<SEC-DOCUMENT>0001292814-12-001155.txt : 20120430
<SEC-HEADER>0001292814-12-001155.hdr.sgml : 20120430
<ACCEPTANCE-DATETIME>20120427204037
ACCESSION NUMBER:		0001292814-12-001155
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120430
DATE AS OF CHANGE:		20120427

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:		12791575

	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>sbspr4q11_6k.htm
<DESCRIPTION>EARNINGS RELEASE 4Q11
<TEXT>

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   <TITLE>sbspr4q11_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;March 26, 2012</B></FONT></DIV><FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>

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

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

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

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

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

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<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>

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<BR>

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

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

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

<P></P>

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

<P></P>

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

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   <P style="TEXT-ALIGN: 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 4Q11 and 2011 results</FONT></B></P>

   <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, March 23, 2012 - </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 on the number of costumers, announces today its results for the </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>fourth quarter 2011 (4Q11) and full year 2011</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 same period of 2010</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #0000ff 2px solid" width="5%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>SBSP3: R$ 67.29/ share</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>SBS: US$ 74.31 (ADR=2 shares)</FONT></P>

   <P style="TEXT-ALIGN: right; 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="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Market Value: R$ 15.3 billion</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 0cm" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Closing Price: 03/23/2012</FONT></P>

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<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: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 5pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 14.25pt">

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q11</FONT></B></P></TD>

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

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

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

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2010</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

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

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

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

<TR style="HEIGHT: 13.5pt">

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,016.8 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,261.7 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>244.9 </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12.1 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,655.3 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8,305.0 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>649.7 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8.5 </FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="31%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>571.0 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>603.6 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>32.6 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.7 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,130.6 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,224.6 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>94.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="31%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>146.3 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>163.5 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>17.2 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11.8 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>555.5 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>602.2 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>46.7 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="31%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,441.5 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,701.8 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>260.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.7 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9,230.4 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9,927.4 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>697.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="31%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,146.7 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,334.0 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>187.3 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>16.3 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,477.3 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,302.1 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>824.8 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>18.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="31%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>557.2 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>595.3 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>38.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,081.1 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,177.0 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>95.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="31%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1.4)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.8 </FONT></P></TD>

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

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

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1.7)</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1.9)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="31%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>736.2 &nbsp;</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>773.3 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>37.1 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.0 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,670.3 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,444.7 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(225.6)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(8.4)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="31%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>119.3 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>196.2 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>76.9 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>64.5 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>552.2 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>768.7 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>216.5 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>39.2 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 12.75pt" vAlign=bottom width="31%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>855.5 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>969.5 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>114.0 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13.3 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,222.5 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,213.4 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(9.1)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="9%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 13.5pt" vAlign=bottom width="31%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.0 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 13.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.9 </FONT></P></TD>

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

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>32.4 </FONT></P></TD>

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

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

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid" vAlign=bottom width="31%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>574.9 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>493.0 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(81.9)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(14.2)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,630.4 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,223.4 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(407.0)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(25.0)</FONT></P></TD></TR>

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.52 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BACKGROUND: #dddddd; HEIGHT: 14.25pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.16 </FONT></P></TD>

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

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid" vAlign=bottom width="7%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.16 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.37 </FONT></P></TD>

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

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

<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 face=Arial,sans-serif>In 2011, net operating revenue reached R$ 9.9 billion, a 7.6% growth compared to the previous year. Costs and expenses, including construction costs, in the amount of R$ 7.5 billion grew 14.0% over 2010. EBIT dropped 8.4%, from R$ 2.7 billion in 2010 to R$ 2.4 billion in 2011. EBITDA remained stable at R$ 3.2 billion between 2010 and 2011. The EBITDA margin was 32.4% in 2011 in comparison to 34.9% in the previous year. Excluding construction revenues and construction costs, the EBITDA margin was 41.1% in 2011 (44.7% in 2010).</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>Also excluding non-recurring additional actuarial liabilities of R$ 157.5 million related to the G0 Plan, and construction revenue and construction costs, the EBITDA margin came to 43.1% in 2011.</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>The Company&#8217;s net income was R$ 1.2 billion, a 25.0% drop compared to 2010, mainly due to the currency exchange variation over international loans and financing, in the amount of R$ 448.5 million due to the 12.6% appreciation of the U.S. dollar in 2011, compared to the 4.3% depreciation in 2010.</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 face=Arial,sans-serif>Gross operating revenue from water supply and sewage collection grew from R$ 7.7 billion in 2010 to R$ 8.3 billion in 2011, an increase of R$ 649.7 million or 8.5%. The main factors that led to this variation were: the increase of 2.6% in water billed volume and of 3.6% in sewage billed volume and the tariff adjustment of 4.05% as of September 2010 and of 6.83% as of September 2011.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><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 0pt"><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 color=black face=Arial,sans-serif><BR>In 2011, construction revenue grew from R$ 2.1 billion to R$ 2.2 billion, an increase of R$ 94.0 million or 4.4%, comparing to the previous year. This variation was mainly due to higher construction costs in 2011.</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The increase of 4.4% in construction revenue and 4.6% in construction costs was due to the change in the index for the calculation of the construction margin, from 2.6% in 2010 to 2.3% in 2011.</FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif><BR>4. Billed volume</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>The following tables show the billed water and sewage volume per customer category and region in 4Q10 and 4Q11, and 2010 and 2011.</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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>2</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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<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>

