ,3X!A/4)-'5X(4^E83>:P]6%=+)I%5E*,@\%7^<5<3`8)=M
MI%U\Z!+B3,_(H1[IT8IP((1L38L*34L=3=/`'8SBU5Z)V,X0%1:)*(OHZ'CR
MJ(F`BWC^`%CV#0#)#4"Y8T*L0DK@`BZL`C(DPYV4PY,N@S5<PS80@RB00`@0
MPB```B)XP`1X``@H0B9D4B1R`I0H0B`H`@>\YM\\"F:^"5I\R@[_,,*3X,GR
M9&)WD@"[;5.PM%\WL8(QM,0N#43RG4&SF68KW((1?`0R=$/ND,`#$$L$5)]K
M7L1$7%_V+2/@#&[X79/+:F9)I$0_,9<Y-(,YN(*JZ)>>I`1SP>*M<L,[+`,*
M+``"+,`U382W"91`H5<+&`F?5LJQ2E@#M8!@;,=YBM1C5%1%R<#(7&"UGMR$
MZ!E<Y<NVGHT27(,]U,:WZ@,]'$%G9$:-^@='"0/.G1`\#`.WY,P2H%67^:O0
M=>0-6AD/+AW+*)G1-4$O')WU'J$-?5E._4R!,B$3>NCT3J_/C*A_$!:"8,W*
M94T;)>5^[&1E])4*2<AX<I1:S:''BJB)_U"-WAWP7W4(A[Q(BMPGD.Z(6#P+
MP^U((KVL#J``*?C(-!!#<2:#X>!L,VB#,?2L*"Q"FB)"&%034A`")7A")C'"
MTDI"U$[M:P)KGSY$65J:^[W69#+3EF#F-H6*L:F$-Z%`*!C#.-2;G@!30:B3
MH(C*^4#JI9+`:_;MID+`,:[`]8';\XBJ4:B;MWGJ1^A)";3?*;2"^KG"D.S)
M+[&Q2L`"-#@#-+3#*ERG#IA%Z2SCKYJ7'@=4+!U)L8[;"YP,>$)@=@2&QB$&
M!A[&[/*'!:I`(M_N!=4O&0FE@)C@@*R-"]7&;=C#*NP'??9,VZQ@P[@@$9A'
M9^3,C:ZR$XXO>_]4&0[%S%)-T5%):%99%1.<Y$N.KUTX\A,&[)=!(=;9:/LB
M+%&%Z/N&K-7$[U.RADWY(PR$'0*731[A70(C<(U*#/N&J,.Z2!XI,-V1S6>4
M38KPD8OH'1#H87WPX=LL&I$>02\D`:-`VMSR@(]<@S58`S'<0BLL`B5HSI,J
MPS)H`S'00IHZPJ?50B&$P-&&@2)X`I1DPEYZPB+L`"RF'BM6A$9+`*2)0B*5
MB2F60R/L`/5\!"#"GF;Z7@TPERLTPR[Q`"O`0I^@T[,-"G_!PC,L`PD\CQ$@
M`S)`Q&Y&R@)$P#$6=5&;5_X8!;IIY^>*A/B1@/3<DDK4PBW(!*O(`BW_R&+[
MB8I*A),S\,`U&8'.KH(C'8&19HF1P![LO8W?'&NVN/7(+E#&L8`+4.MAM`!V
MR*Y>P8`+'+(D3U"#7.L8N1E+:080C%!/W48[8/*XGAU''0&ZGI"_V$,Q'`$-
MY$>[&BPO8Z60E17VVFL0*NA6$>'0=:3U!O/.##.8P2\7>>B'>NPQ8W8RPV_R
M?E!K**6.+I9:<2@6X0?#CMBWC">?T6A>J$AQ^U'(KHT``6E9"FFTH,4H``DN
M&`$*X`(PK,)<,A=SM<(L:`[.+D(_%8(B.#0(7,^0E,`&4,`&$((F@,(G8,(C
M`*9()P,MS$"GFF[53L1;'`%][<`?P#`G9((B_Q`">3$3!*"7&)>M2GP/-X5"
M.>5)[,3J+B5?(2B#=1J!-7R#,=DW%DM``X1J`Q2U%J\``Y!X0$$`-`I/4;"C
M\`B/"4S/+7&UL#`GO<'"?-7.+=V2=H^`6&N#IFE:!$_PCCP+D=+`6U2HM;0%
M6[!%C/"'DX/<&HV,8,5U7,AN=ZB`L<:%!3+K7SL&!\EG"#)VBHEYBCC!"-[&
M/!R!BABD01+!-IS&9.M<P-BHSDROAAYA]AZ=]N;YGG/O77@ODT&1QR1A5@&1
M<%PHNX+<@/*,,(/9S!4,VBRL?K3OC?[=$JAOQ?R8C2ZZ^:8VH5UZPN9,'+:(
M:K_8B41,C,S(C[5O'?^"I1T:%)!:6!-$P2J0`@H44G5S6G;/I>S5``KLP"&(
M]"&<0C(H`JJA`2OXTPC81#6I=]*Z,"8$PB"0'B<L0J5>:D9GYD<8`2K,UR*4
MHN$L`B&`ZH&3KGD5&YTH;CB9P_#I"2O(8NVD$T'PP`FX0COXA!0C^$-(@.$^
M``.(N!9C7_8Y0$`]BE,T#\*U>-E"-;RUJDOL@BML6U?;R:3UDV;YB*2)Q5@0
MH([4)D`%J[94%&#Y:,A!,^W:*U2A,AQ1><?U,E]UN6/$50>U&6.;&2:C"!`D
MP9F?AC<X@=QIG870`#`XI&G8PS6LJY<%\`QJ]KLN:-'M8!$.F8,VP9/AT)+_
MM0Q*-BA8H:35J7*C.[H:^20(58;7G4T?D3K6G56FPS;":A51+:$56$'"7M&-
MQH=IOT='PBO%<.C?]49]$-4J3^^+J,VBN;,`51A"(92/O.S<SB5:K#21U,_C
M:6WF&`[44@(AZ`(NJ$))Z'@(J+=#3T(G1`DD`"8GG0+J)$H-@ZT.Y(`.7`5_
MHY(BM)HF+()^$>-`<;'@:GO9GNJTG5*A,I=TP9^^%0)WFP,NS`"X#0$R3,/<
M\KL>,\"_"[S`:[%`%2["!Z``?BJ,GZIV5^,IW(+X+ZFFA0(2_'@2+)PH0)):
M.QSIHHQVQ+]V4-!U",;(,1"XT'65\S4#$3=`P(#!_T)@01@V9"24(9!%0Q4/
M(4:4.)%BQ8="@F#,&(3C1B%`@'3D^#%(2)%`B/""IX]E2WWVND4!(D0&1B$W
ME?!RY[)EO6U'B-2\*40)3J)$E11-JG1ITZ9-ED)-NL3ITZ12KR:UL=7&TBI-
MJ39IDD4)5K%ERXI5VX3J4AE*:BHE^M;H4+MW:=ZMZ7&CR)%\^^(5?'=F4:I+
MEC!1S`1Q4R%+D"(U+(0)9<M,)D-NN_1HT9L@08<6/1,TC!=`3L\@,N0'D25B
MHT1QXB3*JB0UC!Q!08(WB1DU:AP1)6K5*FK!CI`XL4B3)TA])IW)U<W:*E2%
M4/`X06'#F3-@!F4"E2G3I/],FLHQ;\8C@@3W[G7H0#&?A(CZ,XP8"<7<DZ9%
M/$*``(+W('AA0`EZ2S`[%`II<+Y0:LFED!/.:!"-"B_T[A!74'A@!FS@><>:
M&01T;\`'!(2``0=2<,`!!E98P44&2GP@A`02V.`!&^T;P<<12)AOOAKF0P.5
M9I19IK@EBPO&MB2.0.((*(\P8H;?B#CBA1=F:,'+%%)H`<PQR52!!3,?.O.A
M%508TZ(W*6JHH(0,4@$&./'$\R^/?-"((R#Z[,B'DOSL"`8@CO#&'IY8@D>8
MI(8JJYB5&(6GF"-H\$S3SH[B%-*J0(TJJ[.@*A6MM-!Z38FNN$J+K5?%NJ)4
MK$#_12PQQA*KBJY.:?),,*'RJ@F&O?SJR*9BD>6(!4!#$@PL6QV;R0=F2:NV
MS\'L&HW90T'[2#1N@3B4!1_(K99;(E`B0MUUESBBB2-BFR*))$+Y+;]0\LL-
MF&""(<9?:X*YYIIE0CGA!$0F(6,21&9QAAMKEKDE%!Y0V("[#CKX``P_FO-D
MDD$&T>2<<Y+9X8'W$.1-!!%23)&W$T`@I!%-#`F!!!Y(0%&"`E%.D(01*$8#
MC?F,<$47<VA!H81"$F$%C4+02*20,P@IA&)4WLD:GE7>.YDW%`5D0`*Q5Y!`
MQK,%C"""!T8((80=X8X@A+9'V&TW$8A&I3A5BN/%MK^9+$Q"E",(+_Q*"6;8
M<DL85G@!S!52@%P%-M],@07+T<P33S#;M'.AA0IJR"'-_TD_-E"^-,*H6Y.*
M_8P(8>9A]"5XK!&&&F&\H90G>]J)0HF9!F-*LL@<"]5XIV@]M:VO5MUJU:ML
M2+Z**XXW?BVUJL)V,*%@$*+[[C,Z]MADD[W+,,068PQ2NZ;U85GR18I!_OGI
MK]_^^^UG(8@8QET6+R"659AT*8$(JH$2E+*4+R08`16H@$4RFN&,)>$"%]:8
M!L"L80UB9'`5/.!!(,(P"4UHHAG+6`8S3+@*)(1@`QL(`P@P1H$P($(3H-#$
M)!1QGA%.R#XD$!"*:)2B()9(`B-0A!\X,(IR:"(1*(!`"-SS@A;,P#T_`U*0
MA#0?'A3B%+`X179"$0H&58AJA/\P(R+.D(A6T,(<[3!"B9(PC54,H3T26$`$
M7N0B/<9(1A)8VX[F]H`<Y<A&`2)0#X-DA$*(T0C$*<Z\DA"%2!:N2D"AP1%J
MX)LMT0`&G#3-Y<J$IC.-,G-Y4E-$3DDZAJC)!:,\TYT@DH*'R+)RG9-E"HS5
M%Y$4:B0L&(I?,"(L($0A=_98U.Y><LR6&-,=PC@"\(9"%[EH2IJ>JI[U3F6J
MK&2S>31HE:DVTP197;,SK*J5$M#7&,YX!EAY<>=-,A(#F\SSE]J[BZUL51E?