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

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   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" colSpan=3 noWrap>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>370.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>378.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.4 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>301.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>311.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>671.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>690.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.9</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>41.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>42.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>38.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>39.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>82.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>20.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.9 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>23.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>24.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>433.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>444.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.5 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>359.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>372.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>793.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>817.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>74.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>74.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(4.6)</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>80.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>81.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.6</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>508.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>519.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>366.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>378.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>874.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>898.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,449.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,488.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.7 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,177.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,220.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,626.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,708.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>162.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>167.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>150.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>156.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>313.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>324.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>37.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>38.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.0 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>37.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>40.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.1 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>75.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>79.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.6</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>50.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>53.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>40.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>41.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>90.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>94.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,698.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,747.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.9 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,405.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,459.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,104.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,206.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>293.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>297.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.4 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>28.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>27.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>321.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>324.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.9</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,992.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,045.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,434.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,486.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,426.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,531.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=10 noWrap>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=3 noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" colSpan=3 noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" colSpan=3 noWrap>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q10</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q11</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>284.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>293.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>241.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>248.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>525.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>541.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>149.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>151.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>118.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>123.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>268.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>275.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>433.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>444.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.5 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>359.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>372.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>793.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>817.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>74.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>74.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(4.6)</FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>80.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>81.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.6</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>508.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>519.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>366.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>378.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>874.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>898.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,119.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,150.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>947.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>976.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,066.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,127.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>579.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>596.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>458.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>482.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,038.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,698.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,747.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.9 </FONT></B></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,405.9 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,459.1 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,104.6 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,206.5 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>293.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>297.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.4 </FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>28.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>27.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>321.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>324.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.9</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,992.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,045.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,434.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,486.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,426.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,531.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.1</FONT></B></P></TD></TR></TABLE><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></DIV>

<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; (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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>3</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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