M8:LO\ML?_N97+(#6+P@LB$%!":J_@O8)4`+YS$<^(A"4"($(!%07#=2EN"L=
MP13%4<;_+5SA0%B,]!84),8J*IA!E69P%[J81!@"D0E/E*,<S;"I-JZ!BPF=
M(!%A\$,8+$:!$A"B8XI`!"5HZI]9N$($"%`1`Z`*U9:E:`2&\(,&"J&)\Z1G
M!R-`V5<3=,4@&8P'H2B$$1AD-*B=H$$6(@0:JE8(713B9*OX1HAP\=4&.`!%
M#UB1'AV@M@?\\61P,RS<5O8"$<R@-[MQ&V_R(XHD/'(531@<X7(S@R-<*7%<
M>H%!/KL"%K`)<K),Y2E)*4K5IJF4$%%3*M]$D-%)!+:DB\CX4*=+FP"O=8%9
M2):F4<QCY@.9\(#'-7R!*6C:!2[F\Y1DKHE-M&C3+*/2RO/._X(\<2:/G)MB
MRE26<A@E8(8S@Y'?7H(%T78:92KXA!9D!D,:7G;DH/\<:$`%FK^"[E>A_>5O
M$,KUD?ZY$W@@"6!2TD6#+4G@!;ZY$@I(L0IE6`<5$SO%*<)XBUT0`Q<<OJ`U
MD&'"##9C$2$$A!^02M-D+(,;V&"&,G(1"YB&P0-N8R%X,@%"-20"8?U9!UV?
MN@"I'FA`+;!/(@*A`4,,H@\AH^DL"J&#.KZ`P0A"D,UX,X(39/%!J&CI7-EJ
M5JB=X6EG8"MV>,"-K&7MC1+0HQ\?L("QY3&P$;CCVG9VHK0)$FX"\B$B?T:"
M$*P,`I`E7!+>A=E*YN=*4S2-0!;W6?_&C59TKD6E;2]=6]N^4@4NP'0L;=FY
MW.(668,27_C`9RP89(D*P_`&..!1CWG,P[CP`(<W?O$$=0WK5V^IIG.]2Y2N
M?.J:W)VNJ9"-O.D^A7JGJLJPI\DI9WWW,(W!#%7T<I.:D,:[Z$QGKB"S3\%0
MJUN#ZF5!A_4YA<C@ONT&,+G@3:Z%QGNAOAQ7]\(E$!E\"UR@X:1&AY`;(]R,
M@??"#BIHT2!7F,,<SA"Q!56J#6>88Q&$H,0+"7$(D6D"@LX0F#DT`1X_@``$
MA4`$3`/AB$"4?`UG.*HFTE$.0I3@`0A`P`*>2J,\0Z"J@=A`(13Q`2UKG!.:
M8,0A?$0"*G__M="(W+(6&10*H]4BZF(<X]104*&JG8+A\GC',GP(GU4,O(YV
M9$`#U-8`/^JQ16(3VV'[[&?>'.AG;T/1E7)#248/80A7VM(,%&R:R(GV!92&
M7&I3FSE2+GZU$WGMISE])EIB>O(I\)-&S"V$T^UROAGI7J&\=2XBS.M)""3"
MH3Y_E_"M-U+/)79T0Y5L9;.E+*]9"ZJ@HBIQ.KLIT(;+.M<GE\[`0`G$[QX1
MH'LKQ1BOVNX-M_9",Z@^F=K<')%^N3(2DL^E.P;K]GY"VCT_%K";?T+0GR\+
M*H3R^P`&A`(@`"':;R"LP#2?K>BZ9C"$*2UIX`HB4B%0X10*(1D8_VX<G,'A
M5.J"L,$:GD$3PH`2$"$17.$$=D`11J8<D@$;L,$9%L$/%"$0S,B,_``,.B`0
M`L$#R`RN".&HRF$=RN$0>,`(AD!%IFIG4(`0DHP0%`$$YD;+_(`11B898!!(
M#@1E&DP$@.2*A.3,0@I?&(05UNH$A&9J#(:M6J&->.!DA@`;WN$;D"#LW,R/
M!"L"&N"O]"BJ?@CN`$E`6"9G4J8^6&9`?(/1\F\(:L#O/BL/(Z?P"D^T_!"V
M+H>V2.?Q/BTB)N].8(ET*@\B1@TPX,=8Y"DP6D?;O,=[0,(NPL=9L&57HFV:
MGN?U8*\)HL<J>,\JU`(QQ*(*L@`JJB`54?\%]D"EHICO,)[@";``"Z"@%FO1
M"K#`"I8/4K0%GG))(^KK$3-B6LP/@(8%".B$W<BO^Z#1&;O/^^C'H,;O^[#1
M?F`@!JYE6"2J?Z;%P"8-M%Y@""`I7V;`/NP#-R:&!T[A%6@A&9*A',PA@I9A
MI4:,$OQ`'*JF'4Z*!PB!.4!!'M-C$`+!#T9PY&"H!$^0`O`&KDR..1AAA,IA
M'(S`J6AP0`JM$')PY;RJBDY`!VO(/W9@[E[@S7KF/O!FRZ00!<(H%&[!''2A
MB5S20ABD"D_`K$;@$*#A'=#A';CAC5Z@;,10;20@S@#+`<YF1<0&`@X+`0R+
MB(B(-R*`-^[0ATC_(."&P#<@P$LB[9,*C])4*_'(<BQ92],4KQ`=KY8FKW-L
MR28R#YAR2Y?HDGR&HOOX:20H$2\Z$2>JB2F&#=J@*_9&\1.7HC!-<=FDHBV:
M0!5+A2J^HA6KH!69(+N^@KS:@BJN;;QRA3%P!9^<HC.>Y5;4Z2B6ZZ',+S75
M+W[\B37Q*[<.2@8V@J#43R&Z;QNWL2:F\;R>L=T28EFX43>'@MQ*X[,`3UV`
MHHH8*[+""!54`19>X17D,1DH81[IT1R>P1F@P1JN(1NT01,L#A%X4ANT(>$\
ML#^,ZJ=BIA!2015<H1#"@"%Y\``0(`0J9`U,;H9&:!TT80?L+D6*B",__\`/
M!H$'WX,$BH@"#4$3BJX1".$$/M(]',`]ZDA!YN/I7E(6CF:16@H[6-)@*J00
M=J`0'HCAW@$7P%`"8A!!=V0!DA*PHFI%TA!N$B#N#J0J;V8WYDY`N*3OAF!Q
M#,(@",),1N>TU-+2CM0BT+)-VM(MV_(OQ`>W2&U/=DF7X(TF%$(OB,58HLF>
MC*(KI$F:AFTP0Y$41>5XN&LL8'%-H<M+(6IUF`LI$D.=)D/</D.^0J)9T"_=
MUNV@"D5^.H\CYJ<W#:I^>G-0[ZLA^(=_QF_\5/-:WA0TDD)=EF!>CD#_F&05
MD.$84D$>7Z$1%F$1,'`69H&FKM-A<*H=Q.$!!_^!$!C.&9)!')#LIWP*$11A
M%EJA.$)!%*Z#(<.@$-SF`(3*.[R#ALACA/[C;7YH!'"P`Q`!$3S`!$R@-ZC,
MBG#`#W2H$6`007L&K`(M2/"F2`K!%<C5&$1ARQHD!)Z.0D*P0=C(C4Y&!Y#@
M'HMCX$8`SY`R*64D!9@R16SDL)R2-SR(/GK(RGRCREZ`DSRI(%R`(>[$(1CO
M+!OOTEA+$%LK2=G2$&>I3::4\U@GEQRQ+@GE"2I1*.8G=3)QGH2"]2+%UY3B
M+[]KG7SONLKT3,V4V7KO>0+S>'[-3;5GU-ST,!8#-`EC-`X%2X.%H``U_)BV
M:?D'H:YQW?`M6X#@=]#_)5V<(`F*P`F*())\815,0152(146(3I?H6Q)=19H
MH51-M1S.X56UH0'#$Q'2(Q$(P0]@I@H7(1TT@1(PC!0B#!8*@2$_X`1*8`,\
M8`(HP`-6T`\0H1,\H1,R`7(S01$,`6?<IED1P1&\H`3,P`Q,0`26[@U#DA&*
M3A,480=RH#VX]3U8UV>4HPJ?)A1P08Q"@19J@6)00&B>ID'B2JY.(0108!7:
M81F(X1HV:!5"82N/<D=F!*I>U$5VIFO@IFX\J#?4T<$2A^\*J/Z"M&$1L2)0
M2WPO5A"7%&/SY)8V]B&&\=3TLIX\(E"-!0B6`!R60-_D*2\D,67;"2%8UGN*
M_Z\OG\=EG6)FKREZ#'A5:,";5B5->\$P<_;WB$\&$.+W7,]GA3%DPT<N"4,P
M-$,QG*]XH.\CI@4;OX^@[.N^_JM0Y<?>9&#\'(I.",);0.)W0$)Q7H!21T\V
MY@5P1^&'#^$0T#9M9V$1BI@2Q`$]:`H=&FZ)%&%A`N$,2([D*F170R$6EBCF
MDN$42`$54N$00&!APN!!3R`,BO7D0`!A.J$3/B$3!@$29"H9=*%B-M<"Y$`2
MQ&`-\,`.RJ`$>".*&.MG.``'%I03.$%;?P1EVH-M!B1[GRZ+>*`5CL8<<L$E
MPZAWVPIJGH:M7$$;5D$4\&,5G,&3QXXJXZP,S?!%V__.CT9@!T;T0=LF#GGC
M2K)R"-ZE"7:M!6``?(,T$2,6$,N7$)?T?-%W(A9QEMR7=3HV^_*-MU3O,Y[`
M?B]1GO*795-O.('`FVS@G3K#95W6G'2E@"&X>J1"%)5@@6F`@J\B4Z)B]\1Y
M9\'T97]OW4J6GOGIF=VI2DD-GMPT,QHCA#=#^.(K].QB&K,1'!$ZWH*4('K9
M($`"7!X-AW,XT68C-OPF"4;!"`XA%`[A%-8H;<^V%8P8B5.,IAI!$>X6#,#@