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

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>5. Costs, administrative, selling and construction 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 2011, costs of products and services, administrative, selling and construction expenses grew 14.0% (R$ 920.7 million). As a percentage of net revenue, cost and expenses moved from 71.1% in 2010 to 75.3% in 2011.</FONT></P>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>4Q10</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#ffffff face=arial,sans-serif>4Q11</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>263.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>408.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>144.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>55.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,401.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,804.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>403.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>28.8 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>43.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>146.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>159.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8.5 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>37.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1.9)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(5.0)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>136.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>154.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>18.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>258.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>284.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>26.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>969.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>993.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>24.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.5 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>139.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>147.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>531.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>584.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>52.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9.9 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>169.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>177.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>444.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>211.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>47.7 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(0.4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>63.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>61.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1.9)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>924.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,110.9 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>186.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>20.1 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,692.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,413.1 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>720.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19.5 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>119.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>196.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>76.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>64.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>552.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>768.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>216.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>39.2 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>102.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>26.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(75.9)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(73.8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>232.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>120.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(112.2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(48.3)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>222.1 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>223.1 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>784.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>889.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>104.3 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13.3 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>557.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>595.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>38.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,081.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,177.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>95.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 27pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Costs, administrative, selling and construction expenses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,703.9 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 27pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>225.4 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13.2 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,558.4 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 27pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,479.1 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>920.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>14.0 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>% over net revenue</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>69.8</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.4</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.1</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>75.3</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><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>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 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 2011 payroll and benefits increased R$ 403.1 million or 28.8%, from R$ 1,401.0 million to R$ 1,804.1 million, due to the following: </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; 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>Complementation of the actuarial liability totaling R$ 157.5 million, referring to the actuarial calculation made on December 31, 2010 related to G0 Plan; non-recurring for the next quarters; </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>Complementation of the actuarial liability related to the G0 Plan, in the amount of R$ 22.2 million; </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>Adjustments, in 2010, of the actuarial calculation relating to the migration of employees from the Defined Benefits Plan to Sabesprev Mais, in the amount of R$ 60.8 million;</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>Increase of R$ 22.4 million due to compensation related to Government Severance Indemnity Fund (FGTS), as a result of a higher number of lay-offs in the year;</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 8% since May 2011, with an impact of approximately R$ 94.0 million; 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>Reversion of R$ 13.4 million, in 2010, referent to part of the provision for Profit Sharing, in 2009, with an impact of R$ 29.2 million between the periods.</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>In 4Q11 payroll and benefits increased R$ 144.9 million or 55.0%, due to:</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>R$ 77.9 million actuarial liability of the G0 Plan. Since 2011, these expenses have been recognized net of the payment of the undisputed party (benefits of Law 4819/58);</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>Adjustments, in 2010, of the actuarial calculation relating to the migration of employees from the Defined Benefits Plan to Sabesprev Mais, in the amount of R$ 39.4 million; 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>8% increase in wages since May 2011, with an impact of approximately R$ 23.6 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 6pt"><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="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 2011, expenses with supplies increased by R$ 12.4 million or 8.5%, when compared to the previous year, from R$ 146.7 million to R$ 159.1 million. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The main factors for these variation were expenses with water and sewage systems maintenance, in the amount of R$ 7.4 million, and fuel and lubricants, in the amount of R$ 2.2 million, due to the 22% average increase in ethanol prices and fleet growth.</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="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 4Q11, these expenses increased by R$ 1.2 million or 2.7%, due to supplies for water and sewage systems maintenance.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>4</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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<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 6pt"><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 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Treatment supplies expenses in 2011 were R$ 18.2 million or 13.3% higher than in 2010, from R$ 136.5 million to R$ 154.7 million. The main factors were:</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: -18pt; MARGIN: 0cm 0cm 0pt 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>Increase of R$ 21.1 million, 65% of which were related to the approximately 43% increase in the consumption of aluminum polychloride, with an 11% adjustment. This product was mainly used at the Water Treatment Station of Guara&#250;, as a replacement for aluminum sulphate, ensuring an increase in maximum flow, without jeopardizing treated water quality; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 0pt 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 face=Arial,sans-serif>Decrease of R$ 2.0 million in activated carbon due to weather and water conditions and the non-proliferation of algae in the dams that serve Guarapiranga/Billings and the Alto Tiet&#234; Production System.</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="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 4Q11 treatment supplies expenses dropped R$ 1.9 million or 5.0%, due to: i) aluminum sulphate that was replaced by other products such as </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>aluminum polychloride</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>; and ii) activated carbon due to climate conditions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 6pt"><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 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 2011 this item increased R$ 24.1 million or 2.5%, from R$ 969.5 million to R$ 993.6 million. The main factors 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>Public and Private Partnership Agreement of the Alto Tiet&#234; Production System, with an increase of R$ 14.7 million as expected for the second year of the contract and start-up in September 2011;</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>Preventive and corrective maintenance in the water and sewage systems, amounting to R$ 14.3 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 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>Hydrometer reading and bill delivery expenses in the amount of R$ 11.1 million, as a result of the usage of new technologies that allow greater security and agility in the bill issue and reading system at municipalities belonging to the Regional Systems, in addition to the higher number of connections and contract adjustments at the S&#227;o Paulo Metropolitan Region; </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>Water and sewage connection and network maintenance in the amount of R$ 9.2 million, due to the intensification of the fight against water losses and to comply with work execution terms required by the ARSESP;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 6pt 35.7pt"><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>Postage and telegraphs in the amount of R$ 6.0 million related to the delivery of water bills at some Business Units by post, due to judicial request; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 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>Expenses with risk contracts for the recovery of credits, in the amount of R$ 4.2 million, due to the intensification of collection operations, which led to a R$ 325.4 million increase in revenues in 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The following items recorded a decrease in the period:</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>The municipal government of S&#227;o Paulo, down by R$ 15.5 million, related to joint social and environmental initiatives; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 6pt 35.7pt"><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>Advertising campaigns with a R$ 18.4 million decrease due to the completion of certain advertising campaign contracts; 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>Telephone and data transmission, down by R$ 6.6 million, due to the agreement involving wireline telephony and data long distance call (DDD/DDI) projects and corporate mobiles.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 4Q11</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> this item increased</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> R$ 26.1 million, or 10.1%, 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>Paving services and replacement of sidewalks in the amount of R$ 8.2 million, on account of the offsetting of accounts with Municipal Governments; </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>Public and Private Partnership Agreement of the Alto Tiet&#234; Production System, with an increase of R$ 7.5 million as expected for the second year of the contract and start-up in September 2011;</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>Advertising campaigns focused on social and environmental initiatives broadcast on the radio and TV totaling R$ 4.2 million, which will also be incurred in the next quarter; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 12pt" 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>Hydrometer reading and bill delivery expenses in the amount of R$ 4.7 million, as a result of the implementation of new technologies (TACE) in several municipalities belonging to the Regional Systems, that allow greater security and agility in the bill issue and reading system, in addition to the higher number of connections and contract adjustments at the S&#227;o Paulo Metropolitan Region.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>5</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><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 6pt"><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="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 2011, this item increased R$ 52.8 million, or 9.9%, from R$ 531.3 million to R$ 584.1 million, associated to the increase in consumption and to the average tariff increase in the free and captive market</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><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 6pt"><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 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>In 2011 general expenses increased R$ 211.8 million or 47.7%, from R$ 444.2 million to R$ 656.0 million, 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>R$ 162.1 million provisions 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 net of Cofins and Pasep. These provisions were constituted as of the third quarter of 2010 and full year of 2011; 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>Increase in provision for legal contingencies in relation to 2010, amounting to R$ 51.0 million.</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>In 4Q11 this item increased R$ 8.0 million due to provisions for legal contingencies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="text-shadow: auto" color=navy><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=navy face=Arial,sans-serif><BR>5.7. Depreciation and amortization</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>This item increased R$ 216.5 million or 39.2%, from R$ 552.2 million to R$ 768.7 million, due to the amortization term adjustment between the asset&#8217;s useful life and the contract effectiveness, whichever is the shortest one, and the increased transfer of works in progress to operation in 2011. The main adjustment refers to the amortization of intangible assets related to the Service Agreement with the municipal government of S&#227;o Paulo </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>5.8. Credit write-offs</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><BR></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2011 credit write-offs dropped R$ 112.2 million or 48.3%, from R$ 232.5 million to R$ 120.3 million, mainly due to additional provisions of R$ 34.2 million related to private clients and R$ 139.1 million related to public municipal entities in 2010, R$ 54.8 million of which refers to the municipal government of S&#227;o Paulo.</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 revenues and expenses</FONT></B></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>6.1. Other operating revenues</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><BR></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other operating revenues increased R$ 33 million or 83.5% in 2011, 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="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>6.2. Other operating expenses</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 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other operating revenues increased R$ </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>125.0 </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>million&nbsp;</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif> or 332.4% in 2011, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>mainly due to provision of R$ 85.9 million for assets related to the concession agreement with the municipality of Mau&#225; and asset write-offs, in the amount of R$ 35.3 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: 6pt 0cm"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>7. Financial revenues and expenses</FONT></B></P>

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

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2010</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

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

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

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

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interest and charges on domestic loans and financing</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>388.4 &nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>354.8 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(33.6)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(8.7)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interest and charges on international loans and financing</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>50.8 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>79.8 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>29.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>57.1 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest rate over lawsuit</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>201.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>105.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(95.6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(47.5)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>59.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(28.0)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(47.1)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>700.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>571.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(128.2)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(18.3)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>223.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>376.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>153.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>68.8 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial expenses net of revenues</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>477.0 &nbsp;</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>195.4 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(281.6)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(59.0)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>6</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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<IMG border=0 src="logo.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><BR><BR></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>7.1. Financial expenses</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 0pt"><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>In 2011 financial expenses dropped R$ 128.2 million, or 18.3%. 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 face=Arial,sans-serif>Decrease in the amount relating to lawsuits in&nbsp; the amount of R$ 95.6 million, due to higher interest from supplier and client lawsuits in 2010;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 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>Decrease in interest by R$ 33.6 million on domestic loans and financing, mainly due to the amortization of the 8<SUP>th</SUP> and 9<SUP>th</SUP> debenture in June and October 2011, respectively; and </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 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>Interest related to the Eurobonds 2020, in the amount of US$ 350 million, in December 2010, which increased R$ 29.0 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>7.2. Financial revenues</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Financial revenues increased by R$ 153.4 million, as a result of financial investments due to the increase in cash position.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt">&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(66.2)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>382.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>448.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(677.5)</FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>89.0 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>130.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>41.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>46.3 </FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>22.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>512.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>489.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,147.9 </FONT></B></P></TD></TR>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>74.9 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(46.0)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(38.0)</FONT></P></TD></TR>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(98.1)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>437.6 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>535.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(546.1)</FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"></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><BR>8.1. Monetary variation 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 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The effect on the monetary variation on liabilities in 2011 was R$ 489.7 million higher than in 2010, 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 in the amount of R$ 448.5 million, due to the 12.6% appreciation of the U.S. dollar in 2011, compared to the 4.3% depreciation in 2010; 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 restatements of the commitments arising from program agreements, totaling R$ 41.2 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><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 variation on assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Monetary variation on assets decreased R$ 46.0 million, due to:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 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 restatement related to the proceeds of the 11<SUP>th</SUP> debenture issue, as a result of the change in the Unit Price between the issue date and the actual disbursement date in 2010, totaling R$ 20.0 million; </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>Depreciation of the Yen against the Real at the release of the amount disbursed by the Japan International Cooperation Agency &#8211; JICA, totaling R$ 14.0 million in 2011; 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>Lower tariff debit installment agreements in 2011, in the amount of R$ 12.0 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=navy face=Arial,sans-serif>9. Operating indicators</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2011, the water loss indicator resumed its downward trend, coming to 25.6% in December, after a stable period in 2010 due to problems related to the termination of network maintenance agreements, which are part of the loss reduction efforts. </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 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Currently the goal is to reduce loss ratio to 13% until 2019, however, this goal will be revised based on the results reached so far and the expected reduction with the implementation of the Corporate Program for Water Loss Reduction in the 2012-2019 period. </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="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="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>7</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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<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>