M`ZJ8%5#!%C(U%`CA#S*!$S"0X4(.`A%A'!8!$08!(5<Z<3T`$?I`$"X!%"0W
MAVHH$U90#BS@#AR!#,*!#_C_@(_]V,K>HUI;V1`881,V@1$N-T*KE76KB#>$
M]T*%9%QI81QJ89'0@*Q&M$'$K$$H)AV-#*5P01NX01MV`16,0`=RY@$:X&14
MF46H3`<\:`=.P&T(;4#HT`B28#;$8EW.N9,8=I;<1&(UV]*(N6([NY@UUDE%
M#65'8O-:YZ'3Y1*]1R`J*M^>`!XPI:)J`G0(R)U8^VK#!256+5.V>7OF>9J<
MYRV@#9S7U)R@P@8.8E4ZJ13+X@IDT3#C>2Z2PILMF)U^>R_QPB-F6YYDDY_U
MN4K]U+OO-/HT43/F]#.=+Z#[\B,VA5>\=-LB*C0"F)/0Q:(PRK*Y9(&/8`JB
M8`K\_WL*?$$8?,%)*"R,"J$56B$Z8V'!0S54%6$1+%<A$1($"<$5:F$52"&,
MEJ1?E.00,@[FED@3`F$2%L9N<6"*%[(#/"`0.@`,R(`2*,$3/*%R12AR'>&I
M)4&JZX"JZX`+1`"KO^I'F%41#)D34-I'#/:K4@8)+53A<D&,U)6M,*P6S&$7
M=L$5)L:)$,!+1"`)*`@73.@`M4%)!LZ/%D"P7V1%3(0$/)P'?$0C6T8$]$.S
MDH"_G<!=U&4I%IAAR<2T2DG3:DN8*Q:T*Z))+8*6:`DN47:9`0PTI$`:I*$:
MGB!<E(`*JD$8A`&78<`*MH87JJ$:BF_5I*`:?J$:JL![B/_@%ZCATY<`)*@`
M"IQ@&*IA&(*"+ZE;NM\"@H4M9X?[,&-/*YS'!AC8@-W9]\;TM]79UWI;(9HK
M(;"499V=FO?G)KA[?+P[?OTT$C58).1M.,,16_HR,]_+VZJ-W,E]W-=TFY3@
M"=J""#!J-6A@HWZ!"OQ;DGR!%WSA:Y<$RQNDP1&\P=-S!'U*$90X5!<)&%9!
MQ*YA&[:A';;!&KK!DP\!6SV!$B;!!/L`#,SH$&`AC,[@`UH\#.*S`Q9WQ65*
MQLD#$VY<#:)Z#>!@#O)`#[H``R#@QY4\SW[F!'`@/#9!$[059[BU==T#D>;F
M9RX4#4)A:$H`!1;A%IKA%FZA%BC_R(1N`90AP`6,[`@X"!>@OADJ*(5(H<Q5
MY(XD`+%O9A%`X"-3P'$DH`5VA@2,X)-Y(38D&Y>/@(`*(DSZG',>K^__?-!C
MR[,)W;8J[[LY#_1*@GZKH0B(8`JJ`5V@@!J<X'6HH?BJ@!ZN`3&DH1O<W0F\
M@2JHP!ON?M3OWA=`'09>[1>6@`K<`2KLR64]19H`$[I]/8)Y_2`0PGG,V3"O
M@+>?1[K-B1,YT;V].;UF6QC=%_%["TH=42.:9?KZHOJX75#K23`"0WOL5/@$
M^(*9HJ(H:E)1@P5PN`6(P`FFP/S/GPK,/S8&G()N07`/H1`<'!$(P8Q)S@\"
M4HG7@1WH_S&"`,*:MF[=M#G3ILV:M6S<G"5KI$@1HD!CP(#I$P86-&<'K2T"
MT0%$F#`=2F`X$.+,&4*:.G7*!`F0!363)B$2`R=/'C=<1$"0`!3HSZ!`28P8
ML<.0)E":,ADB=)2HU*`C2*"XBO4$BD*HDC6[A2I4*%2H;N$"5D-$"Q<DC"QS
MANO6+5VZY,I=MFS5JB-&1YP@5(@0B$*+1CR0L,*!@\027A@YHC=)E"A.*E=6
MHH0(#!<O4GC^_%G%"A4L5)@N;3HU:=6L5[M&W3JV[-FT:ZL6$@0W[MR\<0,!
M$B3X;A]`GH!;0B0Y$2#*B00#YZ0XO%5"@`SQEN2(MV#*KQ53<O_%VQ$ECX40
MZ79M.9%BWH@(>0]?B!+Y].7+4'*?/F;Y-I3T]P_@?_]A-F"`F!%H@PLV+$C@
M@9DU<<6!_4V(7X7W78C?>S+$QZ$,'F[(X7N]"1=<;[J9>.*))9*HXHK!^1`$
MC#&NN%L,-MX8PXPN[@A#B#Z*^!X0U0E)Y&]&`D&<#S``P0(,3L+0I),LK$#E
M"IXQD`(#+Q`QA1-3%)&$$TDDX8LOP01##"ZTT++((H00@@,(<OZ52)N4:%).