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<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 14.25pt; BORDER-TOP: #333399 1.5pt solid; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

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

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Water connections <SUP>(1)</SUP></FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,295 </FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,481 </FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.5 </FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Sewage connections <SUP>(1)</SUP></FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,718 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,921 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

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

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   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>23.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>23.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

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

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   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>20.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>20.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.5 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

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

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>15,330 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>14,896 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

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

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Water volume produced <SUP>(3)</SUP></FONT></P></TD>

   <TD style="BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,952 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,992 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; BORDER-LEFT: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="55%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>26.0 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>25.6 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1.5pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1.5pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(1.5)</FONT></P></TD></TR></TABLE></DIV>

<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 million 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; </FONT><FONT style="TEXT-TRANSFORM: none; FONT-SIZE: 8pt" lang=PT-BR face=arial,sans-serif>* Unaudited</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&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="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In February, 2012, the Company held its 15<SUP>th</SUP> issue of simple, non-convertible, unsecured debentures in the amount of R$ 771.1 million, in two series, for public distribution, with restricted placement efforts, pursuant to CVM Instruction 476. The first series totals R$ 287.3 million, due in 5 years and the second series totals R$ 483.8 million, due in 7 years. The proceeds were used to settle financial commitments due in 2012, especially the prepayment of the 13<SUP>rd </SUP>debenture issue, totaling R$ 600 million, due in August 2012. The proceeds were also used to amortize an installment of the 2<SUP>nd</SUP> series of the 11<SUP>th</SUP> debenture issue, totaling R$ 202.5 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>In the same month, the Company entered into a loan agreement with the Japan International Cooperation Agency (JICA) in the amount of &#165; 33.584 billion (equivalent to around R$710 million on the execution date) to support the second stage of the Corporate Program for Water Loss Reduction in water supply systems. Investments in this stage of the program are estimated at R$ 1.1 billion (&#165; 52.207 billion), R$ 390 million (&#165;18.623 billion) of which represent Sabesp&#8217;s counterpart. The loan term is 25 years, with a 7-year grace period and an interest rate of 1.7% p.a.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

<TR style="HEIGHT: 25.5pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=white face=arial,sans-serif>2018 and onwards</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #333399; HEIGHT: 25.5pt; BORDER-TOP: #333399 1pt solid; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>348.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>379.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>100.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>828.2 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Caixa Econ&#244;mica Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>110.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>112.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>73.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>52.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>51.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>53.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>565.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,019.0 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>801.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>470.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>290.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>299.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>154.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,087.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>104.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>285.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>22.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>340.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>499.6 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>74.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>42.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>42.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>42.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>42.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>207.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>495.1 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>50.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>54.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>101.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>101.0 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,439.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,044.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>565.0 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>475.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>210.0 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>212.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,422.2 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,369.9 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>71.5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>291.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>723.7 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>262.1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>649.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>911.1 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>53.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>53.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>53.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>53.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>53.2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>53.3 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>639.4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>958.7 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>BID 1983AB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>44.9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45.0 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>151.8 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>421.3 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-LEFT: #3333cc 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19.7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19.7 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>189.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>169.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>169.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>169.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>431.7 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>172.4 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,750.8 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,053.4 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: #333399 1pt solid; BORDER-LEFT: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="26%" noWrap>

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

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,629.2 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,214.4 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>734.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>645.5 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>641.7 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>384.8 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,173.0 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #333399 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dddddd; HEIGHT: 13.5pt; BORDER-TOP: white 1pt solid; BORDER-RIGHT: #333399 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8,423.3 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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<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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>8</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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<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. Events</FONT></B></P>

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   <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>APIMEC Meeting</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>March 27, 2012</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>3:00 pm (Bras&#237;lia) / 2:00 pm (US EST)<BR><BR></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 at the <BR>Company&#8217;s website</FONT></U></I></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>

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   <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>Conference Call 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>March 27, 2012</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>11:00 am (Bras&#237;lia) / 10:00 am (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> 04/06/2012</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: 10010053</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><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><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: 10pt" lang=EN-US face=Arial,sans-serif>Click here for live webcast and Access through the Internet at: <FONT style="COLOR: #0000ff"><U><FONT style="FONT-SIZE: 10pt">www.sabesp.com.br</FONT></U></FONT></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>

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<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=PT-BR face=Arial,sans-serif>Mario Arruda Sampaio</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR 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=PT-BR face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=PT-BR 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=PT-BR face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif>Angela Beatriz Airoldi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR 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=PT-BR face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT style="FONT-SIZE: 10pt" lang=PT-BR 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=X-NONE 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=X-NONE 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>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>9</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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<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><BR>Income statement</FONT></B></P>