MGN6D@XXY?D*C#3>"<@.-H-!`TPR;@8'@1QB!A#$))'XX8TTWW%2:C&!A,-K!
M&21@@,))%)RA2">>N(1((IEPDHXD=\S_,4<;7&``P0,.-"!!!%,%U1>CBFS"
MU"(\Z!!!L5(56Y4((E15%0I6:57((6&)1:THN(@"00LTB+)*FLW0!:Y<>L75
MC#:ZG'(((6>`M$%@(T2@F&(O;$FF+[Q,-F9R3F2FQ!&:O0`#:*&Q0+!KIQT,
M6VD*'SP;:K#9!G'$L_%&\8@DEN@;#$1$`XXWU#A!`W._4$&%,.!049P[1`3!
M'#S%]`*/-M540\TVU]"@A##>>%/,$3#0@-YR-$3AS7SO&2T$B$?#-U_3^E%8
M8(-23RWUA`O:T,2`!4H!==/_Z7>A?4[_")^'20L10XJYJ;UCVQB/N-O;,,Z-
MMF^YI1V<C6CC_\AWCF[?R$(,@>,8A-_!L>`#X@0GWB0+3$+9.,&20RGEE)9;
M^1F6+;P0YA131"%9$JL$LTI<J!P2V`ERGK'##H5$2UB==2ZBR")WEK/..>?X
MZ0PW@6ICCB:T-QK&&5S=DDPR?B@RB!_-F(/00.:HNT@H9W2P`04(G!0"!0=X
M0`@DF)CJ"22">'*J)9+`<0$%#R30@`,2_%1L!")(14)12"FR%%.*[/`N7>T*
M`A!05@B4]2P>:$4K:`@%&@H1BE6(`@7<NL8V#.(,6L`"%K1H!BX^6`M;L&D1
M3\$!8$[@`0Z@,`2VDM\0DA`-:D1#+V7R19?R183Q-($&,``8#%H0FO_4I&!A
M"Y,8:QP6FX<9<8FVB1O;=./$X/PF.4>8PLR<0(29^4L[4X`!%>!Q!"'`8`;P
MD$(4P,&=)C3A"$>000Z/T(N=*0%HWN`A#7C1GJ0I[6CY69J%*M0?_02H:PPR
MD"$+)*"I82U"``)DAFP@-@QMR&PAFN39?/0V%Z4(/G!KD=J`Q"+#N<A&)>J;
M*4_IH1BD4I4?6B4+"B<#&[%`"(Z;)928Q*3$!>&5O)0<P:@TI17,ZP4M:`$$
MM)2$*41CF;Y`ANA6$18>H.`$"X2@+%ZQB$.DZW6O2X0WOVF[/;$#'>4P1SF2
M,0LW$2(,?RG$*[QBSG)DP@]^:%XH>H<0:Y3_8Q%AH(4S$N&%$X0``1L(@;-"
M<!(/!"(2D?`$)BZ1B4Q8PE264`,(2O"`!63T`4/9E50>@!2E>"(=PH-*"`0H
M`0>@E`0/(($(2&"5K(R@H%I!02A<099Q[8(C<;D%+)KQK371(A:+0`0A3N"Z
M5XB#$!S8`0\V8)@7O'`:5%W%#*-1)M#EJPA$:$)R[,C#'I+&EY9K#1*)^!J&
MF96);%VBQ80CH\(Y<4-+DD(UDI,$;_AB"=[H!1&&P`MX3($&3H#'+Y*#Q^1(
M@QK)4<(OF@`>[A`!CU*@P3;<X2\B>,P]E=00TB3I-,SDIY&$-!`AN^:@1!ZH
M"EV[3W\D:0,082AI_TCK[(;PAC=0@K)M3WSKQ7@SMQ<)(;AQK5OA3HG<&Z7R
M0\G5&R\+ESA:2K=QC".8X'SY)"-EICE$@.$JD(&,52#!"#P85E5X8(0(UJ)T
MN&A&,EZA3<!P<Q&%2$1]9Z<)39!T>(U:R2(Z"(UG)(]V@2##!Q0QB3",``6K
M.`@S]DF(6;0C$1Y@!2M$$`*HDD`4HAC!!<+P"#`X`A.80)\E:N(23RP"!1M=
MP`(8P("4>C0HM0J!KY:2WT.<(("Y$B`$BJ4L935KQP4MZ`AXP)55F"4NN%"R
M,O`"U'*(HTWK!,Q-:Z$+6>P`!*@#`0^20%6\--FJTPB&+R8C)AP2@09L#A09
MP`#6@H`%K&!%1.(2[<PP);9US_^I29$/-EDQWJ0-!DKP!A6FL-CD_*(:OXB"
M+PQ-A"7`(QB+]L9A87`$:C!:TTH`PA*J(0PI%*,:<^R&.X8QC&J`PV<]VJ./
M_AC)"IFVM!0B;8,266M;,S*0`()MK,WF:@U=4FE[I!&+UN;;3'Z213*JF^%T
MDS92-K>YL5QEWV)IRL-)ESB"V^4N95#+(%#.24#(+A&4L(0E6&9,[$8"$G0`
M4Y@:P0A(T(LPSC0-\$9YA(3A9K06X4U$(&(2B@A$(,`0!C\08A%>T1,E:/>F
M$Q0"A8M(L#1G8(15:*,<C?##(LRQ"`^\HAVK0$%!45"64)P`$8ZP`!D<X0A-
MH*\3DQC_Q"0\H0E&&,(P',WH`FZ%JZ!$('XQGE\!0;H#_G$BHH8`H+%2*C]>
M06`$RSI*AC>`]0U`*Q2U,(N2E8P\*:>SRM$*85Q<\8JC'H('($"%-K`!=[PH
MY!K4\,4OSIP=[BJ'!L-<`0M>8!H8J$#P153K:A*65H/Q>?$1T^2.H$@Q,4X1
M"D^8@F8TEH0G8#$Y&CO"$)8@A23P<(J3B8+/WG.$)SQ!"CZCP<ZB\`0J'($&
MG(T/)/,#V@U!4M:CK;753`M\K57-UDIH`FL;)(37]OJ1M.UC?%Q-21#E=FTM
M"C2+V!;78P-W1G$-;N%H-&WD8ENYK3REM[T]N%W2,G&,&_>3_\R-;B>D.S-#
M^.L0AF"$(9!`!T;(SA'R?P1FX@O+E&^XH`M^@DX`1U^(<%\/-Q%^8!%AH`B4
M@#OJ@"C8A`C$0PBM<("%X`$5YP>W8`Q&\%)&D`R:X''<<`@@<`K<<`VX$`I6
M05[3-!%>\')DX$V6@#Z>8'"KP@GE4`@8]@`9Q0"W\F(O5BP+(`$,0$!"$0$/
MP`$XX`>,L`F<P`F-X'1!(3\$!`$AX%(8=A1'L0$>D'4A4`(AP`.D(!<<U`JR
M`'!G$`:``0MTL0NX8`L^Y28LR`,<``O+,&\:AQ#70'?"D%5APD9;Q'GSTD/S
M\G<I('A08C`/HT1ZED1Y9GB,MV?+YO]GP/%XQ&$D0_(;Y-8CG/1;+!.*3C(D
M/8**-'`-=[4AOU$VE%0V99,A3>-:R0<@8',ULQ9\_H%KAU1\5<!(%\(@,G![
M^!%;%B)LRRALQ/8>:5-]QP9H<6-LD#<<%X,VO`$<)_)GT79<X7=MK61M-C)^
MIO1<./)*[U=N[Z<QS'%NZ-9I3_("[C@FA\A&-#`#+]46P5!FOC`-T3`-"K$+
MS9`G4]8F$:$(?M`'"%<\:^!-XN`)Y:`)DQ`(]`0"<N@,[4`0VG`*'%!Q?9`*
MW+`-P'`$(G`"!;<([;`('7`*V)`-UG!!JR!-?H$(@-`!@>`(9!`*9G`'DA`)
M*89SD'`)GX#_"8SP"JL``2[F8DNXA%QX3`T`E;C"A4AG")FP"9^@"8>P`QR@
M*UO8A`3$4F$X`B$PEF,9`@GP`&A8)Y0@<"-Q!J&@"[M@#1]T"\N@#+"`38IP
M!H=P!B<`"[@PA.G%+<$@B,*P"O[7!&'B56LV3/,"3%"2`J1!>'8VB4=DB8J'
MB9G)&F_5(D@B)#OBF9])?4DC)-D8>2M"'/!1FM5Q-C(``]4P#+552<GH1_F1
MC*-EFX[D(,2'6K_8FYAA?!&22*[U1Q<R2;#V(\YH7)KH-IT$-S$RC3J2?<$E
M;:4$CJ8DCJJDG<E5.$`@.-\9.#`0`^MH;N?VCLR!GCWT?EVE'#/@_YY!-@,P
M-02KD`W7P(^K$)`&J`MYH@F4(!'$LSH")W"4X)\%!X'T5#M^T@Z#P@WF\`H@
MH`CSU(+:L`W;$`I)1PB)T`ZMT`&'T`P9*9(Q60AH4),=('!?P`KAL`=S$`=T
M4`D[R`A],`@R]X.$L`$)H)0P)@$OQE$_M@`-`"_QTV,*$`$FA"?^<P+UPRQ/
MR$)I"5(;P`$C$*4<D'4@<`9%M4X760BNL%[=TE,?M`RP4`Y&M0C4M`M(V19'
M4`./`1F$:$/WLD:SUY@O($Q4$F=.H@*126=J57B%9QN4J9E\YD1_]C;#51W-
MJ4DY<C;?%P2O^!O%%AQFPTK->&ZK"23QD?\ALL4T8.-(J+6;G_JIGMI(C:1&
M5W`%$Y)\R;<@R6>,K2I)>N2:'7))P\9);),;A*I;T`E7CE>*,D*HWN=)T7:=
M.,)<U4:.V]DWZ1@#XNDAZJ>*HR@?VZ4>Y4:M[-A#0#`#PY0MF],"))"/W[H*
MV_"2"K$*RZ`+>*E.(Y%P;[)P;4([!FH1]#0)>+(.?F(.[4`IVA!@R0"AD^`'
M(<D1'-$(FK`I1I`(<4@(7N$,%7I!S7`*BQ`('9`(DE!AY)`';8"Q6D`&-X=S