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

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



<TR>

   <TD width="43%"></TD>

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   <TD width="13%"></TD>

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<TR vAlign=bottom>

   <TD align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Corporate Law Method (Law No. 6,404/76)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">R$ '000</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid" bgColor=#000080 colSpan=3 align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>PARENT COMPANY</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></DIV></TD>

   <TD bgColor=#000080>

   <DIV align=center></DIV></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid" bgColor=#000080 colSpan=3 align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>CONSOLIDATED</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></DIV></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #000080" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></DIV></TD>

   <TD bgColor=#000080>

   <DIV align=center></DIV></TD>

   <TD bgColor=#000080 align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>2010</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></DIV></TD>

   <TD bgColor=#000080>

   <DIV align=center></DIV></TD>

   <TD bgColor=#000080 align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></DIV></TD>

   <TD bgColor=#000080>

   <DIV align=center></DIV></TD>

   <TD bgColor=#000080 align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#ffffff>2010</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></DIV></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Gross Revenue from Sales and Services</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">10,529,676</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">9,785,901</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">10,544,898</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">9,786,575</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Water Supply - Retail</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4,294,024</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,985,025</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4,297,066</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,985,433</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Water Supply - Wholesale</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">203,545</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">184,779</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">203,545</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">184,779</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Sewage Collection and Treatment</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,615,652</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,331,979</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,617,687</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,332,236</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Sewage Collection and Treatment - Wholesale</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">21,149</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">21,810</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">21,149</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">21,810</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Construction Revenue - Water</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,066,053</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,052,836</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,066,524</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,052,840</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Construction Revenue - Sewage</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,158,580</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,077,839</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,168,254</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,077,844</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Other Services</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">170,673</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">131,633</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">170,673</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">131,633</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Taxes on Sales and Services - COFINS and PASEP</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(602,231)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(555,531)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(603,261)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(555,548)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Net Revenue from Sales and Services</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">9,927,445</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">9,230,370</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">9,941,637</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">9,231,027</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Costs of Sales and Services</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(6,018,732)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(5,194,154)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(6,030,977)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(5,194,548)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Gross Profit</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,908,713</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4,036,216</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,910,660</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4,036,479</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Operating Expenses</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Selling</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(619,304)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(712,941)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(619,542)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(712,946)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Administrative</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(841,077)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(651,271)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(846,593)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(653,200)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Other operating revenue (expenses), net</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(90,253)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,809</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(90,138)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,830</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Operating Income Before Shareholdings</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,358,079</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,673,813</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,354,387</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,672,163</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 1px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Equity Result</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(3,584)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,694)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Earnings Before Financial Results, net</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,354,495</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,672,119</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,354,387</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,672,163</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 1px" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Financial, net</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></P></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(236,136)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(445,025)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(236,840)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(445,553)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 1px" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Exchange gain (loss), net</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></P></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(396,882)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">66,151</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(396,801)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">66,146</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Earnings before Income Tax and Social Contribution</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,721,477</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,293,245</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,720,746</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,292,756</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Income Tax and Social Contribution</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Current</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(598,024)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(697,077)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(598,303)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(697,115)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Deferred</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">99,966</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">34,279</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">100,976</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">34,806</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Net Income (loss) for the period</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,223,419</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,630,447</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,223,419</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,630,447</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Registered common shares ('000)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">227,836</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">227,836</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">227,836</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">227,836</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Earnings per shares - R$ (per share)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">5.37</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">7.16</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">5.37</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">7.16</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Depreciation and Amortization</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(768,704)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(552,175)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(768,769)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(552,183)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">EBITDA</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,213,452</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,222,485</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,213,294</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,222,516</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; TEXT-INDENT: 12px" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">% over net revenue</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">32.4%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">34.9%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">32.3%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">34.9%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE>

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<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;&nbsp;</P>

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



<TR>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="42%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left><B></B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Brazilian Corporate Law</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">R$ '000</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid" bgColor=#000080 width="27%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>PARENT COMPANY</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 2px solid" bgColor=#000080 width="27%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>CONSOLIDATED</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%" align=center><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="1%" align=left><B><FONT color=#ffffff></FONT></B></TD>

   <TD bgColor=#000080 width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>ASSETS</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="13%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>12/31/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="13%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>12/31/2010</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="13%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>12/31/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="13%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>12/31/2010</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%" align=center><B><FONT color=#ffffff></FONT></B></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Current</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Cash and Cash Equivalents</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,142,079</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,988,004</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,149,989</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,989,179</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Accounts Receivable from Clients</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,072,015</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">971,047</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,072,659</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">971,318</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Related Party Balance</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">185,333</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">137,772</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">185,333</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">137,772</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Inventory</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">44,576</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">36,090</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">44,611</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">36,096</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Restricted cash</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">99,729</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">302,570</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">99,729</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">302,570</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Recoverable Taxes</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">117,893</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">108,675</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">118,116</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">108,675</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other Receivables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">43,069</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">30,716</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">55,396</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">44,511</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total Current Assets</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,704,694</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,574,874</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,725,833</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,590,121</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Non-Current</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Long Term Assets:</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Accounts Receivable from Clients</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">333,713</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">352,839</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">333,713</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">352,839</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Related Party Balance</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">170,288</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">231,076</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">170,288</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">231,076</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Indemnities Receivable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">60,295</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">146,213</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">60,295</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">146,213</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Judicial Deposits</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">54,178</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">43,543</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">54,178</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">43,543</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Deferred income tax and social contribution</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">177,926</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">77,913</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">179,463</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">78,440</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">National Water Agencie - ANA</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">100,551</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">62,540</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">100,551</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">62,540</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other Receivables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">35,034</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">47,884</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">39,933</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">49,370</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">931,985</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">962,008</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">938,421</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">964,021</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Investments</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">21,986</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">8,262</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Investment properties</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">52,585</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">52,585</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Intangible Assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">20,125,721</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">18,541,522</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">20,141,677</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">18,546,836</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Permanent Assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">181,585</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">206,384</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">356,468</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">249,606</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">20,381,877</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">18,756,168</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">20,550,730</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">18,796,442</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total Non-Current Assets</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">21,313,862</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">19,718,176</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">21,489,151</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">19,760,463</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total Assets</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">25,018,556</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">23,293,050</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">25,214,984</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">23,350,584</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" bgColor=#000080 width="1%" align=left><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>12/31/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>12/31/2010</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>12/31/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>12/31/2010</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" bgColor=#000080 width="1%" align=right><B><FONT color=#ffffff>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Current</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Contractors and Suppliers</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">244,658</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">142,634</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">255,557</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">144,043</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Current portion of</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">long term loans</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,629,184</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,239,716</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,630,010</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,242,143</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Salaries and Payroll Charges</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">243,502</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">246,325</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">243,876</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">246,467</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other taxes and contributions payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">180,794</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">157,768</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">181,122</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">158,050</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Interest on Own Capital Payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">247,486</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">354,254</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">247,486</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">354,254</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Provisions</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">764,070</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">766,603</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">764,070</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">766,603</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Services payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">383,116</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">295,172</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">383,116</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">295,172</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other payables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">263,336</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">299,314</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">263,431</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">299,382</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total Current Liabilities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,956,146</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,501,786</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,968,668</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,506,114</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Non-Current</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Loans and Financing</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6,794,148</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6,969,576</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6,966,285</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">7,022,472</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other taxes and contributions payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">18,363</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">53,045</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">18,363</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">53,045</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Deferred Cofins/Pasep taxes</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">114,106</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">112,962</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">114,957</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">112,962</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Provisions</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">807,759</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">693,227</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">807,759</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">693,227</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Pension Plan Obligations</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,050,697</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,804,038</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,050,697</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,804,038</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other Payables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">731,441</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">476,616</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">742,359</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">476,926</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total Non Current Liabilities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10,516,514</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10,109,464</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10,700,420</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10,162,670</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Shareholders' Equity</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 15px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Capital Stock</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6,203,688</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6,203,688</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6,203,688</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">6,203,688</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 15px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Capital Reserves</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">124,255</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">124,255</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">124,255</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">124,255</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="TEXT-INDENT: 15px" width="42%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Income reserve</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,217,953</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,353,857</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,217,953</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,353,857</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total Shareholders' Equity</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10,545,896</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">9,681,800</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">10,545,896</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">9,681,800</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD width="42%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD width="42%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Total Liabilities and Shareholders' Equity</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">25,018,556</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">23,293,050</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">25,214,984</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">23,350,584</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid" width="1%" align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="42%" align=left><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE>

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<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%" border=0 cellSpacing=0>



<TR>

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   <TD width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Brazilian Corporate Law</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">R$ '000</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="26%" colSpan=2 align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>PARENT COMPANY</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></DIV></TD>

   <TD bgColor=#000080 width="26%" colSpan=2 align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>CONSOLIDATED</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></DIV></TD>

   <TD style="BORDER-LEFT: #000080 2px solid; BACKGROUND-COLOR: #ffffff" rowSpan=2 width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">

   <DIV align=center><B><FONT color=#ffffff></FONT></B></DIV>&nbsp;<BR>

   <DIV align=center><B></B>&nbsp;</DIV></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Description</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="13%" align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Jan-Dec/11&nbsp; </FONT></B></DIV></TD>

   <TD bgColor=#000080 width="13%" align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Jan-Dec/10</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></DIV></TD>

   <TD bgColor=#000080 width="13%" align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Jan-Dec/11&nbsp; </FONT></B></DIV></TD>