M\_H25<@(4(&C+@9C&P5CQY2441D_&O4^([`\G7`))_``$;`#;1(MAV`(VF0(
M@>%O;[(#A""@F]+_`1[@`1"D%Q(D"K6P7KA@#;N@"_Z)"/R$`NU@!&TQ;X]A
M!.[)1I/A"_[BGB^0K=GJF"\0)4X2F7B*>)@IB8F'9X&JF<]IJ*@I(MHWMXV*
M&\V*;#0"JTX$19=:'4NBJ<]WG+E7G+#V1U&#&4P`JEA3?(V;-8TK?%4`(;U`
M`\,I6K;H'ZPZ6SZBG-`H5X_WG(2J?7!+NIP(([I!G7F3(\,:CL7*G;-$,(^S
M))9*'TNP'ZGH).YAGO*XCL/4K2T@`MD:O,'KGJ)@*80"#;#0"JC3.B#P%X=@
M)[0C"1&1@6'0!PAZ.WN2.WERKQ0*/.60=//$"O%T3A)1/"0`APK'G\VP_PS7
M(A80:Z)J4+&QT@9L4`$7<`:(0`DNX1(1Y0F<D'-;.;(PQJ,HJZ,_9X2Y,H01
MP`&#,`@@<!2&0'.3D`D4#`D4#%$11<$1=0F74'`@`0)89U`HP`,WM0I*"TVX
M4`P#V0BI4J93F[6BH*8U,`,UX*WN.0.3=00XC(]]EP(K$&=Q-G@!,T1UIAI]
M:D2`ZK9L18V.=Z@;8FQ21#'-"@10;)HN0DD8(UMXFQNQ.B2RFJJO1KC*=VME
MO)N*>R!J9'S&5P5M++EJG,9JU`NG*EJO%5L+(DFOZFJ6&FS0N&QN\T2X:GU1
M["+>1\C?R+K&ZKK&*DO+"FXA<B"V.S9'0LFP2/^>\CBG\X/#Q/N>H8`+S@`+
MJ5`(S8M4A7`*M/`,>J()$5&1"!<(M:,)Y["]>Y(.Y0`*YU!.T-.PY4`("(8(
MK6"0;^(''Q`&K'`+<'B1,J<)C5`(Z$4M$=N6:(`';U"_6]`^%+`!CG()G?`)
MZ-,4/M@(AL`#+*64+Y:4,(;.MN)B\2,_$3`(D,`!,_O.%6&]%]$']WS/@*#/
M^PP(?N`!(7$")6"6(4#0)<QAM1`*MI`FM"`\B1`+)X`&V_"'JV`$-4##[ED#
M^$@#V8'#+]`8Q.099.N(3N("I4%XD5@;1IQX2_RVUEA]>K0;(-+%,E`B5DS3
MGRO3:].LUFA)NZ$AT=?_(1[R6?,16[-5(;B((<JWBX54()"EQE(`(:8JU5<@
MC!"2!5D@!;W@5SC36D2M>X.KC&!L2=+'G)]47)E4J%`DR#.RC7+U9S!R(\[&
MNN2W7,>*;;!+2Y:Z!$R0;I)\BDL"NTIBJ>KH)&$UIRTP`XC]GC9L%>Z4+JJS
M`2"P`ZB`"]W@#07A7HH`"`OI`6&0".6@#ND0VN7@">NP#NF0#J:]#J!=K^CP
M#,T@8`OG"8.`8`O9*8@0!AX@"^T0"V2H4)GP"4R1"&D1`H1@DVH@"6>``E\`
M!W`@!A>``B%0``7P/6<P"9CP"=U<#IK=":#P"9MP""-P3`R@E%'Y<_"B*T$'
M_Z3N_`@@,+.&<'`A0$#R76,/L`%I2=`V=H8PM6/.JSHSE=\V10JJH!=A2CMU
M<@(\`(-76]$6[9YCA(]-D+7Z)Q3%Y!E!K`(N`"4E759X9L24V#"7R=)&Y`[>
M``\[<^+>``XE?N(G[@XE#@XN_N+>\.(P/N,SON(J7N,Z7N,W3N,TWN,_+N,]
M3N1%;N1'CN1)7N3TX`Y,3@_T``]0#@]3#@]-;N5,KN19KN4[SN4[D^,FKN,_
MSN)@#N9C[N)"[N4E#N0EKN9L+N9=+N9Q[N9S#N1O7N=L/N,RWN)4SN=5_N*F
MAN8L[@Y^?N3M\.+M@.B(WN.&GNCN(`_RT`[OT`[W*KH/\#`/^D`/]E`/]?#H
M\F`.ZF`.\1`/]W`/^9`/CW[JIX[JII[J^;#I]9`/[=#ICP[JH2X/\2#K^C`/
MB*X.L_[H[H#H\0#J\0#I[2#JQX[HQF`,P>[KM.[KB>Z]W$`0&HGHV["@W:"1
MEM(.[,`.B?[H]YKHX1[NX"[NXD[NX3X/Z4X/Z3[KQL[D\>`.\'[HP-[C\T#O
HBMX.EVWH+WY9,U[G.P/P`2_P`T_P!6_P!X_P"3_PV^`-#,_P`0$`.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