   <TD bgColor=#000080 width="13%" align=right>

   <DIV align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" color=#ffffff>Jan-Dec/10</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></DIV></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Cash flow from operating activities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-LEFT: #000080 2px solid" rowSpan=62 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Earnings before income tax and social contribution</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,721,477</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,293,245</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,720,746</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,292,756</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Depreciation and Amortization</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">768,704</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">552,176</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">768,769</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">552,184</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Losses from the sale of fixed and intangible assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">56,548</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">16,385</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">56,548</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">16,385</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Provisions for bad debt</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">289,589</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">402,694</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">289,589</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">402,694</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Provisions</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">614,993</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">352,614</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">614,993</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">352,614</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Interest calculated over loans and financing payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">434,315</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">449,682</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">439,117</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">450,297</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Monetary and exchange variation over loans and financing</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">442,954</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">21,139</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">442,954</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">21,139</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Variation on liabilities and interest</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">31,422</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,112</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">31,422</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,112</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Variation on assets and interest</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(33,589)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(59,916)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(33,589)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(59,916)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Fair value margin on intangible assets from</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">concession agreements</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(47,589)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(49,603)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(47,589)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(49,603)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Equity result</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,584</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,694</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">S&#227;o Paulo municipal goverment transfers</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">15,386</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">80,368</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">15,386</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">80,368</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Provision for Sabesprev Mais</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(8,746)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">32,587</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(8,746)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">32,587</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other write-offs</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,833</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">19,332</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,833</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">19,331</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Indemnities receivable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">85,918</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">85,918</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Adjusted net income (generated by operating activities)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,379,799</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000080 2px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,116,509</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,380,351</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,114,948</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Variation on Assets and Liabilities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(356,361)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000080 2px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(667,069)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(337,956)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(679,847)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(Increase) decrease in assets:</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Accounts receivable from clients</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(358,143)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(245,412)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(358,516)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(245,683)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Balances and transactions with related parties</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">20,455</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">36,708</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">20,455</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">36,708</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Inventories</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(8,490)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,490</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(8,519)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,484</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Recoverable Taxes</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(61,926)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(157,916)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(62,149)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(157,916)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Judicial deposits</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">573</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(14,864)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">573</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(14,864)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other accounts receivable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(41,080)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(16,038)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(43,025)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(30,508)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Increase (decrease) in liabilities:</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Contractors and suppliers</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">135,961</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(67,337)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">145,451</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(66,087)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Payment for services</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">87,944</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">55,678</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">87,944</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">55,678</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Salaries and payroll charges</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(49,814)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(17,624)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(49,582)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(17,525)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other taxes and contributions payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(14,416)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(8,558)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(14,649)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(8,316)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Taxes on revenues</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,144</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(7,455)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,995</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(7,455)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Pension plan obligations</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(11,268)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(15,881)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(11,268)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(15,881)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other accounts payable</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">140,220</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">118,396</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">150,855</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">118,774</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Provisions</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(197,521)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(330,256)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(197,521)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(330,256)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Others</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,324,866)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000080 2px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,352,052)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,325,337)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,352,052)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Interest paid</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(736,382)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(618,600)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(736,853)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(618,600)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Income tax and contribution paid</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(588,484)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(733,452)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(588,484)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(733,452)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Net cash generated from operating activities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,698,572</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000080 2px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,097,388</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,717,058</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,083,049</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Cash flow from investing activities:</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Restricted cash</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">202,841</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(189,820)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">202,841</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(189,820)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Increase in investment</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(17,308)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(5,620)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Acquisition of property, plant and equipment</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(11,995)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(44,161)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(143,684)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(87,383)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Acquisition of intangible assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(2,056,756)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,810,999)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(2,067,435)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,814,166)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Income from the sale of fixed assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Net cash used in investing activities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,883,218)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000080 2px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(2,050,600)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(2,008,278)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(2,091,369)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Cash flow from financing activities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Funding</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,685,506</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,370,709</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,854,052</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3,425,417</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Amortizations</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,923,862)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,800,507)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,979,099)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,800,507)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Payment of interest on own capital</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(422,923)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(398,419)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(422,923)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(398,419)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Net cash generated (invested) at financing activities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(661,279)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000080 2px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,171,783</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(547,970)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,226,491</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Increase (decrease) in cash and equivalents</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">154,075</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,218,571</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">160,810</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,218,171</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Cash and cash equivalents at the beginning of the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,988,004</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">769,433</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,989,179</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">771,008</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Cash and cash equivalents at the end of the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,142,079</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000080 2px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,988,004</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,149,989</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,989,179</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Changes in Cash and Cash Equivalents</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">154,075</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #000080 2px solid" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,218,571</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;160,810</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,218,171</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-LEFT: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="47%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"></FONT></B><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"></FONT></B><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"></FONT></B><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"></FONT></B><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid; BORDER-RIGHT: #000080 2px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000080 2px solid" width="13%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR></TABLE>

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

<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></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Page </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></FONT></P></DIV></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE&nbsp;</U></B></FONT><FONT size=1>&nbsp;</FONT></DIV></U></B></FONT>

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

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city S&#227;o Paulo, Brazil. <BR></FONT></DIV>

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;March 26, 2012</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>

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